Managing Individual Money and Time Resources

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Individual resources are critical components that define the level of human success, depending on how they are managed. Notably, resources, as far as personal development is concerned, are materials people have discrete control over (Reuters, 2020). Unlike skills and qualities such as confidence or courage, resources are exhausted when used (Fong & Koh, 2020). Moreover, assets are gathered, invested, and spent; hence they require effective management in order to facilitate personal growth (Reuters, 2020). There are numerous properties that people use to make their life better; however, time and money are critical and need proper management to achieve individual development. If the resources are used appropriately, they develop into assets and improving the quality of life (Derek, 2020). Poor investment of the sources leads to liabilities, which has the potential of draining scarce assets (Derek, 2020). In order to avoid poor results in resource management and personal improvement, it is essential to consider a proper investment of money as well as time.

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Managing your Money

Money management is defined as the process of saving, investing, spending, budgeting, or monitoring the usage of capital that belongs to an individual or an organization. It is essential to understand that the management of money incorporates and involves solutions as well as services that are aimed at achieving personal or family satisfaction (Derek, 2020). It is worth noting that people need excellent knowledge and skill to manage money and implement their goals concerning financial expenditure (Derek, 2020). In order to establish and run a successful business or an organization, one needs to obtain financial management skills and expertise (Derek, 2020). Remarkably, successful financial management involves planning or budgeting, directing, and adhering to the plans concerning items you want to buy.

Proper investment of money increases the opportunity for the individual and the family to grow. Unlike time and energy, money has a higher limit. Budgeting involves creating a list of items and their prices (Reuters, 2020). Budgeting allows the individual to prepare a good spending plan. Additionally, it ensures that a person has enough money that is required to purchase items that are important at the moment (Reuters, 2020). Strict adherence to a spending plan is vital to managing finances and prevent people from accumulating unnecessary debts. Moreover, budgeting ensures that people do not spend funds on what they cannot afford by presenting an opportunity to take full control of your money.

Understanding ones’ expenses are key to managing finances because it allows individuals to have ideas concerning their expenditure. Additionally, having knowledge of the number of expenses people generate within a particular period enhances financial management (Reuters, 2020). To understand the expenses for a month or a week, you must note everything you buy within that duration. It involves keeping all the receipts of the bills, groceries, restaurants, utilities, and bank statements (Reuters, 2020). The goal is to account for the entire expenses, both fixed and variable. It also allows people to have a clear picture and ideas on how they use their money and budget accordingly (Reuters, 2020). Furthermore, understanding the expenses is a great idea as it allows people to compare their historical performance and make adjustments to improve financial management.

Financial management demand that people should understand their income and compare it with their expenses. Many people know their income, but they cannot account for their expenses within a month, which is bad as far as taking full control of the money is concerned (Reuters, 2020). It is important to calculate expenses and subtract it from the income for the purposes of effective planning (Derek, 2020). If the outcome is negative, it means that someone is spending more than they are earning, and the action should be taken to change expenditure to obtain a positive result by reducing the expenditure (Derek, 2020). Knowledge is power; therefore, it is important to learn and consult financial experts regarding money management.

Time Management

Time management is the effective use of time. Notably, managing time is more than planning and listing daily activities; it involves getting the best in life. Time management is crucial to humans because it aids the structuring of time to achieve things that are considered most important (Waitley, 2010). Furthermore, proper time management leads to success, particularly on long-term goals, without straining or stopping yourself from doing other activities such as meeting with friends, relaxing, and enjoying hobbies (Waitley, 2010). Time gives everyone equal opportunity; hence it is considered to be democratic. It is worth noting that everyone uses time differently depending on their objectives and needs (Jones, 2020). However, it is advisable to plan ahead so that you dedicate your time to what matters most and to avoid a crisis that may occur as a result of late actions. Furthermore, humans have no ability to stop the time from moving; nevertheless, they have the privilege of managing their schedule to maximize the available days. Effective time management decreases the level of stress, improves mood, and creates the best out of life.

