How to Budget Your Time

One simple secret for improving time management

I don’t use a budget for my personal finances. It takes up too much of my time.

I use Mint.com to review all the expenses that posted across various bank statements and credit cards once per week. It takes about 10 minutes unless I spot a charge that doesn’t look right.

Things are different when it comes to budgeting my time. I spend 10 minutes per day reviewing my plans, energy level, mental attitude, stress, and accomplishments.

Then I spend 30 minutes per week budgeting my time for the coming seven days. Once per quarter I reserve an entire day to plan the next quarter and make firm commitments for specific outcomes.

Why the difference? It comes down to the size of the impact on my goals.

Magnitude of Effect

If my wife and I get into a bad habit of spending too much money on frivolous expenses, it might set us back a few hundred dollars for a couple of months before I notice the trend and we self-correct. The most I have to lose is a few hundred bucks.

When it comes to my time, the magnitude of effect is HUGE. As an entrepreneur, how I spend my time will impact my finances more than any other factor.

And it’s much harder to keep my time from slipping through the cracks than it is to keep my money from being squandered or misappropriated. Have you noticed this? Time has a way of slipping through your…