credit: freedigitalphotos.net by photostock
“Time Poverty is: When you don’t have the time to do the things you really WANT to do, because you are too busy doing the things you think you HAVE to do.”
-Bill Quain
In my last post, I wrote about how I don’t live in the moment and how I forced my wife and son to rush around the aquarium so that we could see everything. Well, the main reason I feel the need to rush all the time is because there just isn’t enough time in the day to do everything that I want to do. Many of us are overworked, our calendars and schedules are filled up, and we barely have much free time to spare. With money, I can be frugal and save it or be creative and find ways to earn more of it. You can’t really do that with time. No matter what you do and no matter who you are, you only have 24 hours in a day and 7 days in a week. It’s not like the movie “In Time” where the rich and power have an infinite amount of time and those who are time poor are constantly trying to earn more time to live another day. So what can you do so that you aren’t time poor?
Good Time Management
While I said earlier that money and time are different, there are similarities in being a good manager of both. Erin who blogs at Journey to Saving wrote an interesting post on Young Adult Money explaining how you can budget your time like you budget your money. While I am not good at making budgets, I am good at making lists. However, lists only work if you actually use them. Don’t make lists with too many things where it’s overwhelming and none of them are accomplished. Also, make sure to prioritize so that the important things get done. Set deadlines for your lists so that it gets done by a certain date.
Delegate
This doesn’t just apply at work, but in your personal life too. If you are overwhelmed, it’s okay to ask for help. Your spouse, your kids, other family members and friends are there for you. Some people may be perfectionists or want things done their way, but this often leads to being overwhelmed and not accomplishing their goals, so let go of some of that responsibility and ask for help.
Cut out the junk
Much like cutting out frivolous spending of your money, you can cut out frivolous spending of your time. We all spend a lot of our precious time on unproductive things like watching television, checking Facebook, playing games or aimlessly surfing the web, among other things. Sure, sometimes we just need time to do nothing or to just relax, but often times we spend too much time on these unproductive activities.
Saying “No”
This is a tough one for me as I am a people pleaser and have a hard time saying “no,” especially when “guilt bombs” are dropped. Many of us in the personal finance world have learned to control our spending impulses and have learned to say “no” to purchases that we don’t need. What’s a good tip for controlling our impulses when it comes to spending? Make a list of the things that are truly important to you. For me, the list does not include having the latest gadgets or wearing the trendiest outfits. For me, it’s playing with my son and doing things with my family so if I do spend, it will be on them. The same goes for time. Make a list of what is truly important to you and spend your valuable time doing those things that are high on your list, and try to say “no” to as many distractions that you can. Of course, you won’t be able to say no to everything, but there are plenty of things that you say “yes” to only because you feel a sense of obligation or guilt.
Financial Freedom
A few weeks ago during the holidays, I was off from work for about a week. I had so much to do during my week not working that I really don’t know how I fit work into my schedule! I haven’t really talked much about financial freedom, financial independence or early retirement. It is not something that I thought was possible until a few years ago when I started reading a forum dedicated to financial independence/early retirement. And then after starting to read Mr. Money Mustache, it really started clicking in my head that an early exit from the daily grind of working was indeed possible. It significantly changed my mindset about money and my actions. While I was always frugal, I stuck with what the mainstream media taught me: save up to your match in your 401K, open an IRA, retire at 65. I knew that being a government employee with the benefit of a pension, retirement at 55 was possible, but never did I think that “retiring” or should I say being financially independent was possible at 45, 40, or even younger! Work takes up a big chunk of your time. You probably see your co-workers more than you see many of your loved ones. Making an early exit from work to focus on your true passions sounds pretty good to me. I’m hoping to dedicate a post to this topic in the future.
What other ways can you “earn” more time?
6 years ago, when I really took my web design business seriously, I worked for very small fees. It meant having to work a lot to earn some money that would allow me to pay off my debt and earn a living. As soon as my portfolio got better, I slowly raised my rates and this allowed me to WORK LESS for MORE MONEY. So I’d also add this: set some good hourly rates, so that you can play more and still earn a living
dojo recently posted…The True Cost of Being in Debt – Wasted Opportunities
That’s true, a lot of us don’t value ourselves enough.
Wonderful post as usual, Andrew. I”m in the process lately of learning how to stop being time poor. Like you, I have a to-do list and even at times tend to rush through the fun stuff just to mark it off the to-do list. But I am learning to STOP and simply have fun! Slowly but surely. 🙂
Laurie @thefrugalfarmer recently posted…The Best Things in Life Are Free – Or Dirt Cheap
Thanks Laurie!
