To be fair, most of us have felt at one time or another as if we simply don’t have enough money. When that happens, we either look for an additional stream of income, or we refine our budget and try to work within it. Time is similar. However, because we can’t simply make more time, the latter approach is the default. What does it mean to learn to manage time as if it’s money?

Viewing Time As a Budget

We’re all working with the same 24 hours. That part of the equation is set. Where everyone begins to differ is the very diverse ways in which we use our 24 hours. Think of your 24 hours as an allowance you receive each day. You literally can do whatever you please with your 24 hours. But for most of us, it’s not that simple, right? We decide we want housing, clothes, food, financial savings, entertainment. All those things cost. They cost money and time [unless you literally have someone handing these things to you…in which case, please come over here and advertise YOUR coaching services]. Anyhow…these things cost what I’ve come to refer to as time dollars. In planning your schedule–because you should be planning your schedule–start with 24 hours, and subtract from that each time you schedule an activity. For example, your 8-hour workday costs 8 time dollars, leaving you with 16 remaining.

But actually…it’s inaccurate to begin by subtracting from 24…unless you count sleep!

Begin By Planning Time to Sleep

Sleep is so important that I always recommend starting schedule planning by setting a bedtime, deciding how long you want to ideally sleep, and scheduling a wake-up time accordingly. We underestimate the importance of sleep. While you may think you need time to go to the library, pick up your dry cleaning, and attend the birthday party you were invited to, your body places a much greater priority on repairing cells and tissues, encoding learned information into your memory, and restoring your energy. These very important activities are just a few that happen while you’re sleeping.

After Designating Sleep Hours

Let’s say you plan to get seven hours of sleep each night. After subtracting seven from your 24-hour time budget, you are left with 17 hours of time that can be allocated to work, fun, leisure, and everything in between. If you ever find yourself feeling tempted to waste time or engage in an activity that does not serve your well-being or contribute to the well-being of others in a manner you can afford, actively remind yourself of the remaining hours in your time budget. Then asks if it is worth allocating time to participate in the activity.

Practice Makes Perfect

If you are a person who struggles with decision-making and prioritizing tasks, you may struggle at first with deciding which activities are deserving of your time. Don’t be discouraged. Simply do your best to make a decision. Evaluate the outcome of that decision. Then carry that analysis with you as you keep moving forward in approaching each day as if you are on a strict time budget. Eventually, you will become better at ranking tasks according to importance, balancing social commitments, and becoming a better decision-maker and steward of your time.

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