"You can get more money but you can't get more time."
Famous US biographer and poet, Carl Sandburg, said “Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.”
Time Spent.
How do you spend your time? You have 24 hours in a day, just like everyone else. You set aside a certain amount of time to sleep, exercise, eat, go to school, work, and play.
Managing your time is almost like managing your money. Ask yourself if there is a "costbenefit" to increasing or decreasing time spent on a particular activity.
For example - Can I devote more time to school and less to _________ (fill in the blank) so I can make better grades and advance toward graduation?
There is always a price to pay for poor time management. That price can translate into a loss of money, a relationship, an opportunity, a fun time, etc. Here are some strategies and tools to help you manage time, especially while in school.
ECampusTours - about study habits and time management in college
Procrastination may very well be an enemy of success. See what happens to Amy.
Time Valued.
Your time is important. We even say, "I wouldn't waste my time on that!" or "That's not worth my time." We all value our time and yet our actions and decisions can literally devalue us.
When it comes to finances, being disorganized with your time can cost you money. If you "forget" to pay the rent on time or to mail a bill to meet its due date, you are penalized with a late fee or, worse, an eviction notice. Ouch!
Becoming organized doesn't take major action but it does take action! Use one calendar or day planner and write down the due dates of bills, the meeting dates, the class dates, the social dates, etc. Use one, only one to organize your whole life.
Think about how much time you spend buying things you really didn't need or things that didn't work or you never even received them because you were "ripped off". You have actually devalued yourself because of wasted time, effort, and money.
spendster.org - videos of the "stuff" that people spend money for and later reqret
Ripoff Report - check this site for any consumer complaints BEFORE you buy
As a college student, you can devalue your time when you don't go to class, don't plan for study time, fail a quiz, lose an assignment, withdraw from the class late in the semester, or fail the class . Perhaps you pass the class but with a poor grade or you have to retake the class. Both money and time are lost, and quite possibly putting you further behind in progress to graduation.
Take a look at CLIMB page to see what a difference time to graduation can make on future value.
Compute Time Value.
Consider the value of time when making a decision to purchase an item or plan a trip.
You work 20 hours per week making $10 per hour or $200 weekly. You want to buy an electronic reader that is $150. It will take 75% of your weekly pay to afford this purchase. You will use the electronic reader at least five hours per week. What is the time value of purchasing the electronic reader?
1) Divide $150 by $10 = 15 hrs of work to earn the money
2) Will use 5 hrs per week x 52 weeks in a year = 260 hrs Time Value = 245 hours of use more than the 15 hours of pay
This appears to be a good decision. Let's contrast this with a not-so-good decision.
You want to take a vacation to the Bahamas. The whole trip will cost $5000. It will take you 500 work hours (25 weeks) to afford the purchase.
1) Divide $5000 by $10 = 500 hrs of work to earn the money
2) Use 1 week = 84 "waking" hours Time Value = $5000
spent for 84 hours that takes you 500 hours of pay
Maybe I'll put this on my financial goals sheet for the future!
Want more help with time management? Blogs can be useful if you don't spend all of your time reading them!
BLOGS for time-saving tips, money-saving thoughts, and life-coping strategies:
The University of Texas at San Antonio
