Time is Money – Manage it as much!

Why Set Goals

Time is Money is a common phrase and I am certain that my Time is Money.

Do other people agree?

I think so.

For example, when I typed it into Google for personal finance, I got the following:

  1. The Simple Dollar: Money and Time Are One and the Same (and Seven Other Unusual Personal Finance Ideas I Use in My Life)
  2. Millennial Money: WTF is Money & How to Make More [#3 Maximize Efficiency: Doing More in Less Time]
  3. Young Adult Money: 100+ Ways to Improve Your Finances

I don’t think many of us disagree with the importance of money, but if time does equal money, what does that mean to you?

You have spent all this time learning how to manage your money in the FIRE community, but you have not spent as much time learning how to manage your time. Holy Waffles Finance Stoic, what do I do now?

Well, you don’t have to worry. This post is meant to help you manage your time, based on what I have gleaned through my work experience and through a summary I did many years ago of the Book Manage Your Time, Your Work, Yourself.

Interestingly, the approach to managing your time, and yourself, is quite inline with Stoicism. Specifically, it is important to recognize that to Master Your Time, You Must First Believe You Can Do It! It is within your control!

Some things for you to think about, before we start setting goals:

  1. People who focus on their intended results tend to plan more. They are more proactive, have a definite action plan, and tend to be more productive. They also tend to have calmer days.
  2. Doing the right thing part of the time will not be good enough. Successful people form the habit of doing the right things – All the Time. Good time management is not easy; it requires substantial self-discipline. Disciplined people do what they know they should do, whether or not they feel like it [Make Beautiful Choices]. They live their life based on Decisions not Feelings.
  3. Time use is a Habit. To improve your time use, you must resolve to change your habits. Stick with your resolution day-in and day-out, until it becomes a habit. Until, one day, you become a different person [Incremental Improvement].
  4. Planning is an intention. Scheduling is a commitment.
  5. If you are failing to plan, you are planning to fail!

Setting Goals

Efficiency is doing things right; effectiveness is doing the right things

Peter Drucker

If you want to control your time and increase your effectiveness, you must determine exactly what your goals are and keep them up to date.

  1. At all times, know what your Goals are and exactly what you are trying to achieve.
  2. Ask yourself throughout the day, what is the Best Use of My Time?

Goal Categories

When setting my goals, I tend to think about my personal, professional, and financial goals, focusing in on these categories:

Personal goals

  1. Physical health
    1. Diet
    2. Fitness
  2. Mental health
    1. Meditation
    2. Learning
    3. Reading
  3. Spiritual health
    1. Religious
    2. Meditation

Professional goals

  1. Career trajectory
  2. Side hustle(s)
  3. Long-term opportunities

Financial goals

  1. Expense reduction
  2. Net worth targets
  3. Investment opportunities

Each person should have their own goals. The goals in each category should be compatible, or at a minimum not contradictory. They need to be your own and they have to be written down.

In the same way that my FIRE may not be your FIRE, my goals should not be your goals.

Annual Goal Setting Process

At least annually, reflect on your prior year goals. How did you do? What went well? What went poorly? What would you change?

Armed with this knowledge, reflect on your goals:

  1. Identify your objectives
  2. Clarify your priorities
  3. Decide on your plan of action

For the annual goal setting process, consider the above across your various categories, and:

  1. Set your Annual Goals and break them down into Quarterly Goals
  2. Break down your Quarterly Goals into Monthly Goals
  3. Break down your Monthly Goals into Weekly Goals
  4. Break down your Weekly Goals into Daily Goals

Does this sound familiar? It should. It’s how I turned my When into a Now.

Setting SMART Goals

SMART in SMART Goals stands for:

  1. Specific
  2. Measurable
  3. Achievable
  4. Realistic in terms of available time, resources and skills, and
  5. Timed

I will not go into significant detail on setting SMART Goals, which is a topic unto itself.

Handily, I have already previously written about setting SMART Goals.

Weekly Planning Process

Before we dive into the weekly planning process, you should be aware of three ideas that will help minimize the gap between your short-term and long-term goals:

  1. Keep a master to-do list
  2. Be sure there is a date assigned to each project
  3. Estimate the time required to complete each project

Master To Do List

A master to do list is an amazing tool for managing yourself, and your teams at work. It is something I started using eight years ago in depth. In fact, when I start at a new company, it is the very first thing I have my team prepare for our activities. My use of it is as a Microsoft Excel Spreadsheet that is broken out between daily, weekly, monthly, quarterly and annual activities, which has the following categories:

  1. Task
  2. Month performed*
  3. Day performed
  4. Description of the task
  5. Preparer
  6. Reviewer
  7. Distribution list
  8. WP reference, with hyperlink and process document
  9. Whether it’s distributed internally or externally

*The month performed is actually a +1, +2 or +3 because from a checklist perspective we print it out each month and if you are in month two of a quarter, you would look for any +2 items.

