![]() ![]() Time is no different than money when it comes to the dividing line between the "musts" (fixed) and the "wants" (discretionary). In addition to categories, look at "fixed" versus "discretionary" time expenses. Take a look at how your activities fit into categories relevant to your life - work, family, school, fitness, religious practice, community, leisure, or other areas. It doesn't matter which tool you choose, just that you faithfully use it.Īt the end of the week, step back and analyze your time inventory. You can use a plain old spiral notebook, a calendar, or download a free time tracking app for your smartphone, like the ATracker (the full version is available for a fee). For one week, try to keep a detailed time log, noting - as precisely as possible - how you spend your hours. The first step of any budgeting process is to take inventory. (See also: The Single Greatest Key to Managing Your Time) 1. (Fortunately, so far, there's no credit card for time.)Ī time budget can help us plan how we use our time, so we are sure to spend it as wisely as possible. And if we go over a time budget account - such as spending too much time at work, we have to borrow some time from elsewhere, like family time, or sleep time. If we go over one of our spending categories in our money budget, we borrow from another account, such as entertainment or food (or from a credit card). Why a time budget? Just like a regular budget helps us track and manage a limited resource - our money - a time budget can help us track an even more precious resource - our time. Stretched for time? Nowadays, who isn't?! Successful time management isn't as elusive as it might seem. ![]()
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