Why You Should Create a Time Budget

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You’ve probably created a budget before for your spending.

It probably looked something like this:

  • $X goes to rent & utilities
  • $X for food
  • $X for entertainment
  • $X for savings

And so on and so on……

Whether your budget has worked or not, we all budget at one point or another to keep us in a good place financially.

But is money the only thing you can budget?

No, it’s not. Have you ever thought about budgeting time?

Time management is essentially another form of budgeting. You have a certain amount of time each week, just like you have a certain amount of income. You have to budget your time, just like you do your money, so that you’re maximizing your use of it. Here is how you can create your time budget:

Decide On Your Timeframe

This is the easy part – decide on the timeframe for your budget. A day? A week? A month? For budgeting your time, a week will mostly like be the ideal timeframe and the most easy to manage but it’s really up to you!

Determine Your Essential To-Dos

Next, determine your essential to-dos. This will consist of things you absolutely must do to ‘keep the lights on’ or in other words, survive. These types of activities will include sleeping, eating, and working. Sounds pretty boring but they have to get done and they probably take up the most amount of your time.

Pick A Few Nice-To-Haves

After you determine your absolute must-dos, figure out your nice-to-haves. What do you want to do with your free time? These types of activities will include watching TV, spending time with family & friends, and exercising. These activities are not essential to maintaining your lifestyle but they certainly add to your overall happiness. These activities will also be different for everyone – someone’s nice-to-have activity may be someone else’s essential to-do.

Allocate Your Time

Last but not least, you need to allocate your time. This is the hardest step in your time budget. First, you will need to prioritize each activity. Which is the most important and which are you willing to spend the most time on? Remember, your objective is to maximize your efficiency so challenge yourself. If you know you can finish something in X amount of time, allot yourself less time.

Your time budget will always be a work in progress so keep revising it as you go.

Also, keep in mind that a time budget is different from a money budget. With money, you’re aiming to save as much as possible. You can’t save time so make sure to use it all up in the best way possible.

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