I have an easier time with time than I do with my finances. I think we have opposite problems. I use to-do lists, but I’m pretty good about saying no and not overwhelming myself. I get lots of sleep and carve out time each day for exercise. Now if I was just as disciplined with my finances… I know lots of people who burn the candle at both ends. In the end, that kind of life isn’t worth it to me, no matter how many zillions those people are making. You can’t get back time.
Tonya@Budget and the Beach recently posted…The Power of a Penny
That’s great Tonya…I need to learn to say no! On the other hand, I’m very disciplined with my finances…if we can only combine our powers! =)
I felt very “time poor” before I became self-employed. Everything had to be rushed because that was the only way that I could get everything done and make it through the day. Now that I work at home, I can slow down and enjoy life a little more. It’s nice to have time each week when I have nothing I have to do. I never did for so many years.
Holly@ClubThrifty recently posted…4 Reasons Zero-Sum Budgets Are Awesome
Yes, I remember reading your posts about that topic. Cutting out my commute and having some flexibility with what I do with my time would definitely help.
Thanks for mentioning my post over at YAM! I agree with everything you said, and I have definitely felt similarly before. I used to be a big list person, and still am with certain things, but a huge to-do list can get really overwhelming and push you away from being productive.
I’m in the process of really prioritizing my time and what I want to be doing. Freelance work has taken over because I kept saying “yes”, so I’m figuring out a way I can still earn a decent amount while having some free-time!
Erin @ Journey to Saving recently posted…Being Grateful: Fifty-Fifth Edition
Yea, I’m a big list person but I’m not good at budgeting time like you. Well it seems like you’re really busy with freelance work…which is a good thing right? Since you’re just starting out, I understand the feeling that you should say yes to everything, but once you’re more established…you’ll be able to pick and choose. Free time is important too so don’t get too overwhelmed!
You know, I used to be a people pleaser. I started making sure to say no to things I don’t want to do about 2 or 3 years ago. Things have been much better since…that’s an important word!
Josh L Rodriguez recently posted…Has The Market Reached Its Peak?
What was the tipping point that made you change?
I learned a good while back not to let the have-to-do’s overwhelm and push aside my want-to-do’s. That can easily happen, even after reaching earlier retirement. I make sure I have plenty of time for my want-to-do’s each day by segmenting the day into large time blocks. Yes, a lot of the time goes to “constructive” projects and general life maintenance, but I still get a nice 5-hour block of fun time into each day. And I mix-and-match what I do with that time (one day I hike, another day I’ll blog, etc) so I can keep things interesting.
Wow, a nice 5-hour block of fun time everyday sounds awesome. I’m gonna need to read how you reached early retirement…I’ve been very interested in that topic.
I listened to a podcast the other day about a guy who couldn’t wake up and his girlfriend taped it. One morning she was trying to get him up and he said, “I’m rich in time.” It made me laugh, but also made me value my free time more.
Elroy recently posted…Israel – Masada & Dead Sea
Man I’ve have a pretty tough time waking up in the mornings too!
I feel like work is taking such a big chunk of my life. Between commuting and work, I’m away for about 10 h a day. That’s without counting time it takes to prepare for work and wind down after. But on top of that, we’re doing real estate investing, which doesn’t take up time every day, but it can be a crazy month followed by months of no work, and then another crazy busy month. And now I’ve decided to take the jump and buy a business too, that I plan to run while working. I will feel over worked for a while, but the hope is to eventually quit my job and have more free time than I do know, or at lest have a more flexible schedule. And hopefully more time for vacation. What I’ve started doing about a week ago to give myself more time, is waking up at 7am as opposed to 8:30 like I used to. This means I go to bed a little earlier, but I’m not that productive at night anyway. And the extra hour and a half I’m gaining in the morning means I can write for my blog more, or research businesses. Also, we’ve cut the cable about a year ago, and although we still have Netflix, we watch way less television, therefore we feel like we have more time.
Felix Money recently posted…January Financial Statement
Hey Felix, I know how you feel. Commuting, work, preparing/winding down takes up most of the day. I’ve also been looking into real estate investing…I’ll have to check out your blog to see what you’re doing with that. It’s too expensive here in NYC so I’ve been looking at out-of-state properties. I need to learn more about REI first though. And you bought a business…you’ve got a full plate. I’ve never had cable, but I’d like to cut out some of my television time too.
I have started investing in real estate last year. Within that time, we bought 4 houses. One we sold at a profit, 3 we rented out, and now we’re selling one of those rentals and keeping only two. And hopefully as soon as we sell that rental, we’ll buy another house. I’ll have to write a post about the real estate investments, I haven’t really talked about that in detail on the blog yet. And I haven’t written about the business yet either :)) I guess I was waiting for it to be final, still in escrow now. But a blog about that is coming soon!
