It is a known fact that entrepreneurs bootstrap when starting…
Time management is money management – Using the Principles of Managing your time to manage your money.
You must be familiar with the phrase, ‘Time is money’. This is the daily reality for those that work in organizations such as academic, medical facilities among others, where the daily wages are being paid depending on the hours spent working.
This fact does not elude those that earn a salary, because the principles of time management would help you manage your money.
Managing your money and managing your time are very similar. Just like you can’t really get enough of both, you also wonder where the time went and how you spent it at the end of each day. And in the middle of the month, you wonder the same with your money.
However, if you can learn how to manage your time or your money, you can transfer those principles to managing the other.
Below are a few ways that you can apply the principles of managing your time to your money.
Do a little bit, consistently
One of the most basic rules of time management is not to overwhelm yourself with a mountain of tasks that seem unachievable within a short period of time. Try as much as possible to focus on a single task until complete, rather than trying to juggle two or more tasks together. If the
task seems enormous as a whole, break it into bits. Doing small things reduces your task to nothing in no time.
When it comes to managing your money, whether it’s savings, investing, loan application or repayment, putting aside a little bit on a consistently frequent basis is the surest way to turn a drop into a mighty ocean financially.
There Are Limitations
There are only so many hours in the day so you have to use them to the best benefit. Wasting your time means you will achieve lesser than expected and that would affect your overall productivity in the long run.
The same goes for your money. While you do continually replace your money with new earnings, there is a limit to how much you currently have. Wasting it on things you don’t really need leaves less of it for the things you do need. The same way you might not have enough
time in a day to so much, is the same way you might not have all the money in the world to buy all you want. Therefore you should be able to maximize your time and your money to do more for you.
Make Commitments, Not Wish Lists
While you may have a to-do list of things you want to accomplish within a specific period of time, you should be committed to completing the task on your to-do list. If for instance, you have a well-outlined task to complete a project, you should not leave it at that. You must be committed to completing each task that makes up the project.
This also applies to your finances. If you have a bucket list of things you would like to do over a period of time, which you may consider to be your long or short-term money goals, you need to stay committed to the plans needed to achieve those goals. You have to stay committed to your savings or investment plan, in order to have enough money to bring your money goals to a reality.
Finally, remember that time is not only money, but it is also expensive. Managing your time well would indirectly reflect on your money.