It doesn’t matter if you work on an hourly wage or have a salary – learning time & money management skills is one of the most important things you can do to improve the quality of your life.
Getting started might feel like a challenge, which is why it helps to create a plan. We’ll go over how you can get the most out of time & money management and the benefits it will bring to different areas of your life. Take a look to get started!
Benefits of Managing Your Time & Money
Understanding the best ways to manage your time and money can make your life feel less stressful. You’ll be more productive and your goals will appear more attainable. You’ll feel more positive about life, your responsibilities, and the future. Take a look at some other benefits.
Managing your money helps you establish financial security. Most people think financial security means having more money. While earning a higher income certainly helps, financial security actually comes from managing your money better.
This means paying off debt, spending money wisely, and planning for the future. Planning for the future allows you to make major decisions like buying a home, having children, and more. You’ll only be able to do this when you can effectively manage your money.
Managing your time will help you prioritize and focus on what’s really important. Whether it’s spending time with family or investing in a hobby – when we have more time to spend on the things we care about we become happier and our quality of life improves.
We’ve all said yes to too many plans without thinking about it. You may have taken on too much work on a week when you have a major family event – it happens!
If you aren’t keeping a schedule and adding to your calendar consistently you can end up spreading yourself too thin or spending time ineffectively. Scheduling your days can lead to less stress, better sleep, and overall improvement of your day-to-day life.
Starting Your Time & Money Plan
By now it’s clear that managing your time and money bring a ton of benefits. It’s time to buckle down and actually take the necessary steps to improve time & money management. While it may seem difficult to get started at first – rest assured that it becomes easier the longer you commit. Pretty soon, managing your time & money effectively will become second nature!
Create a Budget
First and foremost, you need to know how much money you have coming in and what’s left after all your expenses. Make sure to keep a weekly log of where your money is going. Afterward, you should focus on reducing unnecessary expenses as much as possible. A budget can help you achieve this.
Not many people like the word “budget”, but with the right tools, creating one can be simple. Start by getting a sense of your financial goals. Then it’s about allocating your income towards different categories such as bills, food, rent, savings, and more. Take a look at all the steps here.
Some banks even have built-in budgeting and tracking tools to help you stick to a plan. For instance, MoneyLion offers Financial Heartbeat, a tool that syncs your bank accounts into one place and helps track your financial health.
Write Out Your Schedule
Just like your budget, writing out where and when you spend your time can be a major eye-opener. Did you really spend 10+ on Instagram last week?! Truth is, most of us already waste a ton of time. The key is being aware of how we spend our time and optimizing it as much as possible.
If you’re not the best at keeping time, try writing out a schedule. You can hang it up or even place it as the home screen of your mobile device to keep you on track. If you don’t work consistent hours or freelance – sketch out the most common times you work based on the past few weeks. Don’t forget to add your wake-up and bedtime.
Make sure to write down a list of everything you need to accomplish for the day, each day, and tackle the hardest projects first. Many people have found that focusing on larger, more difficult assignments earlier on helps boost productivity. It also helps if you wake up earlier in the morning and develop a healthy routine. Check out CNBC’s make it for more tips.
Put Your Plan in Practice
Now that you understand how you’re spending your time and money, it’s a good idea to lay out some goals on what you want to change. Are you trying to limit your daily screen time? Do you want to switch eating out for more home-cooked meals? It’s time to put your plan into practice.
Oftentimes people struggle with sticking to the plan they’ve created. It might feel uncomfortable at first to be so regimented, but you’re bound to see the benefits almost immediately. And remember, the longer you stick to it the easier it will be to follow through.
Now that you have an idea of what you have left at the end of each pay period, you can start putting your money to work with a MoneyLion investment account. An investment account is one of the best ways to gain high returns on your savings and prepare for your financial future. Automated Investing makes it easy.
MoneyLion offers fully managed portfolios with 0 minimums and no asset-based management fees. You can customize your investment portfolio according to your individual financial situation and risk tolerance. These investment accounts are ideal for newbies looking to invest without putting in the time or expertise managing individual stocks demands.
Enrich Your Time
After you’ve optimized your time management, make sure to use your extra free time to do things that add to your well-being. This can be as simple as a relaxing meditation session, spending time with family, working out, volunteering, investing in a hobby, and so much more. Spending more time on things that bring you joy will make you happier and more fulfilled.
How MoneyLion Can Help You Manage Your Money
MoneyLion has the tools to help you take control of your finances and get the most out of money management. Browse through quality investment portfolios and an online checking account designed to benefit your wallet. MoneyLion’s online banking, RoarMoney, offers unique bonuses like debit card rewards, price protection, budgeting tools, spending reports, and so much more.
Ready to get started? Download the MoneyLion app and start taking control of your financial future!