Time is all we have
We’ve all been told at one point or the other in our lives about the importance of budgeting. For the most part, when you hear budgeting, it’s usually regarding financial budgets and not time budgets.
The same idea holds for investments. We are all encouraged to not only budget and save money, but also to invest it wisely in mediums that will produce a high return on our investments.
Today, I want you to think in the same terms about your time. Time is really all we have, and it is the greatest resource we have available to us. It is also the one resource that we all get an equal amount of on a daily basis. No matter how hard you try, you just can’t get more of it.
Budget your time
No one, I mean no one has enough time for everyone and everything. Time is a limited resource, you have to prioritize what gets your attention, and what you spend your time on. Just the same way you budget your finances by creating a plan, you also have to create a ‘time spending’ plan.
According to a budgeting article on MoneyCoach,
Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.
Creating a ‘time spending’ plan helps you balance the demands on your time with your daily time income of 24 hours. It allows you to determine what you have time for and what you don’t.
Decide what gets on your ‘time spending’ plan
The best way to do this is through careful prioritizing.
- Make a list of all you need/want to accomplish in a day
- Order them according to importance, value, necessity etc.
- Be realistic on what you can or cannot get done over a particular period
- Commit to the plan
The key to good time investment
Invest your time in activities that will increase the value of your time. As an example, a medical doctor and a store clerk may both work 8 hours in a day, but the value placed on those hours is different. A doctor will get a greater return on his 8 hour-day than a store clerk would.
Monetary value is not the only or most important measure of the value of your time. Other measures include but not limited to:
- Quality of your relationships
- Self improvement
- Productivity level
- Impact / Influence level
- Your ability to contribute positively to the world around you
Make your time more valuable by:
- Developing yourself – pick up a book, take a class, travel, just do something that shapes you for the better, and opens up your mind to new possibilities. You need to keep growing, and becoming a better you.
- Learn or Improve your skills – what do you want to accomplish? What skills do you need? What capabilities do you need to develop?
- Focusing on your health – You can accomplish little when you allow your health to suffer. Your health affects the quality of your life and needs to be carefully planned for.
- Focusing on your relationships – humans were not created to exist in a bubble, and we need the love and support of family and friends. This sometimes takes a back seat just like health, but it’s an area we need to focus on.
Remember to budget your time wisely, without it you can’t achieve much.
I will like to hear your thoughts.
Photo Credit: Image from Quotefancy.com