Budgeting your Money and Budgeting your Time have more in common than you think. They are both precious resources that are easy to waste and worth saving, when you can. Some of the more basic principles of Time Management can be applied to your finances to make your budget more streamlined, efficient and productive. Further, to compete with the fast moving society, Time management is very crucial. The more time you have, the more you can plan and organize your Finances
Some Important Time Management Techniques: –
The Goal of time management , for elderly people, is to reduce stress as they face many competitive activities and responsibilities simultaneously like increased office work/activities (as you may be at the peak of your career by this time); pressing domestic responsibilities of grown up children; arranging for their college education and also to manage your finances properly. All these activities demand a lot of your personal attention and time and may result into mental and physical stress. In this regard, the following Time Management Techniques may help you a lot : –
TIME IS MONEY. Use this advice to get the most from every work you do.
1 Keep Things Varied : – Vary the sorts of work you do so you are able to jump between them when you’re fed up, otherwise, monotony will get you tiresome and productivity can drop.
2 Write Things Down : – Make To- Do lists- the more complete, the better. They will help you to organize your ideas and so the work and you’ll be much less stressed.l
3 Automate your Accounts : – Set an automated reminder and payment system. This will reduce your payment delays and so the late fee/ interest charges. Pay your Insurance premiums/ Mortgage installments and other Utility bills through Online automate system.
4 Don’t Mix Work And Home : – Approach your day in “Work Mode” even if you’re working from home (especially after your retirement). Avoid interruptions and reduce the use of phone, especially when dealing with finances.
5 Budget Realistically : – The fundamental of preparing your Monthly Budget is that it should be realistic and nothing , even petty amount, should be left out. For this, you may scan through last three months or six months expenses. The Budget should be prepared timely and correctly and then try to stick to it.
6 Be Prudent : – Value your money and have a positive and committed relationship with your money. It’s a good idea to practice a sensible spending so have time to hunt around for the best bargains, when it comes to purchasing especially high cost items.
7 Don’t Be Careless With Important Paperwork : – It’s really important that you make sure you don’t lose any of your bank statements. Try to get them regularly and in time. File them away carefully and methodically as soon as they come through the post. This would help in filing your Tax returns,also.
8 Don’t Dismiss Insurance : – As impressed in earlier posts, review your insurance- Life Insurance, Medical/ Health insurance, Auto Insurance as well as home Insurance periodically and ensure it meets your as well as family requirements adequately. Make necessary changes, wherever, required.
9 Don’t Pay Your Tax Bills Late : – Timely payment of taxes, federal and State, will ease your burden and you will not be unnecessary paying the late fee charges and fine and also avoid the correspondence. Mark some time in your calendar for this purpose.
10 Account As You Go : – Keep the details of the account on day-to-day basis so that your money/ finances and related paperwork are in order and are handy, when you need them. This habit would save you a lot of time.
11 Save As You Go : – To make sure you’re living within your means from month-to-month, keep your amount of savings and taxes separately ,although you may be making the payment on quarterly or yearly basis.
12 Don’t Fritter Your Time Away : – This is a very important point in Time Management, when you have a limited time for you various competitive activities.” Don’t do anything during your working day that doesn’t add value to your work”.
Advantages Of Time Management In Finances : –
Much like money, time is both valuable and limited. It must be protected , used wisely and Budgeted. How you use that time depends on skills learned through self analysis, planning, evaluation and self- control. People who practice good management techniques often find that they : –
— Are More productive.
— Have More Energy for things they need to accomplish.
— Feel Less Stressed.
— Are able to Do Things they want.
— Get More things Done.
— Relate More positively to others and
— Feel Better about themselves
CONCLUSION : —
Prioritizing helps stretch it further. Prioritizing both your tasks and your spending allows you to accomplish more with what you have. Instead of just doing or spending without a purpose, prioritize what matters most so you feel better about how you spend both time and money, as the world of finance has evolved into highly competitive workplace. Therefore, effective management is a competitive advantage for any finance professional. I can say with my own experience that if you inculcate the habit of Time Management throughout your career, the tasks which look insurmountable and stressful can be completed with ease and without stress.