Ideas for managing your precious recourses: Time and Money
Managing resources includes managing your own Finances and Time.
Money is a resource that we need for living and Time is a resource that we cannot accumulate or save for later.
Both are important for life and growth.
Time and Money in goal achievement
For pursuing any goal in life we need resources.
Time is the prerequisite for any plan, goal or vision.
Money is a resource that may facilitate the process, buy time and energy.
Set objectives first.
Be realistic in managing Finances & Time
Responsibility for managing resources.
Set a budget
Set your weekly / monthly / annual budget.
How much is your annual income?
How much can you spend per month for your needs and wants?
Track your spending
Tracking your spending keeps you on budget.
If you know exactly in what kind of expenses you spend your money you will be able to:
- Cut on expenses
- Better allocate your budget
- Save money
- Make investments
Pay on time
Paying your expenses on time is a way to keep track of your expenses and be on budget.
You may benefit from interest free instalments or other financial advantages when they are available.
It is advisable that you pay on time in order to avoid piling up debts that will become difficult to pay off later.
Savings and investments
What are the tasks that you need to complete today so that you are on track with your goals?
Make a daily plan so that you know what you need to complete.
From the previous day (or night) think what you have to do the next day and make a plan of the task(s) to complete.
Plan your time according to your needs and your potential. Don’t overestimate your potential and make time for rest and relaxation.
Deadlines and time limits
Set your priorities before you make your plan.
What are your criteria in setting priorities?
What do you decide to do first? what is second? what is third?
How to set your priorities
Time and money are precious resources
Managing your time and money wisely will save you effort and energy.
Time cannot be bought, saved or replaced; there is no way to create time or bring it back if it is wasted.
So it is important to spend your time wisely and use it to your advantage. If you waste it there is no way to bring it back!
Money is a resource that is necessary for living; we use it to survive, to improve the quality of our lives, to create more of it. If wasted, it can be replaced with effort but may even be lost by accident!
Use your resources wisely!
Use them to improve your life and to protect yourself from potential future difficulties.
Be realistic in planning. Optimism doesn’t help…
Manage your life!
Start monitoring your activities and your expenses in detail.
After a while you will know where you spend your time and your money and which activities cost you more.
Create a budget, be proactive with savings and keep in mind your goals.
The use of your finances and time will determine your success in your goals!
List of References
Sainz, M. A., Ferrero, A. M., & Ugidos, A. (2019). Time management: skills to learn and put into practice. Education+ Training.
Griffin, R., & Van Fleet, D. (2013). Management skills: Assessment and development. Cengage Learning.
Hite, N. G., Slocombe, T. E., Railsback, B., & Miller, D. (2011). Personal finance education in recessionary times. Journal of Education for Business, 86(5), 253-257.
Kireeva, E. V. (2016). Effective management of personal finance. Современные тенденции развития науки и технологий, 5(7), 5.
Barbača, D. B., & Zekan, S. B. (2011). Personal Finances And Hierarchy Of Human Needs. Economy Transdisciplinarity Cognition, 14(1).