Time Management:Time is Money

Mr. V2009-2010Colquitt Count High School

Class: Financial Literacy for Consumers

Learning Outcomes

1. Recognize time management as a skill that will help you organize/maximize your daily activities.

2. Understand that the number of activities and events that you commit to will have a large impact on your prioritization.

3. Learn that saying “NO” can sometimes be a good thing!

Time Management

• One of the most beneficial skill sets that a student can possess as they move through school to the real world

• Essential Components1. Organization2. Prioritization3. Scheduling

Organization

• Distinguish between– Short term, Recurring, and Long term apts.

• Important to record every activity in order to see patterns.

• Don’t plan every second of every day– Leave room for flexibility

Prioritization

• To do this, you MUST define/understand the various categories of commitments, required activities, and chosen activities.– Assign a level to this priority

Scheduling

• Schedule your priorities, DO NOT prioritize your schedule!

Time Management is Unique

• How is T.M. different from other skill sets, such as: Math, Science, History, etc…?

• Everyone starts off the same, or equal, because everyone has 24 hours in each day

Results of Time Management

• Difference between success and failure is often determined by how we use our 24 hours

• Good managers of time are better students, employees, bosses, etc…– Better grades, make more money, get better jobs

Time vs. Money

• How is time different from money?

• If we lose money, no matter how valuable, we can get more…but, if you waste time…it is lost forever!– No matter how rich/poor, smart/unintelligent…we

can not get more time– Can’t go to the bank and borrow time, go to the

store and buy it…24 hours it all you and everyone gets!

Domino Effect

• If you waste just 6 seconds a 1 minute…– 6 minutes wasted every 1 hour– 2.5 hours every 1 day– 17.5 hours every 1 week– 73.5 hours every month (3+ full days)– 882 hours in 1 year (1+ months)– In 1 life time (77 years) you would waste:

• 66,150 hours, or• 2,756 days, or• 7.5 years

Opportunity Cost

• The cost of an alternative that must be forgone in order to pursue a certain action.

• What???– Put another way, the benefits you could have

received by taking an alternative action.

Opportunity Cost of wasting 6 seconds every minute

• You could earn almost 2 more college degree’s

• Make an extra $300,000– Based on $40,000 a year

• Go on 187 one-week vacations• Take 64,950 one-hour naps• Make 388,000 10 minute calls on your cell

phone• Spend almost 4 million minutes on the

internet

When did you last waste

6 seconds?

Procrastination

• Putting things off that should be focused on right now– Usually in favor of doing something more

desirable

• Procrastinators work just as many hours, often longer hours; they just invest in wrong tasks

Reasons for Procrastination

1. Confuse “urgent” with “important” tasks– Often acting “Fast” with urgent tasks that

are not important

2. Feeling Overwhelmed by the task3. Not knowing where to begin4. May doubt your abilities

– Leads to seeking activities that you are good at or comfortable with

Reasons for Procrastination

5. Waiting for the right mood, right time6. A fear of success7. Poor decision making skills8. Poor organizational skills9. Perfectionism

How to Stop Procrastination

1. Identify/recognize procrastination– Filling to-do list with low priority tasks– Reading emails/requests multiple times without

acting– Leaving item on your to-do list for a long time

w/o acting

2. Find out why you are procrastinating– Is the task unpleasant– Is the task overwhelming

How to Stop Procrastination

3. Move past it– Create a reward system– Create accountability– Identify the unpleasant consequences of not

doing a task(if overwhelming)– Break task into smaller parts

4. Prioritize– Assign a level of importance to each task

How to Stop Procrastination

5. Set Goals for your Time management– Be “S.M.A.R.T.” with your goals

• “S”pecific• “M”easurable• “A”ttainable• “R”elevant• “T”ime bound