The idiom “time is money” is more than simply a catchphrase; in actuality, the two are more closely related than you might imagine. Those who have mastered time management techniques typically find that they are more productive and are therefore better able to plan and earn their money.
“I parlayed my time management techniques into a promotion,” said Michael Bonebright, a consumer analyst at DealNews.com. “Previously, our department used spreadsheets and email to manage workflow. I suggested moving to productivity software because I personally wasn’t finding this to be effective. My supervisor concurred and gave me the assignment of obtaining the required software and onboarding the staff.
I was prepared to take over when my boss left for a new job. Even though this is obviously an extreme instance, it’s important to demonstrate to the higher-ups your concern for productivity. But before you can help others, you need to efficiently manage your own time.”
Effective time management involves more than just using apps and other services. It’s a psychological encounter as well. In order to discover how to manage your time so you may earn more money, GOBankingRates visited a variety of financial professionals.
1. Be clear on your financial goals.
Like Bonebright said, there’s a lot you can gain from managing your time better. One benefit could be money. But first, to apply good time management to money, you need a good plan. As Mary Elizabeth, personal finance expert and founder of MeMoreMoney, said, this means knowing your goals. Being clear on what you want your end result to be will save you money in both the short and long term.
“Sit down and determine what your financial goals are, then write them down,” Elizabeth said. “Ask yourself where you want to be financially in a year, five years, and 10 years. Then do the math on what your budgets should be and how you will manage them.”
2. Set an hourly rate for yourself.
“No matter if you are employed, run your own business, or are a passive investor, you still earn a certain amount of money per year,” said George Guillelmina, a certified financial planner and CEO of Best of Budgets. “This means you can calculate your hourly rate. The goal is to make your hourly rate your own compass that will transform you into an effective decision-maker.”
3. Get comfortable saying no, and stand up (literally).
“The contrast between fruitful individuals and extremely effective individuals is that exceptionally effective individuals say ‘no’ to nearly everything,” said Chris Taylor, marketing director at Profit Guru, who also recommends, if possible, standing more in meetings.
“Direct your gatherings while standing up,” Taylor said. “I discover it to be a speedier method of getting serious, settling on a choice, and taking care of business. Whenever given the chance, I frequently prefer to make things a stride further in a real sense with a mobile meeting. Have time to think—I attempt to think a ton and attempt to expand the measure of time I spend considering things versus on the telephone or in a gathering.”
In other words, send the email back and forth when possible.
4. Manage stress wisely.
“Stress often transpires when we accept more work than we are proficient at completing,” said Julian Goldie, CEO of Goldie Agency. “The conclusion is that our body starts responding [by being] tired, which can influence our productivity.
Stress comes in different forms for different people, but some fruitful ways to deal with stress can include: exercising, practicing meditation, listening to music, participating in your favorite hobby, calling up a friend, getting outside, or listening to a podcast.
5. Severely limit time on social media.
“A lot of my staff is struggling with time management as a result of COVID-19,” said Daniel Foley, founder of a digital marketing agency. “We are, of course, being lenient with them as it is very frightening, but I would be lying if I said it didn’t have at least some impact on the business as a whole.”
Foley added that because staff are working from home, they are unsupervised when working, meaning that they can find themselves doing other things. “This is understandable—it is hard to work when your mind knows that you’re at home,” Foley said.
“In most cases, it isn’t too much of a severe time loss as it’s the occasional scroll through social media for five minutes every hour or so, but it’s those that lose themselves to scrolling that can cause issues. Muscle memory gets the best of all of us when we reopen the Facebook app we had just closed, but it can be problematic. Where it might be two minutes now and again, that time adds up. When at home, I highly advise either sticking to a schedule or, if you live with others, having them tell you if they notice you slacking off. We all do it; it’s a natural thing, but teach yourself to avoid it.”
6. Set up Deadlines
“When you have a job at hand, set a sensible deadline and stick to it,” Goldie said. “Once you establish a deadline, it may be essential to write it on a sticky note and put it near your workspace. This will give you a visible cue to get on task. Try to set a deadline a few dates before the assignment is due so that you can accomplish all those jobs that may get in the way. Examine yourself and satisfy the deadline. Reward yourself for finishing a difficult test on your responsibility list in a short amount of time.”
7. Don’t waste time worrying about the little things.
“The best time management skill that I have found is to allocate your time and energy properly,” said Akua Sarhene from Dem Coins Finance. “Don’t spend a ton of energy debating the little things. Don’t waste time worrying about whether you should switch your savings account because the interest rate has dropped from 1.00% to.70%. Savings accounts aren’t designed to make you rich, and the difference of 30% is barely a few dollars a year.”
8. Don’t Focus on Perfection
“Finishing a job is better than making it flawless, is the finest time management advice we have found that saves resources across the organisation,” stated Jenna Carsom, HR director, Music Grotto.
“Our internal investigation indicated that several areas of the business spent over 50% of project time finessing the finer elements rather than churning out the results that make a difference. There will always be projects that require more attention than others, but if you’re a strong leader, you should focus on your work rather than spending too much time on the details.
9. Use a productivity timer.
The founder of ScoreSense, John Davis, stated that it is financially advantageous to complete activities as quickly as possible if payment is based on their completion.
The amount of time we squander during the day switching between jobs is astounding. You can see how many hours you actually put in by using a productivity timer like HubStaff, which will also identify areas where you can cut down on time wasted.
Relaxing is one time-management trick that can help you save money, according to TaxHub creator and C.P.A. George Birrell. Sure, I know that sounds counterproductive, but hear me out: Being always “on the move” is one of the challenges that many individuals have these days. Never taking a break from one task to think about the next allows your brain to rest, which can lead to subpar work, financial performance, and other issues.
Even for a short period of time during the day—say, 30 or an hour—taking the time to unwind can be quite beneficial. When it comes to managing your finances, if you do this correctly, you can return to what you’re doing with a clear head and possibly end up making much better decisions and saving a sizable sum of money.