You know what’s funny? Approximately, 61% of my expenses are linked to me saving time. Honestly, I never thought about it until I was trying to come up with a topic for this week’s blog post. But if you think about it, that’s not too far-fetched (pun intended).
Expenses like dog grooming, pet food, groceries, and, yes, even my hairdresser appointments are linked to making things more convenient and saving time. So, I thought, there it is—my blog post idea.
In this blog post, we’re discussing time management and how we can use it to achieve our financial goals.
YES, TIME & MONEY ARE RELATED
I’m serious. If time and money were a part of the same family, they’d be siblings. Time is the older fur baby that made you a dog mom. Time sets the foundation and teaches you everything you need to know about this dog mom lifestyle. Then, here comes Money. The second fur baby. Money follows Time’s lead and earns her privileges based on Time’s behavior. Ultimately, time and money are connected. Both concepts are:
Mutually Dependent – Time and money often depend on each other. The way we manage our time can significantly impact our financial situation. The way we manage our finances can affect the amount of time we have for other activities.
Equally Important – Both time and money are essential resources. Prioritizing one over the other can lead to imbalances, like how favoring one sibling over another can cause family disharmony.
Goal Oriented – Time and money often work together towards common goals, such as achieving financial stability, pursuing personal passions, or maintaining a balanced lifestyle. Effective management of both can contribute significantly to your health and well-being.
STEP ONE: TIME MANAGEMENT
So often we say to ourselves, “I don’t have time.” Well, I’m here to remind you, “Girl, yes you do.” It’s about managing your time and being intentional about the way you spend it. Let’s start with assessing our time. Here’s what to do to get started with your time management plan.
Track Your Activities – Spend one week logging your daily activities. Note how much time you spend on each task, including work, household chores, personal activities, time with your dog, leisure, scrolling social media, etc. This may be a bit annoying to do at first. However, it’s worth it to create a more intentional time management plan.
Identify Time-Wasting Activities – At the end of the week, review your activity log, and identify the tasks and activities that do not contribute to your goals or well-being. These might include excessive social media use, unproductive meetings, or unnecessary errands. If you’re a planner girl like me, take a pen or marker and scratch them out. It’ll help you visualize yourself decluttering yourself from activities that are a waste of your time.
Analyze Your Energy Levels – Pay attention to when you feel most energetic and focused throughout the day. Schedule high-energy tasks during those times you’re more energetic. For instance, I do most of my writing in the morning because I have more energy and am more focused.
STEP TWO: MAKING MONEY MOVES
Now, let’s get to the bag. Remember, time is the older sibling. So, now that time has set the tone, we can make way for the money. Here’s how to get started.
Define Your Financial Goals – You can’t make moves if you don’t know where you’re going. Your financial goals are where you want time to lead you. So, identify your short-term and long-term financial goals, such as saving for an emergency fund, paying off debt, or investing for retirement. Write these goals down and keep them in a visible place to stay motivated.
Prioritize Tasks – The time you spent logging your activities in step one will help you shine here. Determine which of your daily tasks and activities are essential to achieving your financial goals. Also, make room for activities that directly contribute to your financial health, such as budgeting, saving, and investing.
Set Realistic Deadlines – Here we go with time again. Break down your financial goals into manageable tasks with realistic deadlines. This will help you stay focused and track your achievements along the way to reaching your goals.
STEP THREE: CREATING YOUR TIME MANAGEMENT PLAN
It’s time to ignite your inner planner girl and create your own time management plan. A time management plan is a strategy to help you organize and prioritize your tasks and activities to be more productive and reach your goals. In other words, it’s a plan to help you keep those time and money siblings from acting a fool in public. Here’s how to get started.
Create a Daily Schedule – Outline your daily tasks and allocate specific time blocks for each activity. Include time for work, personal activities, and financial tasks. Get creative with the visuals and make it personal for you. You can use stickers, markers, font, notes, and other artistic materials to help you customize it into something you like to look at.
Use Time Management Techniques – There are several out there. There’s no right or wrong answer. So, pick one that works for you. Remember, it should help you keep those time and money siblings from acting a fool in public. Here are a few techniques to try out. Also, don’t be afraid of trial and error. If one technique doesn’t work, try another one until you get it right.
Pomodoro Technique – Work in focused intervals (e.g., 25 minutes) followed by short breaks (e.g., 5 minutes). This method helps maintain concentration and prevent burnout.
Eisenhower Matrix – Prioritize tasks based on urgency and importance. Focus on completing tasks that are both urgent and important first.
Time Blocking – Schedule specific times for different activities to avoid multitasking and ensure that important tasks receive adequate attention.
Incorporate Financial Planning – Make time for financial planning activities, such as budgeting, reviewing expenses, and updating financial goals. It should be visible on your schedule. Consistent financial planning helps you stay on track and make informed decisions about your money.
STEP FOUR: WORK YOUR PLAN
Now, it’s time to work your plan. The only way time and money will work well together is if their dog mom requires them to do it. Here are a few strategies you use to help them get it together.
Meal Planning and Prepping – Save money by planning and preparing meals at home. Set aside time each week to plan your meals, create a shopping list, and prep ingredients. This helps you stick to your budget.
Automate Savings and Bills – Use automation to streamline your financial tasks. Set up automatic transfers to savings accounts and schedule automatic bill payments to avoid late fees and ensure consistent savings.
Regular Financial Reviews – Schedule regular reviews of your finances, such as monthly budget check-ins and quarterly progress reviews. These reviews help you stay aware of the progress you’re making on your financial goals and adjust where necessary.
Limit Distractions – Reduce distractions that can suck up your time. Create a designated workspace, set boundaries for social media use, and establish routines to maintain focus.
Delegate and Outsource – Delegate tasks that can be handled by others or outsource activities that are not the best use of your time. This gives you more time to focus on bigger tasks and financial planning.
The secret’s out. Time and money are linked. If you understand that you can create a plant that will not only help you reach your financial goals, but your life goals as well.
Now, we’d also love to hear from you. How do you use time management to support your financial goals? Share your stories and connect with us @pupcakesugar.
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