One of the biggest complaints I hear from people is the lack of time they have in a day. It’s something that most of us can relate to – not having enough hours to accomplish tasks before having to go to bed. Although this is unfortunately true for the majority of us, my approach to time management will alleviate the lack of time you have in your day.
First, understanding that time management shares similarities with money management is a must. That’s why I like to think of my waking hours as a chequing account, and my sleep as a savings account. Keeping these two accounts in balance not only allows me to achieve my tasks at hand, but it also keeps my wellbeing in check.
The idea of pretending your waking hours as a chequing account is simple – it’s a way to keep track of your schedule. If you find that you need to continually empty the account out during the day to make up for lost time, some changes need to be made.
With any chequing account, you should aim to have some hours left over after you have completed you day. The reason I say this is because if you have a few hours left over, you have the ability to either start to chip away at bigger, long term tasks, or you can invest these remaining hours into your savings account through rest and relaxation.
As you would withdraw money from your chequing account to purchase things such as bills, groceries, etc., you can use this system of thinking in the exact same manner when it comes to your waking hours.
Bills can be daily exercise, or groceries can be tasks to be completed throughout the week. The point is that your schedule requires you to withdraw from your chequing account and allocate the hours accordingly (and intelligently!). Everyone’s schedule is different and will require adjusting in order to optimize your time.
I like to refer sleep to savings because it is something that is overlooked when considering your daily schedule. Like all balanced personal finance, savings is the most important thing to keep on top of!
Too often do we take away precious hours of sleep to offset the negative balance that we have built up as a result of poor time management. To make matters worse, fewer hours to bank in our personal savings tends to counteract with our daily lives, thereby creating a vicious circle that is unstable.
Consider this scenario:
Jordan is an irresponsible spender who wants to buy something he simply cannot afford. Instead of spending within his means, not only does he clean out his chequing account, he also dips into his savings to finally gain what he wants.
I’m sure you would agree that Jordan in this scenario isn’t good with his money. So what difference does it make when you swap money for time? Since time and money are the two resources we need to thrive in this world, why not treat both the same?
As mentioned above, when you don’t keep both chequing and savings in balance, the result is instability. The decision you must make is to either continually get up every day and start at a disadvantage, or go to bed early and gain the benefits of sleep. This will help you achieve your tasks with more efficiency.
Similar to a savings account that pays interest on what you are holding, when you are efficient with your time and begin to complete tasks with ease, you too can begin to bank time back into your savings account – which will increase that amount of rest you have.
Looking for more time management? Here are some helpful sources: