3 Reasons You Should Manage Your Time Like You Manage Your Money

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This is a guest post by Karen Trepte. Karen is an International Business Coach for entrepreneurs with big hearts and even bigger dreams. You can download her ebook, “3 Top Strategies to Get Out of Overwhelm here.

Do you remember that well-known quote that asks us to imagine we have a bank account with $86,400 in it that is refilled each day?

The quote goes on to say that we do have that account, but that it is time, not money. The point being to show the value of time, from a year down to a second.

What if you managed your time as closely as you managed your money? Think about it. What would you do if a person came up to you and asked for $500? Would you give it without a thought?

What if the same person came up and asked for 500 seconds (about 8.5 minutes)? Or 500 minutes (about 8 hours)? Chances are you wouldn’t even flinch. We do it all the time. “Got a minute?” and the next thing we know, we’ve spent 20 minutes listening to someone complain.

We wouldn’t hand over our cash on a whim, so why are we so quick to give away our valuable time?

Spend Your Time Wisely

We often have no real concept of time in a way that suggests we can control it. We can set boundaries that honor how we use our time, and we can use our time – just like we use our money – to create more freedom in our lives.

Here are the three biggest reasons why we need to manage our time like we manage our money:

1) The time we have in a day is a precious commodity.

Yep – even more precious than the money we have in the bank. Readily giving up our time to anyone who asks, without consideration, is a sloppy time management practice. It’s like throwing money out with the trash.

2) Your time and how you spend it is also a direct reflection of your self-worth.

As you grow in business, or even as an employee in the company, you begin to value your time and your services more. If you don’t begin to charge what your time is worth, you are slowly dishonoring your time – and there it goes, ticking away again.

3) How you value your time shows up in your service to your clients.

Picture any bargain store. They’ve got low, low prices but the service and selection to match. If you shopped in a higher-end boutique, you might pay a little bit more but you’re more likely to get what you want, and have someone trained in customer service assist you too. The same principle applies to your time. If you’re giving it away for free, what you offer people is going to be a lower level of brilliance than if you saved your time for fewer clients. And we haven’t even touched on your own personal time, which you NEED in order to provide that high quality of service you set out to offer!

Time is Money. Invest Well.

Pay attention to where you spend your time. Where you are giving away your time?

You value your money and invest it wisely, so why not do the same with your time?

How will you spend your 86,400 “time dollars” today?
Question: What are some ways you can better save, invest and spend your time? You can leave a comment by clicking here.

12 thoughts on “3 Reasons You Should Manage Your Time Like You Manage Your Money

  1. good post, and again this is a rather new way for me of looking at time.. and it should be just as coveted as the covey gtd methods…

      1. Elizabeth sanders has a book on this new way for me of looking at time, if you are interested

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