Time is a resource most people believe is endless but inadvertently utilized wrongly.
We have been given equal opportunity in life with 24 hours that are purposed to lead us to the attainment of our dreams. However, how people utilize time and money differs largely from one individual to the next. This is where the concept of time management skills comes into play.
You can evaluate how you use time and money when you build good management skills.
The way you allocate your time and money, to a large extent, determines your destiny. This is because they are both resources to be deployed in attaining your goals. The amount of time you invest in making your dream or project come to reality determines if it does.
For instance, for a man trying to earn a Ph.D. yet spending his time watching Netflix and T.V., it would be almost impossible for him to graduate cum laude. This is because he failed to invest the required to actualize his dream.
The same goes for budgeting your money. When money is spent on frivolous things, it becomes harder to establish a straight line to your destiny. Take, for example, the CEO of a Tech company who uses all the money from investors to buy furniture for personal use and not for the very purpose it was given.
While a lack of money management does not necessarily kill dreams, it does play a significant role in making your dream harder to achieve.
In budgeting your Time and Money, observe these six principles.
1. Know yourself (Review how you use your time and money):
The first principle you need to understand when budgeting your money and your time is to know yourself.
As far back as ancient times, Socrates had said, ‘Man, Know thyself.’ And it is more revenant in modern times that a person has a concise understanding of himself, his principles, his values, his beliefs, his strengths, his weaknesses, and his capabilities.
In knowing yourself, you are expected to know what time of the day your flow state is, what time of the day you are most productive, the time you are free, and what possible distractions you would likely face during your day. Highlight the potential distractions you can meet in your day and intentionally avoid them.
Consider frivolous expenses that may consume more than you can imagine in budgeting your money. Avoid unnecessary debts and BNPL products. You can avoid the interest rate if you pay cash upfront or ignore debt altogether.
2. Focus on doing, not drifting (Activity vs. Productivity)
In budgeting your time, you have to take into proper consideration efficiency and effectiveness. How effective are you in carrying out tasks? How efficient are you in ensuring that tasks get done?
The truth is that anyone, even a drifter, can be busy. The difference between a drifter and an effective person is in their results. A drifter would spend his time taking inconsequential actions that make little or no impact on the results. But an effective person would identify the actions that give the most results and focus on getting them done. Thus, rely on something other than being active and busy. Focus on being productive.
3. Divide your day into 3rds – Sleep/ work/ spare time
One productivity hack that would benefit you immensely is dividing your time into three major periods, Work, Sleep, and Spare.
In creating your work time, map out the period when you are at your best. That is when you are in your flow state, the period where the most ideas come to you. This is very helpful because you are picking the most productive time to spend on doing the important things.
In creating your spare time, map out the period when you are tired but not exhausted. In this period, you can watch films, work on your dreams, catch up with friends and rest your mind. Equally, this period serves as a regenerative period for your body in that it recovers lost creativity and passion used in the work period.
In creating your sleep period, map out the period when you are exhausted and tired. For some people, it is in the morning, some afternoon, and others at night. What matters is that your body is given the opportunity to enter a deep state of rest.
4. Divide your money into 3rds – Immediate/ contingent/ future use:
One money principle you should implement is dividing money into three broad uses; Immediate, Contingent, and Future.
In mapping out money for immediate use, financial advisors often recommend that you put into an easily accessible account an equivalent sum of your expenses for three months. This will likely keep you afloat, even when all your money is tied up in investment schemes.
In mapping out money for contingent use, it’s best to keep such funds in easily accessible investment schemes such as stocks and bonds. Thus, they are accessible but not on the spot.
In mapping out money for future use, starting early on is best. Most times, it’s recommended you put long-term cash into long-term investments like real estate, etc.
5. Work time is work time:
One mistake people make is that they don’t distinguish early between time for work or play. While in important meetings, you are likely to pick out your phone to scroll, interrupting and killing a serious session.
Specifically, assign the time for play and assign the time for work and stick to it.
Make no excuses. Allow none either from others who want you to make time for their purposes. Give it your best shot, and you will be astounded by the results you are producing.
6. Define the use of every minute and every cent:
Once you realize the value of every cent and minute, you will find it easier to value it from the beginning. There is a value to each minute that, if lost, can not be gotten again. So, don’t join the bandwagon of wasting time. Value every minute you have and watch as time becomes your greatest asset as an individual.
Note that there is nothing like African time. This is a concept that has been used over time to mislead Africans. Time is Time. Value it or lose it.
The people who take your time and the things that take your money are the landmarks on your life journey. You want to make them count as much as possible.
