In today’s society, we’re busier than ever before. Oftentimes, we run from one activity to the next without having time to stop and think if we need or want to be there in the first place!
While budgeting money is key to living below your means and achieving your dreams, budgeting time is even more important. If you don’t budget time, how do you expect to spend it the way you want? Most likely, you won’t. Instead, someone else will decide how it gets spent or you’ll end up wasting it altogether!
For one reason or another, many people take a passive approach to time management. But if they don’t have a spending plan, then they’ll have no real direction. Before they know it, time will have passed them by and they’ll have made little to no progress towards achieving the things they want out of life!
However, by budgeting time, you can proactively manage how it gets spent. This allows you to prioritize the people and activities that are most important to you. Not only that, but it helps to reduce or eliminate the ones that are not. As a result, you’ll be able to focus on the things that matter, improving your quality of life!
How often do you think, where did the time go? Whether you were binge-watching shows on Netflix or mindless scrolling through Instagram, too often time doesn’t get spent the way we want.
However, budgeting time helps you plan the way it will get spent. Instead of squandering it, you’ll make the most of it. You’ll be able to organize your must-do daily, weekly, and monthly activities, allowing a schedule to take shape. As it does, you can fit in the activities that you want to participate in, too!
Like budgeting money, budgeting time can also help you achieve a better life balance. For instance, due to the pandemic many people have and will continue to work from home. Because of this, the lines between work and home life have begun to blur. At the end of the day, you may find that it’s difficult to shut the computer down and easier to keep tackling projects!
But with a time budget, you’ll put clear-cut boundaries in place. You’ll know the amount of time you have to complete each activity as well as when to stop and move on to the next. This way, you won’t focus on one aspect of life while ignoring the rest. Instead, you’ll have a variety – many of which will improve your quality of life!
A time budget works best when you dedicate a specific period to each activity or event. Including it along with when it needs to happen allows you to build an agenda. Once it’s in place, you’ll have a plan for tackling everything that you need and want. Not only that, but when you get distracted, you’ll have a system that helps you get back on track!
Like your finances, when you overspend in one budget category, you have to steal from another. For example, if you get caught up working long hours, then you’ll have less time to spend with your family, friends, and other things that money can’t buy!
Without a time budget, life can feel hectic or that you’re performing a juggling act. Inevitably, that will lead to feelings of stress and overwhelm. But, once you start budgeting time, you’ll have a plan. Not only will it give you a greater sense of control, but it can make you more productive and happier, too!
A monetary budget consists of income, expenses, and savings. When budgeting time, your income equivalent is the 24 hours you receive each day and it’s up to you to decide how they get spent!
To begin creating your time budget, review the main places where it needs to get spent. For most people, this includes the activities that keep you alive, gainfully employed, and your family functional. A few examples are sleep, work, and your household responsibilities.
Next, consider the events you’d like to partake in. These might include your hobbies, relaxing with friends, and pursuing your goals. While these activities aren’t necessary for your survival, they’re key to making life interesting and fun!
Naturally, your needs take precedence over your wants. Still, you should set limits on them both. Otherwise, you may get too engulfed in one area which takes away from the other!
Once you’ve considered your needs and wants, you can begin designing a high-level time budget. It might look something like this:
Using this information, you can put together a rough schedule and it may look like this:
When first budgeting time, it’s important to include miscellaneous or free time. This way, your time budget won’t feel too rigid or absolute. Also, they can act as time buffers that help you be somewhat flexible while also staying on budget!
Once you have a preliminary budget, you can break each category down further. For example, at work, your time could be segmented into answering emails, attending meetings, and working on projects. Breaking them down and estimating the time each takes gives you a framework for accomplishing your tasks. It also allows you to make adjustments, so you’ll have enough time to complete the most important ones!
One of the main reasons that time budgets fail is procrastination. Sometimes, people would rather hem and haw over the things they need to do, rather than doing them and moving on to something more pleasurable!
To combat procrastination, try scheduling and working on the tasks you least want to do, first. This way, you’ll get them out of the way. Rather than stressing about them, you’ll knock them out and that can boost your confidence for the rest of the day!
Don’t think that you have to budget every minute of your time, either. When starting, you may want to budget part of it, like 50%. Or you may want to schedule the parts of the day that are most chaotic or when you’re easily distracted.
By starting small and working your way up, you won’t feel like your day is too structured. Not only that, but it can prevent you from taking on too much too fast and burning out.
However, as your days and life begin to transform, you’ll likely become more mindful of the way you’re spending time!
To budget money successfully, you have to track your spending. In doing so, you can figure out where you’re under budget as well as where you’re going over. Likewise, to follow your time budget, you have to know how it’s getting spent.
One way to keep track of your daily activities is to use a time journal. Throughout the day, write down the tasks you’ve been working on and the amount. Also, consider noting your distractions and their times, too.
For instance, after keeping a time journal you may discover that you get up for a snack each day before lunch. While it may seem brief, it can take a significant amount of time for you to regain focus. But, if you kept a snack at your desk, you’d satisfy your hunger without completely losing your concentration!
Another way to keep track of tasks at work or on the computer is by using TimeCamp. This application logs the websites you visit and the programs you use throughout the day. After a few weeks, you’ll discover which times you’re most and least productive. With this data, you can schedule your most important tasks for the times you’re most focused and the least important ones for when you’re not!
By tracking time, you can determine where it’s getting spent. If it’s dedicated to the things you deem important, then it’s getting spent wisely. But if it’s not, then it’s likely being wasted in one way or another!
For example, after reviewing your spending you may realize that you’re watching an undesirable amount of TV. You may have thought it was only an hour when in reality it was 3. If you were to set a limit, you’d not only get to watch TV, but you’d also make time for more important things!
From time to time, you may need to adjust the way you’re budgeting time. Like when budgeting money, keep experimenting with your time budget until you’ve found the one that works best for you!
What’s more important, your time or money?
No matter your answer, it’s important to realize that money will come and it will go. In addition, you can always figure out how much of it you have left.
But time is only ever spent. Once it’s gone, there’s no way for you to get more. On top of that, you never know how much of it you have left.
While you can rebound from financial hardship, you may never recover from lost time. After all, some seasons and experiences in life only come once. Having said that, be sure to spend your time wisely and make every minute count!
How are you budgeting time? Comment below.
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