10 May The Time Budget
For years I’ve been reading about the importance of having a budget if you want to reach financial independence. If you’re a fellow business owner you know that controlling costs is essential if you want to be profitable. But I only recently thought about applying this idea to how I allocate my time, because I was spending too much time focused on work. And I’m writing about this today because it’s my 24th wedding anniversary and I truly have no clue where all that time went!
A budget is supposed to include allocations for all your necessary expenses, and allow a portion for savings, all from your earnings. The part we save grows and builds our financial future.
What about if we thought of our time that way? I started by applying this idea to my business. I budgeted the biggest, most productive part of my day for priority activities. Then smaller chunks of time went to all of the other weekly business activities that I need to attend. Now I’m trying to “budget” quality time for the six key life areas: career, family/relationships, spiritual, physical(exercise), personal growth and fun on a weekly or monthly basis. Thinking of my time as “budgeted” reminds me that there is a finite amount of time available and that it’s precious. It also reminds me of the importance of 1) keeping balanced and 2) focusing on priority, business growth activities. And, I’m also planning on setting aside time in my “time savings account” to use to do whatever strikes my fancy–take a nap, take a walk, play with my daughter, meditate, watch the flowers grow! In this way I am becoming more conscious of how my time is spent, and what kind of life I’m creating with it.
How do you budget your time?