So why not treat our time the same way that we are supposed to manage our finances? These are my top 5 ways to treat our time like money. If we begin treating it like the priceless resource that it is, perhaps we will find that we actually can use it far more wisely than we have been in the past.
1. "Pay yourself first when you get paid"
When we arise in the morning, we start our "time debit account"rolling. The day's events much like the bills that come in, begin to take priority. I suggest that when you arise, you pay at least one hour to yourself, that is one out of twenty-four. It may mean waking an hour earlier than everyone else. (which is hard to do if like me, you are already a zombie in the morning even after a full night's sleep.) But making that extra hour for yourself will start you on creating the life you dream of. And that is exactly what you will do with that "savings" that you are paying yourself with. Take that time to dream of what you want for your life. Make yourself a coffee and read a chapter or two in that book that you never get around to reading. Take an extra long bath in the morning listening to music. Go for a morning run, or walk the dog. Start writing on a blog that you dreamed of creating, sit and meditate and find peace in the quiet morning hours. Just do something that makes you really, really happy. You are forbidden to do anything for anyone else during this time. No emails to answer, no housework, no laundry, no lunch making, no bill paying, or anything else that is not complete bliss. This is your time, nobody else's.
2. "Make a budget and stick to it"
Just like we are all advised to make and stick to a budget where money is concerned, we often just put ourselves on autopilot and don't plan where our time will be spent. Make a schedule of your daily, weekly, and monthly "time spending habits." Like a budget, there are the static bills, electricity, food, shelter, cable, phone, etc. Our time "bills" are very much the same. We have work obligations, the commute to work, meetings you need to attend, etc. Those are static "time bills". In future posts I will discuss how to reduce those bills, but for now, they are what they are, you need to deal with them. For the rest, figure out where your top priorities are for spending your extra time, and put them on the calendar. schedule things all the way to bed time. Then stick to that schedule. Make a family movie night in the week and block off a 2 hour spot on the calendar. Schedule a time for supper and clean up, schedule a time to help the kids with the homework, make yourself a time schedule and truly fill up every hour with a plan of how you will spend your time. You will quickly see where and when the wasted time is happening.
Many financial planners will tell you to write down everything you spend your money on before you start an actual budget. I feel that for one week before starting your time budget, just write down for a few seconds in a notebook, everything that is taking your time. EVERYTHING. It seems tedious, but you will quickly see where it is going.
3. "Be a conscious consumer"
We are taught to think about our purchases and ask ourselves if we really need this thing, but when it comes to our time, very often we consume our time thoughtlessly. We wish we had more time to read, but we spend time watching TV instead. We say yes to meeting at our child's school, but really we don't want to be there, and they would survive without us. We go out for lunch dates with friends when we don't have time, and really once every few weeks would suffice, but we always say yes because we don't want to hurt their feelings or miss out. Whatever it is that is consuming your extra time, think hard about if you love that "time purchase" or don't. If you are not happy after that purchase...it was not a good one.
4. "Have a long term plan"
Where do you want your time to go? What is your dream? Travel? More time to sleep? More time with friends and family? Plan where you want to be in the long term and how your spare time can help you achieve that goal. Perhaps you wish to change jobs so that you can spend more time with your family. Maybe you wish to travel for several weeks out of the year but it will take a career change. How will you achieve that career change? Perhaps you wish of starting your own business. This is how you will consecrate some of your spare time, in the planning of your future. It takes some money planning too. They do go hand in hand.
5. "Think like an investor"
When investing money, you do it wisely. You ask, "will the payback be good?" Do the same with your time. When you say "yes" to any long term commitment of your time, ask yourself, "Will the payback be worth it?" If you say yes to working in a volunteer group, will you come out of that commitment fulfilled and happy, or drained and scrambling for time in your life? If any investment is not paying great dividends, cash out now. It is a waste of your precious resource. You wouldn't stay invested in a money pit of a company or fund, so why do it with your time?
The most important way to save time, is not to spend it unwisely. We can't create more, so the only thing we can do is waste less of it. Future blog posts will discuss how to waste less and get more out of your twenty-four hours. It is achievable, and when you regain your time, you regain your life.
What are your strategies for managing your time effectively?
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