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Financial adviser Ruth Hayden wants to talk about small change. Not nickels and dimes — although you can save those too — but small changes you can make to your life to improve your financial outlook.

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Hayden joined MPR News host Kerri Miller to field listener questions on everything from starter homes to retirement savings. 

It's easy to get discouraged, looking at student loan statements with high balances that don't seem to budge. Hayden recommends thinking of student debt as you would a mortgage.

For example, Hayden said, you wouldn't open your mortgage payment every month and say, "Do you know how much we still owe on this house?!"

"Student loan debt is also secured debt, like a mortgage, because it's secured by our brains."

People who have their debts "fixed" — either through refinancing, bankruptcy or someone else paying it off — often end back where they started. If they don't learn to modify their behavior to prevent the situation, it will reoccur.

"If I haven't changed that pattern, I'm going to do it again," Hayden said.

Start saving, even if the amount seems small

Socking away what you can makes a difference. Even if the balance of your savings account doesn't seem impressive, it's about the habit.

"It sets up a pattern of success," Hayden said. "When they actually do this and it starts to work, the confidence grows."

It may seem harsh to some, but parents need to prioritize retirement funds over their children's college savings.

"If you lined up 10 financial people, that's one of the few things they'd all agree on," Hayden said. "Kids can borrow for college. You can't borrow for retirement."

For the full discussion with Ruth Hayden about positive financial habits, use the audio player above.

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Financial adviser Ruth Hayden shares tips for everything from student debt to starter homes to retirement savings.

Small steps you can take to improve your financial outlook

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