If anyone thinks a sample consolidated master to do list might be beneficial for them, please let me know and I can build out a template.

Okay, back to our weekly planning process. Remember, we already said at all times, know what your Goals are and exactly what you are trying to achieve. After all, what gets measured gets managed.

Also, given we are attempting to break things down all the way to daily goals, you will need to revisit your goals regularly, I believe at least once per week.

Many people spend time planning on a Monday; however, there is a better way to do this. In general, researchers have found that Friday’s are the least productive day of the work-week.

Why not use your Friday afternoon to get ready for the upcoming week?

You can then take the weekend off, knowing you are ready for the upcoming week, which will reduce your anxiety and stress over the weekend and let you focus on the Present Moment.

Setting my professional goals

When setting my professional goals for the upcoming week, I go over the following in my planner:

  1. What is coming up on my Master-To-Do-List?
  2. What regular reports need to be prepared?
  3. What is coming up on our team calendar?
  4. What do I need to be doing to execute on special projects?

I will use the above documents each week, plus the information I learn from our shareholders to consider what is happening in the next eight weeks and what my team needs to be focusing on today to meet those objectives.

The schedule I create from the above is a Phase Schedule, which highlights what I believe we should do. And, after meeting with my team, I create a Look-Ahead Plan, which highlights what we believe we can do.

The look-ahead plan will drive a weekly work plan, which we are committed to as a management team and can communicate to our individual teams through our 1:2:1s and team meetings.

At the end of the week, I review the weekly work plan schedule that was agreed to against what we actually achieved and begin the process again.

Setting my personal and financial goals

My goal setting process for personal and financial goals is much simpler. Specifically, I have five pie charts (one pie slice per day of the week) and track my performance against: planning, writing, being home for my boys bed-time, meditation, and reading.

That said, now that I read this I realize I should take a more substantive approach to my personal and financial goal setting, including scheduling time in these categories better. Also, I should involve my wife each Sunday night in the process after the boys are in bed. I will get her to read this post and then discuss with her 🙂

Lesson learned. I just taught myself. After all, if I am failing to plan in these two areas, I am planning to fail in these two areas!

An alternative method for goal setting

My methodology above has evolved over time. The systematic approach I recall from Manage Your Time, Your Work, Yourself, begins by asking six questions:

  1. Results: What are my goals, what do I expect to accomplish?
  2. Activities: What will I have to do to get those results?
  3. Priorities: What are the priorities involved?
  4. Time Estimates: How much time will each activity require?
  5. Schedules: When will I do each activity?
  6. Flexibility: How much flexibility must I allow for the unexpected to occur?

The first three questions form a Work Plan and the last three questions form a Time Plan.

Miscellaneous Time Techniques

The remaining miscellaneous time techniques are simply things that you can do throughout the day to save seconds, minutes, and eventually hours.

Remember the compounding effect: smart choices + consistency + time = radical difference

 Once you start doing this, the value of a single minute becomes more and more important.

Workplace

Improving your common to do list

To improve your common to do list, consider:

  1. Adding priority codes to indicate what is most important
  2. Adding time estimates of how long each activity will require

For my tasks, I like to show them in Microsoft Outlook and synchronize with Task Task on my iPhone.

Priority codes

In Outlook, I add an Importance Category and rank it as A, B, or C. I also add an Urgency Category and rank it as a 1, 2, or 3. Colleagues on my team will know that an A1 task is the most important and an A2 may take more priority over a B1, unless I state otherwise. Many refer to this as an Eisenhower Matrix.

What is important is seldom urgent and what is urgent is seldom important

Dwight Eisenhower, 34th President of the United States

The key with an Eisenhower matrix also ties to another time saving technique, which is to only handle an electronic document or piece of paper once and decide whether you will do it, defer it, delegate it, or delete it.

Time estimates

When working with my team, I never like to set their time estimates, as it does not provide an appropriate buy-in from my colleague.

Instead, knowing my outside date, I will ask them when they believe they can reasonably deliver it in time for us to review, edit and submit the work. If they’re within my outside date, I might push them a little to tighten the delivery date, but will accept it. Further, because they set the date, they’re bought into it.

Miscellaneous workplace

Only open your mail / email at set times each day, which will increase your efficiency. For example, when you arrive at work, after lunch and before leaving work.

You will probably make better decisions if you stand up to review paperwork, mail, filing. Further, when someone comes to your work area to talk, consider standing up to talk to them. First, it will reduce the likely length of the conversation and second, it will show respect for the other person that you have acknowledged them fully.

