Watching Your Wallet: "Time is money"

Published online on the Utah Statesman website January 27, 2010.

It happens at the beginning of every semester. A whole whole new schedule begins and your classes change, your work schedule changes, your play time and free time changes, the time you go to bed changes, and you have to learn how juggle each of these old elements in a new way. Part of me really likes it; I love the new classes and the opportunity to learn new things. I like being able to spend what free time I have how I want to. But the other part of me really, really stresses out. What had become such a day to day groove doesn't work anymore, and I find myself wasting time trying to adjust. Eventually, through a little bit of planning and lots of trial and error, I finally find my "new groove" (although I am not an emperor) and am able to better manage my time, check things off my list and find time to have a little fun.

Well, you're probably wondering what this rant about time management has to do with money. At first, I was wondering too. But while searching for financial ideas to cover in this column, I fell upon a blog by a fellow named Trent Hamm called "The Simple Dollar" (thesimpledollar.com). He created his own "14 Money Rules" and lists "Stop Wasting Time" as the third rule. Essentially, he reminds us that we each have precisely 168 hours every week- everyone from the dumbest, laziest of freshman to Bill Gates and Michael Phelps. Subtract the time most of us are sleeping and that leaves about 120 hours left. Hamm makes an interesting point in that many of us "trade" a large portion of these 120 hours for money (working-or in our case, an eventual diploma). With those remaining hours subtract the time for household chores, personal hygiene, and other time-wasting necessities, and that leaves a very small pile of hours for us to do whatever we please with. So, it only makes sense that in order to make the most of this small amount of free hours, we be as productive as possible at school, work and with the other necessities. Therefore, we make more money by being more productive at work or work hard to free up more "free" hours to enjoy. So, here is what Hamm suggests to increase productivity to make the most of your time (which is money).

1. Start with a plan

At the beginning of each day, set aside some time to work through the schedule of the day and what needs to get done. This will save you from running around like a chicken with it's head cut off later in the day, and will also spare you any "what to do next" time.

2. Multi-task and single-task

There are times when it can be productive to be writing an email, working on a paper, watching a movie, texting a friend and organizing your desk. However, when you really need to complete a complex task, put away the other little things going on and focus. By eliminating interruptions you'll be able to complete the task more efficiently and at the best possible quality.

3. Meditate (or, as I would say, have some "veg" time)

By around three o'clock, I find myself pretty burned out. It's the lull in the day I'm ready to be done with school, work or whatever I have going on. But, nstead of wasting a few minutes here and there, Hamm recommends taking a solid 15 minute "meditation" break. Sit back in your chair, close your eyes and clear your mind. By taking some "veg" time, it will help improve your focus to finish the rest of your day productively.

4. Write down things on your mind

At any given time during the day, I have about four or five "bullet points" in my head that I'm desperately trying to remember- where I left my keys, who I need to call or send an email to when I get home, to be sure to finish that reading assignment, etc., etc. A simple solution to this is to have a small notepad or planner (ha, what novel idea) to write down all these little ideas floating around in your head. As Hamm said, "Getting these things out of your head and onto paper means you can spend far less mental energy trying to remember it – and use that energy instead focusing on your current task and getting that done as well as you can."

Best of luck regaining those precious free hours and making the most of the working ones. Have any ideas on making the most of your time and being productive? Comment below!