By  Posted on Tue Apr 29, 2014

How Time Management Can Lead to Financial Success

 
How Time Management Can Lead to Financial Success

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Finding it hard to manage your money? Take control of your finances, but first get a grip on time management, as there is a powerful correlation between the two. According to the Mayo Clinic, people who are good at managing time have better organizational skills in general.

You’d be surprised how the quality of your life may change when you decide to stick to a schedule. Proper time management is achieved through keeping track of your bills, meetings, outings, children’s playdates, doctor appointments and more on a calendar. Many people prefer to use their smartphones and sync it to their desktop calendar or tablet. If you prefer to use pen and paper, buy a planner and jot down deadlines and events on a weekly or daily basis. Sounds simple enough, but many people have difficulty creating and following a weekly schedule, as it takes time to do it.

If you are someone that is bad at committing to time management, take small steps to break those bad habits. Start with small tasks you can manage throughout the week. For example, if you tend to frequent happy hours and dinners more than you should, see if you can stick to a schedule that limits yourself from going out more than two or three times a week.

As you progress, continue to fill in gaps in your schedule with things you are going to do. Remember, your calendar doesn’t have to be full of productive events. The main takeaways from time management are to ensure you know what you will be doing, when you’re going to spend money, and how much money you expect to use. By knowing those three things, you will have a clearer understanding of what kind of budgetary goals you should set for yourself.

Find out how proper time management cannot only bulk up your bank account, but improve your quality of life in general.

Less stress and improved health

The Center for Disease Control and Prevention conducted a study and found a connection between time management and how it can impact a person’s life. Their studies determined that managing time in one’s life can reduce stress to help a person feel more at ease. The main reason being, because people have a clear understanding of how much they can accomplish each and every day. Many Less stress means you can have an easier time focusing on how to manage your money, in addition to your time.

Improved urges for retail therapy

Retail therapy is a way many people attempt to counteract the effects of stress. Therefore, if you aren’t as stressed, the urge to buy things to make yourself feel better would not happen as much. Not to say that you should not go out and splurge a little from time to time, it just means that you will find it easier to control yourself from reckless spending, once you are committed to a schedule.

You won’t recklessly waste money on food

The Department of Agriculture and the Environmental Protection Agency estimates that around 40 percent of food in the U.S. goes uneaten. That means roughly $900 million of food is wasted annually. Why? Because Americans are guilty of poor planning.

Save money by planning out not only when you’re going to eat, but what you’re going to eat. Create a grocery list according to your budget and stick to it — this should help prevent you from aimlessly buying food at the grocery store, and it’ll save you time. It’s best to buy fresh produce, which is cheaper and healthier than boxed items.

Be diligent about setting goals

In addition to practicing proper time management, set daily goals. Goal setting and time management are habits of the wealthy.

There is no doubt that proper time management will inevitably help you, both financially and otherwise. If you create and stick to a schedule based around work and/or school, that allows you to minimize spending and maximizing your productivity. You may find that you have less excuses for things like exercise or maintaining your garden. Fill in schedule gaps with activities such as working out, grocery shopping, reading a book, or even an outing with friends.

If you decide that you are only going to allow yourself to go out two nights a week, then commit to those two nights and set a spending limit. Time management does a lot more than help your finances, it can help improve overall quality of life.

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