Time and Money Goals, Aligned

There are productive things I could be doing instead of _____.  Many things fit in that blank: watching sports, Facebook, sleeping.  But there are also things that might not be a productive use of my time, and they cost money, too.  I’m talking about going out to bars or restaurants, taking trips on the weekends, or other things of similar nature.  I definitely wouldn’t characterize these as time wasters – I like doing all of these things and spending time socializing.  But they can also get expensive and detract not only from my bank account but also from my future goals.

I enjoyed my trip to the Berkshires last weekend, and I’m sure I’ll have fun in NYC this weekend.  But I’m still longing for more time to develop my personal skills and projects that align with my long-term goals.  There needs to be balance.

Strategy: Minimize social activity during the most productive times, but maximize fun when least productive.

Lately, I’ve really buckled down with my time management and started saying “no” to activities that suck up otherwise-productive time. I could easily be talked into going out for drinks on a Wednesday night if I have nothing important to do.  But the fact is, I have things I want to do.  My goals and ambitions to launch an empire based on this blog and freelancing is going to take a lot of time.  In Karol Gajda‘s How to Live Anywhere, he says to get rid of all distractions during periods of intense work.  I’m not talking about skipping my mom’s birthday here.  But partying it up on a Wednesday is a small sacrifice, especially considering I do fun things almost every Friday and Saturday night. The weekend nights are when I know I have the smallest chance of getting work done.  Unless I have something super-important to do, I’ll happily concede Friday and Saturday nights to fun.

I’ve realized that my time goals also keep my financial goals in balance.  By passing on Wednesday night beers, I’ve not only banked the time, but I’ve also saved $20.  Even more importantly, I can even add a third degree of greatness to the equation: with the saved time, I’ve advanced towards a better financial future, even if it’s only in the slightest degree.

I don’t think anyone should give up their entire social life for any kind of financial gain (that’s miserable).  But I think just about everyone could use a little more balance.

What could you do if you converted 10 hours a week from areas that don’t really improve your life and instead focused on making money or other financial goals?  Could you start a side business like freelance writing or web design? Could you improve your personal budget and spending habits by reading Dave Ramsey or Get Rich Slowly? I know we’re all “busy” but 10 hours is nothing – it’s one hour each weekday and then five hours over the whole weekend.  I’m convinced it’s going to take at least this much time to get out of the rat-race world and live a life that I find fulfilling.

Next time you’re invited out for a midweek adventure, think about how much it’s really worth to you.  Success in your long-term goals might just be dependent on these choices.

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photo by: gogoloopie

Comments

  1. Time is far-and-away the most important thing in my life! Time is finite and therefore you can’t simply create more of it.
     
    It’s hard to be productive and pursue your goals but if they’re important enough to you then you’re willing to make necessary sacrifices. We rarely watch TV and I often say “no” to my friends when they want to go out or attend a sporting event. As you mentioned, it saves me time and money!
     

  2. Good point about sacrifices.  If you can sacrifice a little bit of time here and there now it will help a lot in the long run.  You just have to make sure you’re not sacrificing too much that it prevents you from staying happy now.  Balance is incredibly important.  Achieving long term goals should be a priority too though.

  3. Cutting out one trip out to eat per week will save you over $1000 per year. 

  4. Something really analytical got to read after ages….. It’s been a huge source of information thus I have already saved it for future reference….Thanks a lot for sharing.

  5. Something really analytical got to read after ages….. It’s been a huge source of information thus I have already saved it for future reference….Thanks a lot for sharing.

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