5 Time Management Tips You Can Use To Make Good Money
“Time is money,” is more than just a snappy aphorism; it’s the truth, and the two are more interconnected than you might think. Those who have perfected their time management systems tend to find themselves more productive and thus able to more efficiently plan and generate their income.
“I parlayed my time management techniques into a promotion,” said Michael Bonebright, consumer analyst with DealNews.com. “Our department previously handled workflow via email and spreadsheets. This wasn’t working at all for me personally, so I proposed a switch to productivity software. My boss agreed and put me in charge of finding said software and then onboarding the team. When my boss moved on to another company, I was positioned to take over. Obviously, this is an edge case, but there’s a lot of value in showing the higher-ups that you care about productivity. But you can’t help others without effectively organizing your own time first.”
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Employing effective time management isn’t just about apps and other software. It’s a psychological experience, too.
MoneyLion consulted a number of financial experts to learn how to manage your time so you can make more money.
Be Clear on Your Financial Goals
Like Bonebright said, there’s a lot you can gain from managing time better. One benefit can be money.
But first, to apply good time management to money, you need a good plan. As Mary Elizabeth, personal finance expert and founder of MeMoreMoney, said, this means knowing your goals. Being clear on what you want your end result to be will save you money in both the short and long term. “Sit down and set what your financial goals are, then write them down,” Elizabeth said. “Ask yourself where you want to be in a year, five years and 10 years, financially. Then do the math on what your budgets should be and how you will manage them.”
Set an Hourly Rate for Yourself
“No matter if you are employed, run your own business or are a passive investor, you still earn a certain amount of money per year,” said George Guillelmina, certified financial planner and CEO of Best of Budgets. “This means you can calculate your hourly rate. The goal is to make hourly rate your own compass that will transform you into an effective decision maker.”
Get Comfortable Saying No, and Stand Up (Literally)
“The contrast between fruitful individuals and extremely effective individuals is that exceptionally effective individuals say ‘no’ to nearly everything,” said Chris Taylor, marketing director at Profit Guru, who also recommends, if able, to stand more in meetings.
“Direct your gatherings standing up,” Taylor said. “I discover it to be a speedier method of getting serious, settling on a choice and taking care of business. Whenever given the chance, I frequently prefer to make things a stride further in a real sense, with a mobile meeting. Have time to think – I attempt to think a ton and attempt to expand the measure of time I spend considering things versus on the telephone or in a gathering.”
In other words, ax the email back and forth when possible.
Manage Stress Wisely
“Stress often transpires when we accept more work than we are proficient in succeeding,” said Julian Goldie, CEO of Goldie Agency. “The conclusion is that our body starts responding [by being] tired, which can influence our productivity. Stress comes in different forms for different people, but some fruitful ways to deal with stress can include: Exercising, practicing meditation, listening to music, participating in your favorite hobby, calling up a friend, getting outside or listening to a podcast.”
Set Up Deadlines
“When you have a job at hand, set a sensible deadline, and stick to it,” Goldie said. “Once you establish a deadline, it may be essential to write it on a sticky note and put it near your workspace. This will give you a visible cue to put you on task. Try to set a deadline a few dates before the assignment is due so that you can accomplish all those jobs that may get in the way. Examine yourself and satisfy the deadline. Reward yourself for finishing a difficult test on your responsibility list in a short amount of time.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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