Time is money.

You’ve probably heard this phrase a million times.

But here’s a legitimate question, why don’t we literally treat our time like money?

Now, of course, there are people who treat both their time and money the same, with disregard.

That’s not my point.

My point is that like money time needs to be managed, and although time management is not a new concept there are direct principles to be found from financial planning that could be applied to your time management.

In a well thought out financial plan, every dollar is mapped out. You know where it’s going and have placed it in an area you see as worth the investment. Just like with your money you should be confident that it is going to something worthwhile you should be confident that you are putting your time toward something worthwhile.

There should be a consistent flow of money in a financial plan. It’s completely ineffective to randomly allocate varying amounts into your plan in hopes of a return. Having consistency breeds stability and predictability. Similiar to your time you have a constant flow of it and you should be consistently allocating it in areas that will reap the benefit.

When investing having a fair rate of return is key. When deciding where to spend your time having a positive return rate is also key.

Having access to your money. A financial plan includes “pockets” where money is saved for short-term objectives and some for longer-term objectives.  When an objective is reached the funds set aside for it should be easily accessible. Designating time for short-term or long-term objectives is key to accomplishing your goals.

A good financial plan has flexibility. Unpredictable events occur and you must have money available in the case of an emergency. But how often do we book ourselves down to the last minute?

If you have a plan that does not allow for savings it’s not a good plan. Likewise, if you have a time schedule that doesn’t allow time to relax, or as Stephen Covey would say “sharpen the saw”, you need to reallocate.

Reap the benefits of a more efficient life and start managing your time like your money.