5 Time and Money Management Skills

Personal Finance

The time and money management skills you need. So you’re not wasting your day on TikTok…

Managing your time and money is key to helping you achieve your goals and live the life you want. Imagine for a minute how your life would be if you had all the time and money you’d ever need.

It may be a far stretch to imagine such a life, especially if you’ve felt like there’s never enough time in a day or money in your bank account. But what if you did have an extra hour or two a day? And an extra thousand dollars or so at the end of each month?

The Benefits of Money

Money means different things to different people. For some people, money provides them with a sense of security. And for others, money means fun and freedom.

If you were laid off or fell ill and need to take time off work, money can provide you with a safety net.

Money allows you to achieve your financial goals, such as buying a house, a new car, or retiring early.

With an extra thousand dollars a month, you may be able to add that to your retirement fund or pay to learn a new skill.

The Benefits of Time

What would you do if you had more time? Would you read more or spend more time with family? Maybe you’d start that project you’ve shelved for years because you never had enough time.

Having more time and money can help you live a more expansive and fulfilling life—such as providing you with the means to travel to interesting places. Or you could volunteer your time and money to help those in need. 

Having more time and money could mean going back to school to complete your college degree. Or even start a side hustle.

5 Tips To Implement Today To Help You Manage Your Time And Money

We all have twenty-four hours a day, and you may be limited by how much money you make at your job. But you can still create more time for yourself each day and more money in your bank account by better managing what you do have and building good habits.

1. Decide What You Want To Achieve

Everything starts with a purpose in mind. What would you like to do if you did have extra time and money?  Be clear about what you want out of life. You are more likely to stick to a plan if you know what you are hoping to achieve. In the case of money, list your financial goals. Do you want to take a trip abroad? Or perhaps save for the down payment on a first home?

2. Look at Where You’re At 

Look at your online bank and credit card statements for the last three to six months. What percentage of your income do you spend on the following? Monorail can help you keep better track of your expenses.

  • Debt repayment
  • Luxury items
  • Health & Fitness
  • Hobbies & interests
  • Socializing
  • Travel and holidays
  • Personal development
  • Savings & investments
  • Groceries, and necessities
  • Compulsive shopping  

Look at your calendar for the last six months and do the same thing. What portion of your day goes to work, family time, staying fit, and entertainment? How much time is spent on social media and watching television?

3. Segment Your Day and Budget Your Income

Decide what portion of your day would be dedicated to activities that take high priority in your life. And decide what time of the day these should be. 

When it comes to managing your money, one idea for a budget is the 20/30/50 plan. 20% for savings towards your financial goals, 50% for necessities, 30% for lifestyle (gym, entertainment, etc.).

4. Eliminate or Reduce

Look at your calendar and your bank statement. What can you reduce, and what can you eliminate?

For example, to manage your money, reduce online shopping and media consumption. What unnecessary and unfulfilling daily habits can you eliminate? Perhaps that extra latte or the new pair of shoes you were considering adding to your collection. Reduce the number of times you eat out each week. Cut out subscriptions. Negotiate bank fees and a lower interest rate for credit card debt.

5. Create New Habits

Instead of checking emails or scrolling through social media first thing in the morning, exercise, take a shower, or meditate. If possible, spend part of your day on a personal money goal you’d like to achieve that you’ve put aside due to a lack of time.

One way to manage your money is to start by paying yourself first. For instance, by using Monorail, you can direct a portion of your income to a savings account that has been earmarked for your financial goals. You won't miss what you don't see.  

Start a Time and Money Management Plan

How you do one thing is how you do everything. What would you do if you had an extra hour a day and an extra thousand dollars or so at the end of each month? Decide to improve the way you manage your time and money.  

See how Monorail can help you get on track with your finances and goals.

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