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Time is a resource that people need to manage efficiently to create room for success in activities they value, such as a career. Many people, irrespective of age, education level, or work experience, have a target that they want to achieve, but they can only do so if they know how to manage their time (Jones, 2020). Notably, three steps are important to manage time, including determining how you spend the time, establishing where you want to use it, and developing plans to implement the goals (Jones, 2020). Knowing how you spend your time is critical in managing it. Notably, people have numerous activities they perform daily; it is, therefore, important to categorize these chores to different groups of the time such as maintenance time, committed time and discretionary time (Jones, 2020). Remarkably, committed time relates to activities that need a fixed time frame, such as school works and volunteering. Additionally, activities within committed time are associated with both short-term as well as long-term targets.

Maintenance time is defined as the duration dedicated to keeping things tidy, and it includes taking care of oneself and the environment. It is necessary to have a maximum time of resting each day or weekly to ensure that you are healthy and fit for other activities (Waitley, 2010). Discretionary time is considered as the period that people spend doing anything that makes them happy. Many people prefer hanging out with friends, read books, pursue their hobbies, or spend time on the internet playing games. One week has 168 hours, and it is important to determine how much time each aforementioned category consumes to make your priorities right.

The second step in time management is activities prioritizations, which is critical to balance time resource that is limited. To prioritize involves establishing activities that need much time to compare to others by arranging them according to their importance and urgency (Waitley, 2010). For instance, you can consider your values and goals in relation to work, family, school, and social duties and determine what needs a bigger share of your time. It is also necessary to ensure that discretionary time is not given priority or much time to create an opportunity of achieving other important goals in life (Waitley, 2010). Nonetheless, one should not eliminate time to relax because it allows the body and mind to gain the energy that is needed to complete valuable activities (Waitley, 2010). Sleep is an important activity that everyone should consider in their busy schedule due to its effects on the body as it increases productivity and concentration.

Moreover, creating the list of the activities one needs to accomplish within the day allows individuals to separate activities that are considered essential from nonessential items (Waitley, 2010). Once the list of daily activities is prepared, people are encouraged to follow it strictly and mark the completed tasks to create space for a new activity (Waitley, 2010). Writing the list of daily activities ensures that no critical task is forgotten and provide motivation to adhere to the set time frame. The prepared list should consist of the activities, time, and date, which these tasks must be completed. It is vital to recognize a personal prime time and allocate it to a demanding job (Waitley, 2010). Notably, prime time can be in the morning or evening, depending on the time a person is fully motivated to work.

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Time management assists individuals in overcoming procrastination, which involves postponing essential activities to the last minute. Procrastination leads to different consequences, such as losing jobs or failing exams (Waitley, 2010). Procrastination can also destroy self-expectancy and determination, which are key to success (Waitley, 2010). To avoid procrastination, you should plan ahead and engage in an activity that is relevant to your objectives (Waitley, 2010). Long projects can lead to procrastination for some people, hence it necessary to divide them into different categories for motivational purposes.

References

Derek, N. (2020). Time management is money management – Life and my finances. Life and My Finances. Web.

Jones, A. (2020). Three simple tools to help you tackle time management. Forbes. Web.

Reuters. (2020). Your money: A coronavirus emergency plan for paying your bills. The Epoch Times. Web.

Waitley, D. (2010). Psychology of success (5th ed.). McGraw Hill Higher Education.

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PsychologyWriting. (2022, February 26). Managing Individual Money and Time Resources. Retrieved from https://psychologywriting.com/managing-individual-money-and-time-resources/

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PsychologyWriting. (2022, February 26). Managing Individual Money and Time Resources. https://psychologywriting.com/managing-individual-money-and-time-resources/

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"Managing Individual Money and Time Resources." PsychologyWriting, 26 Feb. 2022, psychologywriting.com/managing-individual-money-and-time-resources/.

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PsychologyWriting. (2022) 'Managing Individual Money and Time Resources'. 26 February.

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PsychologyWriting. 2022. "Managing Individual Money and Time Resources." February 26, 2022. https://psychologywriting.com/managing-individual-money-and-time-resources/.

1. PsychologyWriting. "Managing Individual Money and Time Resources." February 26, 2022. https://psychologywriting.com/managing-individual-money-and-time-resources/.


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PsychologyWriting. "Managing Individual Money and Time Resources." February 26, 2022. https://psychologywriting.com/managing-individual-money-and-time-resources/.