Becoming Intentional With Your Time & Money!
As we begin making money, we realize that there is a need to save it for the bad times. Similarly, as with the investment of time in the right places, we make more money, we start realizing that time, too, must be saved. But this realization is not enough until you don't know how to save both assets to ensure you don't fall on rocky paths in life without having a safeguarded band-aid around you. Hence today, we will find out how you can become intentional enough with your time and money!
1. Time management
First off, what is time management? Is it only the process of saving time when you have a lot of it? Let's find out with a proper definition of the subject!
Time management is planning and organizing how to divide the time you have and allocate it to specific activities. Good time management will let you work smarter and not harder to achieve more in less time without stressing out your last brain cell.
When you are more efficient with time management, you will be ready to take on new life opportunities and sustainably boost your business. Time is not only considered an asset for people who have less of it. People who are mostly free and don't have much to do can also utilize their time for the good. By saving time and getting done with your daily tasks in a limited time, you will have a full day to filter out ideas that can change your life. Having enough time to brainstorm is always beneficial!
How Can You Start The Process Of Time Management?
Organization: Being organized at everything you do will save a lot of your time when you systematically carry out your tasks. You will know all the tasks you are to do and create time to complete them. This is a great way to find spare time when you are following a set routine.
Prioritization: Does your day end with the most important tasks and you have to leave them to the next day? This is because you haven’t allocated the proper time to either make or work on your priority list and did not provide enough details to easily follow. When you set priorities for getting done with your tasks, you will always find room to do some more and be mentally relaxed.
Goal setting: Setting goals is a winner's ability to get things done in a defined time. When you know what you are working towards, you will feel more motivated to get things done in a defined time.
Delegation: The way leaders get things done is to delegate some tasks to their team and focus on the most important ones by themselves. This way, a team effort is brought into action, and all you are doing is getting more done in less time.
2. Money management:
First, let’s review: Money management: It is the process of saving, budgeting, investing, spending, and otherwise seeing the capital usage to maintain or grow a financial asset. Money management has now become more of investment management or portfolio management in which you not only save money but look for new ways to invest it elsewhere.
We all love this one, right? But how many times have you entered a store looking for only one item and returned with three bags hanging on each of your hands full of unnecessary shopping? Well, we all are guilty so let’s not talk about that. Instead, let's see what money management is and how you can avoid such guilty pleasures next time we make a quick run to the store!
How To Start The Process Of Money Management?
Understand the current financial situation: You must know exactly where your finances lie. Great tools to use would be a balance sheet, income statement, and a cash flow report to learn where your money is coming from and where it’s going.
Set goals: Goals are very important. They drive you and tell you what you should be doing next and your actions to make money, save money or invest money.
Stick to a budget: It is never wise to keep spending your hard-earned money just anywhere. You need to stick to a budget and must put the essentials on the top of the list. If you are a crazy shopaholic and can't stop spending, make sure you budget for this particular area of your budget so you don’t completely waste your cash on hand. Challenge yourself to stay within the budget and/or save up for something you need in your business.
Get rid of debt: Debt won't let you grow. You will keep falling hard on the ground if you are not free from debt disease. It won't let you increase your money as most of it will keep going to debt installments. So, if you plan to save money, make sure you first plan to get free of any debt.
3. How are benefits similar?
No doubt, time is far more precious than money, as putting in the time will bring you back the money you lost, but money won't give you more time. The thing to noticed is that if time and money are not siblings, they sure are cousins. They both are precious assets, and you cannot risk losing any one of them. If you commit to saving time and money, you will benefit in the following ways:
More opportunities when you are having a low time
Stress-free goal accomplishments
Happiness from having both assets spared out for bad times
Feelings of being free of debt
More time and money to spend on family, hence a happy family
Overall success in life
The world is yours! Now-o-clock is the time you need to make saving money and time a focus and priority for the success of your business. For more information on how you implement the strategies covered in this blog, check out our Time of the Essence bundle.