Effective money and time management skills.

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Money Management Part 1 Time management

As you manage your time, you must remember that time is money; therefore, when you act as a manager, you will quantify your time in terms of how much it costs you.  A business manager often wrestles with these constraints, and if you act as a faithful business manager of your time, you’ll experience these same limitations, which include the need for more time to realize goals while, inharmoniously wishing that you could immediately enjoy the rewards of your work.  To effectively manage your money, you must successfully manage your time.

While we all are limited by the same number of hours in a day, effective managers get more done because they have created clear goals, they have developed effective management skills, they are devoted, and they are self disciplined.

To develop effective time management skills, you must understand how you currently use your time.  For this purpose, you should start by outlining your typical workweek: review hours spent sleeping, eating, with family, relaxing, on hobbies, running errands, and working.  Determine which activities require the most time, and ask yourself if they are your main goals.  For a moment, discount your work time and determine the time you use to achieve your fiscal objectives.  How much time do you spent each week managing your money?  This should be part of your schedule.

If you haven’t done so already, incorporate 30 to 60 minutes in your schedule each week to work on your management skills—for time and money, because time is money.  Consider these tasks for this time slot:

• Educate - listen to a financial strategist or read a similar article

• Organize – list your goals for the week

• Reconcile – compare your weekly budget to the money you actually spend

• Communicate – discuss a purchase or decision with a friend or analyst

• Evaluate – rate your success in money management during the week and focus on an area for improvement

• Compare – are the priorities you’ve set reflected in your goals

• Identify – find at least one achievement you’ve made toward your money and time management goals

• Save – set aside a specific amount of cash, no matter how small, in an envelope

Long-term Plan
When you create and stick to a long-term plan, your short-term activities have a purpose, which allows you prioritize your tasks: you can easily identify activities that can be delayed and those that should be completed.  To help you identify and organize your goals, visualize your life in five years: where do you want to be financially?  To further illustrate the specific tasks that need to be prioritized, rate each of the following accomplishments, 1-5, with 1 being the most important and 5 being the least important.

Review those items that you rated as 1s.  Can you accomplish those goals within five years?  Can you accomplish those goals within one year?  Now go back to the table and put the number of years to accomplish each goal.  This will help you focus your activities and tasks toward your long-term plan.

Money Management Part 2

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