Felix Money recently posted…TGIF vs. TGIM – Part One
Great…I’m looking forward to it!
Good time management is definitely important. Able to cut out the “wasted” time will allow you to gain a lot of time… for example time you spend sitting in front of the TV.
Tawcan recently posted…How we got started with dividend investing
I know you cut out the TV entirely so that cuts out a lot of unproductive time!
You touched on it but for me the biggest way to gain/earn more time is to say “No.” I simply can’t do everything. Believe me, I’ve tried before and ran myself ragged. The worst part was that it did impact my family life and I finally realized I just can’t have that. It takes courage to say “No” and there is an art to it so you don’t come off as being rude or selfish. But I have to create that margin in my life and being overbooked won’t allow me to have it.
Brian @ Luke1428 recently posted…This Is the Best Reason Every Blogger Needs a Reader Survey
Great points Brian. You need to write a post about this because I’ve yet to learn that art…nor do I have the courage…unfortunately.
My first year of my new company, I had HUGE issues with time management and the best way I started to control it was to say no. It sucked for me to say no because I am the ultimate middle child and just want to please everyone, but I realized I was doing that at the expense of my own sanity.
Shannon @ Financially Blonde recently posted…Music Mondays – Crash and Burn
I know what you mean, but when it’s at the expense of your sanity, you learn to say No.
This is something I’ve been struggling with A LOT lately. I have so much to do that I piss away my time avoiding it all.
Stefanie @ The Broke and Beautiful Life recently posted…Down The Healthcare Rabbit Hole
Sometimes it’s good to be busy =)
Nice post Andrew and a definite “think about it” topic!
As you may or may not I have been time independent for the past 22 years and as such, value my time now more than ever.
That being said, since I do have a huge whack of time for myself everyday, I have to take extra pains to not say yes to everything that comes my way. Like you I love to help and please people, but I learned that it I need to say NO much more than I would like. it does get easier as time goes on and it is a benefit not only to ones’ self…but also to those who ask (I wrote a post about that a while back). Of course there are those who i will not say no to, and that’s fine with me 🙂
Thanks again Andrew and take care. My best to all.
Lyle
lyle @ the Joy of Simple recently posted…The Cost Of Being You*
Thanks Lyle! I can imagine how I would be if I was time independent. I think many would expect you to say yes…but I’m glad that you’ve learned to say No too.
I got pretty good at saying no the past couple years, but if you optimize your time TOO much you may end up only focusing on seemingly “productive” things and miss out on quality time with family, friends, and just enjoying life. With that being said, if you plan optimally you need to remember to include time to relax and time to spend with family and friends.
DC @ Young Adult Money recently posted…How to Go On a Date Without Spending a Dime
Don’t worry, I try to put quality time with friends and family high on my priority list!
No matter how much money you have, if you do not have time to enjoy it, it’s not worth anything. Time management is a key factor for a better life.
No Nonsense Landlord recently posted…Landlord Work
So true!
this is something we’re struggling with in our house as well – we’re hustling so hard to save money and expand our incomes that we rarely get to enjoy our lives.
Emma @ emmalincoln.com recently posted…Money isn’t your problem. Fear is your problem.
Hustling hard is good…just make sure you stop once in awhile to enjoy your life too!
People forget how precious time really is. I would argue that the person with the most time is the richest man/women in the universe. You can always get more money, but you can never get more time.
Everyday you wake up you are blessed with a deposit of 86,400…seconds. You can’t bank it and it never carries over to the next day. But you get to choose how you spend it.
The best thing I ever did to get more control of my time was moving close enough to my work so that my commute did not take up a significant portion of my time. There was a time when I used to spend 3 hours a day on the road. Now that is less than 20 minutes. I stopped watching most TV, and when I do watch it, it usually only an hour episode with no commercials.
And like you say, you have to be able to say no. My wife still struggles with this, but it has become pretty easy for me to say now. I don’t remember who said this but “its either a Hell Yes, or its a No”.
Cheers!
Gen Y Finance Guy recently posted…Thursday Rant #1: The Office Time Keeper
My commute is one thing that I need to work on. It’s tough because if we move, it would cause my wife to have a longer commute. I definitely miss my days with a short commute. I also need to work on cutting out TV…it’s entertaining at times but too often I just turn it on for no good reason.
I struggle with this too! I’m gone 12 hours a day. Pull almost 10 hour work days, manage to squeeze in a 30 minute workout, 1 hour commute. By the time I get home, I’m so tired and only have a couple hours before I hit the snooze button. It’s rush, rush, rush. I wanted this life, I tell myself, but I don’t see how you don’t lose yourself and make it to 65.
SavvyFinancialLatina recently posted…Cut the Chord