A powerful time management strategy. Manage your time like you manage your money
Time is money! Have you heard this before? You likely have. The saying, though quite modern-sounding, has been around since the mid-18th century. And in it is a powerful time management strategy that could completely transform your productivity for the better.
One of the more popular mentions of this saying comes from the famous Benjamin Franklin. In an essay titled “Advice to a Young Tradesman” published in 1748, he urges the reader (presumably a young tradesman) not to sit idle. This is because, Franklin explains, the time spent idle could have been used instead to increase his productivity and also money in the form of wages from productive labour.
Time as money—a way to look at time management
In the 21st century we are all too familiar with the idea of trading time for money. In the West, wages are usually calculated on an hourly basis. Even when your salary is not directly expressed in terms of dollars/hour, there is a lot going on in the background that essentially reduces your monetary compensation to some ratio of how much time you are expected to work and how much money you are paid.
In other parts of the world too where wages are more fluid, there is still a clear even if tacit understanding between employer and employee that can ultimately be expressed as money/time.
So, as far as our practical experience of work goes, it would appear that the aphorism “time is money” is pretty spot on!
But wait. If time is money, then why don’t we treat our time and money in similar ways? That is, why are we not managing our time by applying some of the basic common-sense practices of money to our time?
As we will see later in this article, time is not just money. It is a lot more than that. But I’m getting ahead of myself.
Unlike money where different people get different amounts, in terms of time, our income is non-negotiable. We all get the same amount—24 hours each day. We all get the same income.
First, let us look at three simple, effective, but rarely used time management strategies that take a page right out the best practices for managing money. Applying these will put you in a powerful head-space to make some of the otherwise difficult decisions when it comes to managing time.
Time management strategy #1—Budget your time
According to the Oxford Dictionary, a budget is an estimate of income and expenditure for a set period of time. In plain English, having a budget means anticipating how much money will come in. And then telling that money where it will go.
Unlike money though where different people get different amounts, in terms of time, our income is non-negotiable. We all get the same amount—24 hours each day. We all get the same income. But do we have a budget for the expenditure? More on expenditure in a bit.
If you treat your time as money then you would budget your time. Very few of us at least those of us who are in control of our finances would spend our money without some kind of plan for it. We would budget our money so that we ensure that our money is being placed in the right places for our benefit. Why do we not do the same thing with our time?
Opportunity cost and value-based time budgeting
No! I hear you cry. I do budget my time. I plan what to do each day, and when to do it.
To you I say congratulations! You are in the minority. But I have something for you to consider (as I consider it too)… Is your time expenditure value-based?
You wouldn't spend your money on just whatever comes up would you? At least we can agree that you shouldn’t—not if you are being smart with your money at least. “Don’t buy whatever comes your way—think about how you spend your money” is probably the most basic piece of financial advice you have ever heard. Why? Well, if you spend your money on whatever, not only are you likely to wind up with things you don’t need, but soon you will not have any left for the things that really matter. This is called opportunity cost—the lost opportunity to use the money a different, more productive way.
…just like every dollar you spend is not equal in the value it produces, so is every hour.
Yet, opportunity cost is not often at the front to of our minds when it comes to our time. We don't use opportunity cost when we think about our time. We treat time as if it were generic—like all time spent is equal in value.
But just like every dollar you spend is not equal in the value it produces, so is every hour. Some are better spent than others and provide you more value than others. The value comes from what you spend that time on.
Speaking of spending…
Time management strategy #2—Talk about time like you do your money
Changing your language might not sound like much of a time management strategy. But remember that language has a big influence on how we think. It not only “expresses”, it also “impresses”. So changing your language is, in some sense, changing your thinking.
On that note, when was the last time you used the expression “spend time”? I’ll bet sometime in the last 24 hours.
We often we think about spending time but we don't think about investing time.
Our language is riddled with references to spending time. When was the last time you heard somebody say oh I'm going to go invest some time with my children? Usually we say I'm going to go spend some time with my children. Or I'm going to go spend some time at the gym.
We often we think about spending time but we don't think about investing time. “Spend” is such a blanket's term that doesn't really get us to think about our time critically.
But once we start to think about time like money, we have to really distinguish and disambiguate exactly what it is we are doing with our time.
Talk differently, think differently about time
I invite you to start to use new language. Whenever you're going to do something that is quite pointless or unproductive, don't think or talk about it as spending time. Think about it as squandering time.
“I’m off to squander some time watching the latest episode of the real housewives of something or other.”
When it comes to time, you could be splashing out, dolling out, donating, investing etc—just like you would do with money.
When you're doing things that you know will provide value down the line in the form of dividends on your time, such as spending time with family or building something that you could provide value from later on, think about that as investing time.
When it comes to your time, just like your money, you do a lot more than spend. Thinking in these terms will help awaken you to the true reality of how your time is being used. It will also open your eyes to how much—or how little—value you are producing in the process.
Time management strategy #3—Guard your time
What would you do if a stranger, a colleague or even your boss walked up to you and dipped their hands into your pocket after watching you place a roll of hundred dollar bills in there? I know, I know only drug dealers carry bundles of hundreds around these days—but please, humour me.
Odds are you would react with varying degrees of hostility depending on the level of familiarity, trust or intimacy.
This tells me that you guard your money dearly—as you should. Those dollars are valuable. But here’s the thing—so is your time!
If we don’t let just anyone stick their selfish, grubby little fingers into our pockets or purses, then why are we so agreeable to people sticking their own selfish items onto our own agendas, and taking our time?
Cost and courage
We likely allow people take our time for the same reasons we might let them take our money. Not wanting to be confrontational, disliked, attacked or not feeling empowered to say no etc. Ultimately it comes down to 2 things—downplaying the value (especially the cumulative value) of our time, and lack of courage.
But once we realize the true cost of wasted time and even of non-stop distractions, we are likely to find the courage to question the requests that come our way for our most precious resource—our time.
Of course, there are times when we can’t avoid being interrupted or distracted. Indeed, for many this is the nature of their work. It helps to decide in advance what we will do in these cases. And if possible, decide in advance what people and relationships matter enough to allow them dip their hands in our time pockets.
(Bonus)Time management strategy #4 —I lied…
Ok here’s a bonus—I lied.
While I think you would benefit from treating your time as you might your money, I don’t actually believe time is money.
Unlike money, time is a finite resource.
Time is not money. In the intro to this article, I mentioned that time is a lot more than money. Here’s the end of that thought—Time is life.
Unlike money, time is a finite resource. That is, while you can always make more money, you cannot make more time—you cannot make more life. You can only make the best use of what you have. And as I mentioned earlier in this article, we all get the same amount everyday.
How will you treat yours? Will you budget and guard it? Will you spend, squander or invest? The choice is yours.
Until the next article, be your best and do your best.
