We know money is precious. However, we usually ignore another precious resource, time. We should value time as much as we value money—wasting it is similar to wasting money. Here are some useful tips on how to utilise your time to the fullest to enhance your wealth.
1. Create a schedule
Just like a budget ensures money discipline, a calendar ensures time discipline.
Impact: Visual schedules help us to stay focused despite distractions.
How to go about it:
- List all your task and assignments.
- Define priorities.
- Estimate the time each task will take.
- Identify the time you want for leisure.
- Make a calendar based on priorities.
Smart tip: Make use of calendars available online
2. Don’t kill time
Since time is a precious and finite resource, the very concept of ‘killing it’ should be shunned.
Impact: Find extra time with the help of your time schedule and use it productively to increase earnings potential or for rest and recreation.
Smart tip: Use extra time to learn new skills and thus increase earnings potential.
3. Concentrate on studies when young
One should complete one’s education while young as it will be difficult to do so at a later age.
Impact: Better education, especially from premier institutions, translates to better employment opportunities and high salaries in future.
Smart tip: While aiming for college, don’t try for several streams together. Spreading oneself too thin may not yield results and instead be a waste of time.
4. Increase efficiency with work-life balance
Maintaining work-life balance helps reduce work related stress and prevents burnouts.
Impact: Increased efficiency will help you to achieve good results in the professional space, leading to better career prospects and earnings potential. The right balance also leads to quality time for family and friends.
Smart tip: Work hard, party harder.
5. Maximise savings when time allows
Expenses are low when one is single and is thus the best time to save money optimally.
Impact: We need to save maximum when we can and if we can do that, the power of compounding gets time to work on your corpus.
Smart tip: Invest in growth assets like equities for compounding at higher rates.
6. Travel when you are young
Due to better health, you will be able to enjoy more.
Impact: This might affect your savings potential, but the enjoyment will not be the same with accumulated wealth at an older age
Smart tip: Explore adventure tourism when young.
7. Use gadgets to save time
Significant amount of time can be saved by using home appliances.
Impact: This will increase spending, but you can use the saved time to earn more.
Smart tip: Make sure that the saved time is used productively.
8. Consider opportunity cost of time
We can save money by doing all the work ourselves, but it is not practical because we don’t have the required time or expertise.
Impact: Though this will increase expenses, the time saved can be used productively. For example, a doctor could earn much more from devoting the same time to his practice instead of trying to manage his stock portfolio himself.
Smart tip: Outsource work to experts.
9. Don’t idle after retirement
Take up small chores or do social service to keep boredom and ailments at bay.
Impact: Income from small works or satisfaction from social service will be in addition to reduced health costs.
Smart tip: Retire from work but not from life
10. Respect time schedules of others
This is critical for healthy relationships.
Impact: You may end up losing money if you don’t respect time schedules of others. For example, you may lose business if you keep your client waiting.
Smart tip: Respecting others’ time is a must if you want others to respect your time.