How to Start a Time and Money Management Plan Today - 5 Tips

Updated: Jan 10

What would you do with your life if you had all the time and money you'll ever need?



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?

What Would You Do With More Money?

Money provides a sense of security. If you were laid off or fell ill and needed to take time off work, money can provide you with a safety net. Money provides us with the chance to experience fun and adventure like traveling to new places each year.

Having money allows you to achieve your financial goals - buy a house, pay off debt, buy a new car, or save for your child's education. Managing your money well will provide you with more freedom to live the life of your dreams.

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.

What Would You Do With More Time?

What would you do if you had more time? 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 an expansive life. You could volunteer your time and money to give back to society. Or complete your college degree. And even launch your own business.

Here Are 5 Tips You Need 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 on 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.

Decide What You Want To Achieve

Everything starts with a purpose in mind. What would you like to do if you had 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 hope to achieve. In the case of money, list your financial goals. Take a trip abroad? Save for the down payment on a first home?

  1. Look at Where You Are 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? The Vimvest app can help you track your expenses.

· Debt repayment

· Luxury items

· Health & Fitness

· Hobbies & interests

· Socializing

· Travel and holidays

· Personal development

· Savings & investments

· Rent / Mortgage, 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, keeping fit, and entertainment? How much time is spent on social media and watching television?

  1. Segment Your Day and Budget Your Income

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

When 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? Reduce time on social media and binge on television - the two biggest time wasters.

To manage your money, reduce online shopping. What daily habits can you eliminate? That extra latte? The new pair of shoes you do not need. Reduce the number of times you eat out each week. Make your lunch. Cancel subscriptions. Negotiate bank fees and a lower interest rate on credit.

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 goal you'd like to achieve that you've put aside due to a lack of time.

One way to manage your money better is to start paying yourself first. Use an app to track your expenses. And have a portion of your income directed to a savings account earmarked for your financial goals. You won't miss what you don't see. You will adjust to living with lesser cash flow as you build your savings.

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. And start today.

Sign up for the Re-Wire Your Wealth Program to cultivate a healthier relationship with money and more effective ways to manage your finances. Or Complete the Money Archetype Quiz. You can reach Financial Therapist Brenda St. Louis at brenda@brendastlouis.com.

This post may contain affiliate links. I may receive compensation for purchases made through these links (at no extra cost to you).

This article is by Jennifer. Jennifer helps people and businesses discover how to create success on their terms. She has written numerous books on money: Women and Money: 7 Principles Every Woman Needs to Know to Be Financially Prepared in Any Economy and Growing Up With Money: Raising Financially Resilient Kids in an Age of Uncertainty. You can reach her at jenniferthompson@compelling365.com.


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