That said, before someone comes to you, you ought to have trained them to do their own thinking. Ask them to write down exactly what they want you to do. Frequently they will solve their own problems as they think about them. I highly recommend you asking some of the questions from the Coaching Habit, which I have taped to my desk:

  1. What’s on your mind?
  2. And, what else? [this question is so powerful – aim to use it at least four to five times]
  3. What’s the real challenge here for you?
  4. What do you want?
  5. How can I help?
  6. If you say yes to this, what are you saying no to?
  7. What was the most useful for you?

For someone dropping by my desk with a question, I might use question #1, #4 and #5 and not walk through the full chain; however, I would walk through question #1 to #7 in a 1:2:1 with my colleagues, whether it’s with my direct reports, or my boss.

Before people come to see you, ask them to bunch routine items versus coming to you one at a time. Keep regular meetings with your key reports and consider asking them to book appointments instead of relying on spontaneous drop-ins.

To ensure that they interrupt you with less questions, proper communication is key.  When asking them to do something, consider restating your idea in several ways until you are certain it is clear. Consider having them restate the idea in their own words. Also, follow up with written confirmation of the discussion to ensure that they have the information they need.

Have go to tasks that you are able to do in the 5 to 10 minute gaps during the day between meetings and deep work, such as clearing your inbox, writing a to do list, setting your priorities. This is also good time to review work, read news and magazines.

Projects

Projects can always be challenging for people.

It’s like eating an elephant, how the heck do you do it?

Simple, one bite at a time.

An oldie but a goodie.

Okay, with a project though, where to start?

As Stephen R. Covey says in Seven Habits of Highly Effective People, start with the end in mind.

When I work with my teams, the end in mind must contain two things. What and When. Specifically, what is the ultimate deliverable and when is the deadline.

Once my team has that, I ask them to prepare a look-back schedule.

A look-back schedule should accomplish the following:

  1. Break the project down into manageable components
  2. Allow you to assign the components to colleagues on your team
  3. Build in sufficient management review time, as required for the components

Effectively, a look-back schedule is a less fancy version of a GANT chart and should be used for all projects on your team to ensure deadlines are met.

Your Day

Make sure the first hour of your day is a productive one. The first hour sets a pattern for the day. If you get a good start; the day will go good.
I actually suggest you start with other than work, specifically:

  1. Exercise
  2. Meditation
  3. Creative writing or journaling

To combat procrastination, try to schedule your unpleasant tasks at the beginning of the day to get them out of the way first [after doing items #1 – #3].

Don’t only keep a To Do List, but also a Not To Do List, which may be more important.

Dealing with Stress

Sometimes, managing your time this intensely can result in stress and so I tend to also like to provide stress-reduction techniques!

To deal with stress and change, do the following:

  1. Get adequate rest
  2. Follow a healthy diet
  3. Exercise regularly
  4. Develop positive attitudes
  5. Listen to relaxing music
  6. Try autonomic relaxation exercises
  7. Take a break
  8. Talk it out
  9. Slow down
  10. Meditate
  11. Do Navy Seals breathing
  12. Do something for others

Keep in mind the Serenity Prayer, which is also quite Stoic: God, grant me the serenity to accept the things I cannot change, the Courage to change those things I can, and the Wisdom to know the difference.

Until next time,

FS

Finance Stoic

16 thoughts on “Time is Money – Manage it as much!

  1. I really liked Stephen Covey’s book 7 Habits of Highly Effective people. I do a weekly planner too (still paper copy I like my paper so I can write things down) and write down what I need to do- work out, meditate, etc. and schedule it all in.

    Like

  2. Valid point – I don’t treat my time the way I treat my money but I really should. I even wrote an article about this this week so I really should follow my own advice. Conviction!

    Like

  3. Good article, Financial Stoic. I just finished reading a book about goal setting called Your Best Year Ever by Michael Hyatt. He wrote about similar techniques found in your post!

    Like

  4. Finally got around to reading this. I am familiar with SMART. Like MSF, I too could do with setting some goals for the future. I like the breaking down of goals into daily goals, it makes the larger goal seem less daunting!
    It’s good to have you guys around. For some reason since we all started communicating, i’ve been challenging myself to work on a website, finish a draft. Each time something new comes up, it’s broken down into a smaller goal. It’s actually incredibly motivating as each task you complete takes you one step towards the ultimate goal.
    Thanks for the post FS.
    Oh and one more thing, it’s great you challenge your colleagues to use their own minds (obviously with a little help from you) to resolve any workplace issues! It’s one of the best ways for self development.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s