I’ve been in a time management class for the past two days, and I have to be honest, it’s not been the most useful experience. I think that I was hoping to get all this great information, but it turns out, I’m pretty educated on these things. Part of the problem was that the instructor kept talking about things that I think a lot of personal finance bloggers and blog readers have read about – GTD and Inbox Zero and 43 Folders and those sorts of things. I have implemented bits and pieces of all of those things, but having it brought up again makes me think that perhaps I should give them all a second look. But either way, I’m kind of disappointed in the experience. At least it was a few days out of the office!
One interesting point that was made was that time is money. Of course, the instructor made it in a way I didn’t like. She started out by asking us all to give her a business card and $20. The woman I was next to clued in just as I did – we were going to give up our money without asking why? We should also treat our time the same way. I’ve seen that done before, but with only one person. “Hey, Joe, give me $20. Okay, class, did you see what Joe did there? He gave me money without asking.” But she took our money and wouldn’t give it back for a few hours. I have to admit, I was distracted by that pile of cash sitting on her desk. We did, of course, get it back, but I can’t say I liked the stealing of my money, no matter how temporary.
But she gave us a chart that has a breakdown of your salary and what your time is worth per minute and per hour. This is based on a 40 hour work week and didn’t take into account benefits or anything like that, but it was an interesting point. We thought about it one time in the converse in college – I spent how much money on this class? Well, I had better not skip then.
It’s interesting to look at your time in this manner, especially in terms of your work. If I waste 20 minutes, how much money is that time worth? And since I don’t get overtime, it’s almost like throwing away the money every time I have to work over due to poor money management.
I think this could also be a good way to control spending. Okay, I really want this shiny new toy, but how many hours of my work week is it costing me? Is it really worth that? Or would I rather spend my time and money on something else.
It’s all about the tricks and what works for you, and so I’m always trying new tricks to find what works the best for me. What tips and tricks do you use in terms of time and money.
Megan is a 30-something government employee in the Washington, DC area. She got interested in Personal Finance when she got out of college and realized that her paycheck wasn’t going to go as far as she had hoped. Since starting this blog, she has managed to buy a house and make a solid start on her retirement goals, and hopes to help others do the same. Here is her story:
In 2007, I was a gainfully employed 20-something with no debt but not a lot of knowledge about personal finance. It was a co-worker’s comment about Roth IRAs that sent me to the internet, searching for information. It was then that I realized that I really didn’t know a whole lot about personal finance and that my current financial situation was due a lot to inherent frugal tendencies, generous family members, a fear of debt, and good luck. While that was working for me, clearly I needed a better plan.
While I had no debt, I was also pretty much living paycheck to paycheck and not worrying about going over budget (I say this as if I had a real budget) because I had an emergency fund set aside to cover any overages.
Except that’s not what an emergency fund is for.
So I did a lot of research, read a lot of blogs, and decided that I needed a plan. I needed to budget. I needed to know what I was spending my money on. I needed to prepare for the future.
I decided to create a blog not only to make myself accountable to others but also to share the knowledge that I gained along the way. I’ve learned so much from my fellow bloggers, and I hope that my readers can find something useful in what I have to share as well.