We all have heard the famous quote “Time is Money” but never understood the actual meaning behind it. This simple quote holds the key to a successful life based on the interdependence of time management and financial freedom.
How we prioritize and utilize our time directly impacts the financial aspect of our lives. In order to attain financial safety and security, we need to understand the interdependence between time and money. Spending our time wisely can help us build a solid financial stability.
Moreover, just like focusing on spending our time productively, we also have to spend our time efficiently. Let us check out some concepts that will help us to achieve financial freedom with the help of time management.
Top 4 time-based concepts to achieve financial freedom through time management
#1: Don’t multitask. You will tire yourself out!
In the 21st century, professionals in any given field encounter part-time opportunities where they can earn a minor percentage of their income as an extra. For example, if you are a criminal lawyer, you may dive into the extra activities that other forms of lawyers do, such as divorce application files. These files cost $100 to $300, depending on the complexity of the marriage.
Therefore, a common lawyer would think, why not earn a bit more? But, this is not productivity. Having your mind dive into another type of work can reduce your level of productivity. Further, you will never be able to achieve 100% productivity at your primary job.
Now, that is an example where financial freedom is achievable and time management fails. Thus, it is only a temporary freedom.
Henceforth, rather than focusing on achieving your short-term financial goals through multitasking two jobs at a time. March for a long-term goal with similar or bigger financial-based outcomes.
#2: Do you plan ahead of time? Think again!
Anything can cause damage to your financial freedom, especially if you are tiring yourself out. Remember, only a healthy mind can run parallel to time. An unhealthy mind and body would need a consistent trip to a regular clinic. This is why it is crucial that you take some time out for yourself and focus on your personal needs.
Professionals who plan activities/tasks for themselves ahead of time often dig a black hole for themselves. For example, let’s suppose, on a Friday, you planned to write a report on a Sunday. But, it is human nature to feel lazy at times due to lack of sleep or fatigue from constant work conditions. In that scenario, if you couldn’t complete that report on Sunday, you will stress yourself out. As a consequence, your entire upcoming week will encounter chaos.
Thus, if you are trying to manage time, it is advised to plan ahead based on hours, not days. It will help you craft positive thoughts like “you did what you planned!” instead of “you couldn’t complete your task on time.”
#3: How much time do you waste an entire day at work?
Having time for yourself and your health vs. wasting your time on things that don’t matter is very diverse! For example, an hour break divided into two (30 minutes each) amid a period of 3 hours is acceptable. During this time, you can refresh your mind by having a fresh glass of juice or enjoy some fresh air. But, some people may waste an entire 30 minutes on social media, which doesn’t contribute to one’s health or refresh one’s mind.
Thus, it is advised to create a spreadsheet where you write activities you pursue during breaks at work. After that, separate activities that don’t impact your health in a positive way from those which do.
It is crucial to note that time management and financial freedom only come to those who have good health. In the absence of a healthy mind and body, you may suffer to perform even the smallest tasks of the day at work.
#4: Time Literacy kills time poverty
Time Poverty has become an official term in the 21st century. In this digital era, people spend so much time in front of a computer at work. They don’t have time to pursue restful activities. Time literacy, on the other hand, is a helpful concept that allows people to attain a deep understanding of how they pursue their blissful hours throughout the day. It plays a crucial role in achieving financial freedom. Here are some real-time bold lines on time literacy that can change the perspective of your life and create a balance:
⦁ Don’t take time for granted. Act it like time is your paycheck. In this way, you will spend each hour with more caution towards your personal financial goal.
⦁ Plan the usefulness of each hour and create assets that add value to your lifestyle at home or work.
⦁ Don’t phrase “I don’t have time,” instead, make every hour work to find yourself some free time.
⦁ Keep yourself away from homely distractions like streaming, social media updates on your phone, and games.
In conclusion, the answer is YES. Time management and financial freedom are interdependent. Starting from today, make your work life a better aura to accomplish your goals, and when you leave work premises, don’t burden your mind with after-day thoughts. Begin a new day for yourself when you enter the home. Do things that you always say you don’t have time for. Good luck!