6 time and money management tips

When it comes down to it, life is about three simple things: time, money and energy. Or rather, it’s about what you can do with them. When all three are so limited, your ability to maximize them can help you chase your goals and live life the way you want.
While energy questions might be best answered at your favorite coffee shop or by tweaking your sleep schedule, there are a few ways young professionals can make the most of their time and money. Here are some productivity hacks that can help you improve your quality of life, reduce your stress and maximize your most precious resources!

1. Prioritize and block off time for your tasks

Time and money management will be personal to you, which is why it’s important to create a unique calendar or schedule. It helps you block off time to focus on and complete specific tasks while also giving you a single resource that shows all your obligations. With everything you need to do on one agenda, you may have an easier time making hard decisions about what matters most and what deserves your committed time.
Of course, some college students and young professionals insist that their best work comes out on the fly or when they procrastinate. Unfortunately, that’s usually a temporary solution, only serving to spike stress. Preparing and prioritizing can relieve that stress and help you maximize your time.

2. Use time and money management tools

There’s no shame in getting a little help. In fact, it can be incredibly empowering to find a system or a tool that helps you reach your goals. For example, The Pomodoro Technique was designed to help chronic procrastinators and those overwhelmed by work or struggling to focus. You start by setting a timer for 25 minutes, then working until the end of the timer. Then, take a five-minute mental break. Repeat three more times, then take a longer break.

But what’s the trick? Smaller blocks of time are less daunting, making it easy to focus on work. Apps like Focus Keeper are built around the technique, helping you manage your time and take meaningful breaks. Other apps, including Structured, Todoist and Habitica can help you track, complete, focus on and even gamify your time management.

3. Create and stick to a budget

While a budget is probably the most basic money management tool, it might also be the most effective. It tracks both your income and expenses, allocating funds to different essentials and luxuries. It also helps you understand your own spending habits, giving you deeper insight into where your income goes.
While you may think you already know, that’s typically not the case for most budgeting beginners. You may find surprises, or areas where you can cut back, opening an opportunity to contribute to long-term goals. Moreover, creating a budget is just the beginning. Once you have your budget, it’s crucial to stick to it and remain consistent to stay financially healthy.

4. Build an emergency fund

When managing time and money, it may sound boring to contribute to an emergency fund, but it can actually be one of the best ways to create your own financial flexibility. Knock on wood, but if your car breaks down, it can be pricey to fix. If you don’t have an emergency fund, that money is likely drawn from the accounts you use for things like food, rent, savings and fun.
On the other hand, a well-funded savings account with somewhere between three- and six-months’ worth of expenses can give you access to money without disrupting your everyday spending. Sure, you may have to build it back up so you’re protected from the next emergency, but you can potentially save yourself from immediate financial turmoil.

5. Be honest and realistic

Managing time and money isn’t easy, especially when you’re young. Remember to take a step back, look at the big picture and give yourself some grace if you don’t immediately achieve your goals. It can be a good idea to start small. If you’re new to tracking your goals for time management, set reasonable objectives and give yourself some wiggle room if twists and turns hold you back from finishing what you set out to do. That can go double for money management. Surprises happen, but the best way to deal with them is to stay patient and consistent. Strong commitment to your goals can be the best way to get back on track.

6. Leave room for some fun

What’s the point of diligently managing your time and money if you can’t have a little fun? In fact, once you start efficiently managing your time, you might find that there’s actually more room for fun than you realized. This is also true when managing your money. You prioritize, budget and save, all with the goal of becoming financially free enough to do what you want with your dollars.

Put the wheels into motion

Life is about managing time, money and energy effectively enough to feel free from their limitations. By mastering that tricky combination of time and money management, you may be able to reduce the stress of feeling short on both. Reducing that stress can enhance your mental health, increase your productivity and help you develop a better work-life balance.
Additionally, saving time can save you money, and vice versa. More productive use of your time gives you the opportunity to plan your expenses, build your savings, or better yet, develop skills that help you earn more money. Saving money can help you save and control your time in the long run, possibly leading to an early retirement or more bucket list trips with your family. Whatever your goals might be, becoming a time and money management master can help you achieve them.

At Desert Financial, we've seen how properly managing time and money can lead to a better future for our members. Take the next step and get more tools to succeed by signing up for one of our free financial well-being webinars. You’ll learn how you can implement these tips and strategies in your daily life and go from a financial freshman to a wealth-and-wristwatch wizard.