Resource Management:
Managing Time and Money
Chapter 15
“The best way to save your money is to
fold it in half and place it back in your
wallet.”
— Anonymous
Money Management
Time and money (the lack of) are often listed as
people’s top stressors.
Americans tend to spend money they don’t
have (massive credit card debt).
Americans tend to have little or no savings.
The combined effect can spell financial ruin.
Money Management
(continued)
Money Matters:
Simple rules of financial management
1. Make a personal budget and follow it.
2. Don’t spend what you don’t have.
3. Pay all of your bills on time.
4. Save 10% of your monthly earnings.
Money Management
(continued)
Money Matters:
Good financial management means
avoiding the mass marketing appeals
to your ego to buy, buy, and buy!
Money Management
(continued)
Tips for Achieving Financial Freedom
1.
2.
3.
4.
5.
6.
Make and follow an honest budget.
Live a sustainable lifestyle.
Freeze your credit cards.
Keep a spending journal.
See each purchase as an investment
Consolidate your debt.
Money Management
(continued)
More Tips for Financial Freedom
7. Remove yourself from the temptation to buy.
8. Ask “why” before you buy.
9. Don’t buy on impulse…wait a day or two.
10. Be wary of bargains.
11. Clean your house!
12. Learn to say no when you’re out with
friends.
Time Is a Man-Made Concept
We have become slaves to,
rather than masters of, time.
Time Management
Time-management skills are
now taught to people, from
grade school to corporate
America, to help them gain a
sense of control over personal
responsibilities.
Time Management
(continued)
Multi-tasking (e.g., eating,
talking on the cell phone, and
driving to work or school) is not
an effective means to managing
your time.
Time Management Defined!
• Time management is the ability to
prioritize, schedule, and execute
personal responsibilities to personal
satisfaction.
Personality Styles and Behavior
•
•
•
•
•
•
The Type A person
The workaholic
The time juggler
The procrastinator
The perfectionist
Lifestyle behavior trap
Steps to Initiate Time-Management
Techniques
• Prioritization
–ABC rank order method
–Pareto principle
–Important vs. urgent method
Steps to Initiate Time-Management
Techniques (continued)
• Scheduling
– Boxing
– Time mapping (short blocks
of time)
– Clustering (group
responsibilities)
Steps to Initiate Time-Management
Techniques (continued)
• Execution
– Assign specific deadlines
– Break large projects into small
tasks
– Work on one section or task at a
time
– Reward your accomplishments
Additional Time-Management Ideas
• Learn to delegate responsibilities
• Schedule personal time each day.
• Learn to schedule interruptions.
• Carry and use an idea book.
Additional Time-Management Ideas
(continued)
• Edit your life.
• Refine your organization skills.
• Refine your networking skills.
• Bring balance back into your life.
Best Application of Time
Management
• Be sure to include flexibility in your time
management plan.
• Be sure to include other stress
management techniques as well.
“To know and not to do, is
not to know.”
—Anonymous
Study Guide Questions
1. List the four rules for financial stability.
2. Describe the psychology of money.
3. List five tips to help achieve financial
freedom.
Study Guide Questions
(continued)
4. Explain the following time-management
concepts:
• Pareto principle
• Boxing
• Time mapping
• Clustering
Study Guide Questions
(continued)
5. List five effective strategies to help
managing your time more efficiently:
1.
2.
3.
4.
5.