Why Managing Time is Managing Money

McKenzie Kuhn Mental Health, Saving Money 20 Comments

We’ve all heard of making schedules and how that helps us stay organized. We’ve also all heard of budgeting and how that saves us money. However, those two things go hand in hand without most of us even knowing. After all, “time is money” right?

When keeping track of your day have you ever noticed it can be broken up into two parts? They are the parts of your day where you make money, and the part where you spend it. Basically, most people have a day job, some have multiple, but that is where you make your money. The rest of the day, aside from sleeping, is spent eating, on some sort of device, or even just driving from place to place. When eating, either at home or out, you are spending money for food, when on a cell phone or computer, it is internet and phone plan costs, and when driving, you are spending your gas money. 

Businesses realized this a long time ago. That people would rather go for convenience than save a little money. This is why fast food restaurants became so big. People will choose a $6 meal that they can get in 3 minutes, over going and cooking their already bought food that would save them that $6.

Schedules Help Manage Both.

Now I know this can sound a little intimidating. All this spending that you might not have thought of before. However, that is where time management comes in. By prioritizing your time, you are also prioritizing your money. 

This does not mean don’t have fun. Just make sure you are getting what is important finished first. If you make a schedule, put the hardest or most time consuming things first. By spending time on those, you will also be saving your money for something you can spend on later. However, the most important thing about a schedule is you don’t want to ignore tasks. If you plan out your day and say you are going to do all these things, you need to do them. Otherwise your mind will start to think it is ok to skip over tasks and continue to perform this habit. By planning out your day, you are also making more time.

Measuring Time to Money

“The key is not in spending time, but investing in it.” – Stephen R. Covey. This quote might be a little confusing at first, but basically, make sure everything you do is worthwhile. This applies to money also. Anyone who knows me will tell you I am game to do almost anything. I love being spontaneous and trying new things, but this can often get me in a bit of a pickle with money. 

I have come to the same problem many times where I will ignore some tasks to go out with friends or just because I don’t feel like doing them. Consequently, I would be spending more money than the time was worth most days. This was a habit I needed to kick. What was happening was I was not spending time on things that would, in the long run, make me grow in life. Again this is not saying you should never have fun or do anything crazy, it just means maybe don’t go out every night and instead spend some of that time studying or learning a new skill.

Time=Money. Thinking about how much your time is worth is a hard skill to master, I haven’t even come close. Although, it is very important to learn. It is also a good idea to think about what you personally value. If you are the type that values time with friends or family more than anything, it is okay to make time for that. In that case, your money will be spent on time you are invested in and time you value. Maybe you are someone who loves to workout. That gym membership would be well worth every penny. 

That is the key. Making sure, not only, that your time is worth the money, but also that your money is worth the time. Prioritize the hard things, but also what you value. It might be helpful to even make a list or a note and put it someplace you see everyday. That way, you will be reminded that managing time is managing money.

Thank you for reading and if you have any thoughts or questions, be sure to comment or reach us on any of our social media!

Comments 20

  1. Couldn’t agree more. We’d never have paid off our debt if we hadn’t 1. set a time every month for our budget meeting, 2. had a plan with our budget, and 3. designated times for when we shop. By budgeting our time, we budgeted our money better!

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  2. As they say “Time is money.” Not kidding. Managing time is so important. It isn’t always about saving money either. I was just talking with someone about the waits to get into beach related state parks. I have an annual pass. I have added up the entrance fees against what I pay for the pass and it doesnt quite make it. However, I do get to bypass the line to get in and go through the exit to get in. That means I don’t have to show up as early to get in line, I get in when others sometimes have to wait, etc…. I can certainly be using that time for more useful endeavors than waiting in line.

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  3. I’m not sure how assessing how I value my time relates to spending on normal necessities such as food and gas for a work commute. Perhaps a part 2 of this post is in order.

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  4. Interesting perspective! I’ve even found this when launching my blog that I needed to prioritize my time to help me get the most out of my investment. I also have a gym membership and it’s well worth the money for me!!!

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  5. Thanks for this! I have never thought of it like this before… what an interesting point and helpful way to see things.

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  6. Very true words! I try my best to ensure to keep both these points in mind when making decisions on how to spend my money or my time! It can make a huge difference sometimes on my decision!

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  7. I really enjoyed reading this. The timing was perfect .I actually just bought a planner on Amazon last night to help me write things done and actually get my goals accomplished. I have been so bad with my time lately. I almost feel like I have no excuses to accomplish my goals. But I am trying to get better!

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  8. I’ve been trying to teach my husband this since I met him and it drives me nuts! I like to consider myself as being really great at time management and at least having the awareness about it, but my husband on the other hand just likes to wing it and see what happens and go with what he feels and I just have to shake my head.

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