The Financial Rewards of Time Management

Time management is a skill that many of us struggle with on a regular basis.

Creating structure in your professional and personal life for optimized time management is something that can be difficult to incorporate but the benefits you reap will be well worth the invested time and effort.

While most people recognize that they will benefit from improved time management, knowing how to best manage your time can be a daunting and complicated task.

Knowing where to start and how to create a plan that is easily maintained are two of the initial hurdles that most individuals need to overcome to begin incorporating time management into their lifestyle.

Effective time management is increasingly important for individuals who are self-employed. One of the main reasons for this is that many entrepreneurs and freelancers lack consistent structure in their schedule.

Additionally, they often times have sporadic pay schedules to accompany their ever-changing work schedules.

These are two critical reasons that self-employed individuals need to prioritize time management.

Upon initially pondering the concept of time management and how it can benefit you, you may be primarily considering the ways that it can increase your productivity and output levels.

While this is most certainly a reward of time management, there are additional benefits that may not initially come to mind. One of the biggest benefits you will reap from time management is increased financial wellness.

Re-evaluating how you spend your time can make a major impact on your current credit situation and your chances of obtaining new loans and even a new job.

There are a number of reasons that your bank and employer will thank you for being a rockstar time manager.

From additional time for hours spent working, increased clarity and quality of work to an increase in personal satisfaction, you won’t want to waste another minute on time wasted.

More Time = More Money

It goes without saying but one of the biggest financial rewards of effective time management is the additional time you will have to make money elsewhere.

This is especially true if you have additional work available but not enough time to complete the number of projects that are coming in.

While this is a great problem to have, it isn’t ideal to have to say no to more money and new opportunities.

By building out your time management skills, you’ll be able to free up additional time in your schedule to take on new projects that will increase the amount of money that you can make.

Maybe you don’t necessarily have enough work coming in to benefit financially from time management in this regard. If this is the case, then you can still experience financial gain from time management.

Use your newfound time to develop a skill you currently possess or learn a new skill. By improving on your current skill set you create the opportunity to increase your hourly rate for services.

If you don’t want to increase your hourly rate, use your improved skills to generate new business leads.

If you aren’t sure on what you want to pursue for learning a new skill or developing on a current skill, there are still a number of ways that you can make money with your newly freed uptime.

With companies such as Airbnb and HyreCar, there are now a variety of ways for you to leverage what you already own to make yourself some extra money without dedicating too much extra time.

The opportunities that many of these companies present to work on your own schedule with the freedom to travel to new places are probably part of what attracts people to take this approach to earn some supplemental income.

Today, there are a variety of ways to create a lucrative side hustle that earns you a dime on your own time.

Round up your neighbours’ dogs and cruise around town or take a seat in the comfort of your home with your computer and a cup of coffee.

There are plenty of ways for you to set up the perfect side hustle and lifestyle with the time you’ve recently freed up.

Tools to Help with Time Management – Cost versus Reward

It’s important when gearing up for a new time management structure in your life to analyze the current personal and professional tools you are paying for and to conduct some cost and reward analysis.

While everyday conveniences are a large contributor for not reaping certain financial rewards, it’s important to keep in mind that many people (yourself included) are likely to be fairly dependent on these tools.

Independent professionals and business owners can look at how implementing automation tools can save them time while increasing their ROI.

There are plenty of digital tools that allow for more efficient operations, from telematics software to email automation—savvy business owners can be in two places at once by making the most of current digital software, ideally, leading to an increase in efficiency and income.

When conducting your cost versus reward analysis on the business tools you use, consider how much time per day, week or month the tool saves you or your organization.

Once you’ve pinpointed this number, make sure that the time the tool saves costs less than what your hourly rate is. If not, then you should consider ditching the tool.

This process may also be a good opportunity to incorporate some new tools in your entrepreneurial arsenal.

Adding a few new resources into your weekly planning may help you save time and ultimately money.

Final Thoughts

It’s true what they say that “time is money,” and by examining how effectively our time is being spent, opportunities to improve your financial situation should be more evident.

Better time management can help promote a cycle of increased free time and escalated income.

Whether you’re interested in freeing up time to begin a new financial project or to transition into a more desirable line of work, time management and close examination of how effective we are with our time can lead to big changes and financial improvements.

The more disciplined and aware we are of how our time management habits affect our financial situation, the more options we’ll have to change the way we earn income and transform our financial situation.

Being disciplined with your time management will help you exercise discipline in other areas of your life.

Many entrepreneurs and freelancers need to be extremely disciplined for a number of reasons especially when it comes to money management since it’s unlikely you’ll be able to rely on consistent income.

Samuel Kaye
About Samuel Kaye

Samuel Kaye is a contributing editor for 365 Business Tips and writes about a variety of topics ranging from content marketing strategy to business development in order to help entrepreneurs and business owners grow their ventures.