You have a family, a career, hobbies, and more. You know better than anyone that time is of the essence! Here are 4 ways to help you understand the importance of time and planning wisely. It’s easy to get caught doing the same thing over and over, but being efficient with time is all about establishing good habits and understanding the nature of time. Let’s begin!
1. Time is the Only Nonrenewable Resource
You have the ability to save money, to share stocks, to rent a house, and to lend a hand, but you cannot implement any of these actions with time. One can only SPEND it. So once it’s been used; it’s gone. This is why time is the only nonrenewable resource, and the only thing we can never get back. This truth makes our decisions with how we use our time all the more important– our days cannot have a reset button!
2. Time is a Measurement of Our Values
If someone were to look at your life, what would they see the most? Would it be your passion for a career? Would they see you spending a considerable amount of time with friends or family? It goes without saying that how we spend our time defines what we value the most. For example, if we say we’re serious about living a healthy lifestyle but never make time to go to the gym or invest the time to cook a nutritious meal, we are not being honest with ourselves with what we value. To better align your goals, you can ask yourself if the task at hand will contribute to what you value.
3. You Have the Power to Work Smart, Not Hard
Everyone has the same amount of hours in a day, and it’s up to you to spend your minutes wisely. The phrase that’s often tossed around "work smart, not hard” is a commandment for effectively using time in the best possible way. We can find ourselves in a rut and can spend too long on one task, but only when we step back we can think of a better, more efficient way to do it. For example, I have found that when in college if I studied for 10 minutes a day for a test three weeks away I was better off than cramming the night before for 6+ hours. Those 10 minutes a day made me a more productive person in my studies. In order to be smart about using our time we have to be willing to admit what needs to be worked on and to make the effort to change habits. It is easier said than done, and believe me, I’ve had my trials and pulled some all-nighters studying for an exam, but practicing efficiency will change your life.
4. The Time Value of Money
Being a financial planner, I find that a great example of using time wisely is through investments. Glancing at the chart, you can see that an amount of $100 a month, or roughly $1,240 a year invested with a 6% rate of return over a period of 5 years can put you at $7,012. That’s $5,812 more than you started with, just for allocating a percentage of your income per month! Investments such as this are a way to be proactive with time and can make aspects such as planning for retirement, and even emergency funds less stressful for you and your loved ones. The time you take now to plan for the future will prevent you from costing your quality of life in the future. To summarize, one way of making the most of time is situating it so you’ll be well prepared for years to come.
How do you best organize your time? Do you have any tips for ways to improve producibility? We’d love to know! Comment below and we could include your ideas in another blog post.