Efficient Time Management & Sound Financial Management “Do it now!” Module 9/ Chapter 9 Efficient Time Management & Sound Financial Management “Do it now!”

CHAPTER 9 OUTLINE Importance of Time Management Manifestations of Poor Time Management Approaches to Time Management Sound Financial Management Summary Points

Question? “What of all things in the world is the longest and the shortest, the swiftest and the slowest, the most divisible and the most extended, the most neglected and the most regretted, without which nothing can be done, which devours all that is little and enlivens all that’s great? Answer: Time

Reflection Activity Take a moment to reflect on how many hours do you spend on a typical day doing the following: Sleep Personal Hygiene Preparing and Eating Meals Traveling Working Now let us turn to the next slide and compare with the recommended usual expenditure

Usual expenditure of time  Sleep: 8 hours Personal Hygiene: 1 hour Preparing and Eating Meals: 3 hours Traveling: 2 hours Working: 8 hours Total: 22 hours Are you spending around this much time? What about the remaining 2 hours of “free time”? Is it being spent in “stress-free” manner or “stress-inducing” manner. Any ideas?

Personalities: Time Robbers / Time Wasters Type A Personalities Appear to be organized and productive but studies have shown that they are less organized and less productive Time urgency (a rush to meet deadlines) Anger/hostility (explosive aggression) Lack of planning (poor organizational skills) Polyphasia (preoccupation with many thoughts at one time)

Personalities: Time Robbers / Time Wasters … 2 Workaholics Process addiction wherein self-validation is received from prolonged working hours to maintain self esteem or a sense of importance Spend 10-14 hours/day at work Do trivial tasks in normal work hours and major projects after hours Do not use time saving strategies because these threaten their self-confidence and self-esteem Derive pleasure in working long hours

Personalities: Time Robbers / Time Wasters … 3 Time Jugglers Try to do more than one thing at a time (e.g. driving + using a cell phone + grabbing a sandwich + soothing a child in the rear seat) Overbooked yet drop many important responsibilities

Personalities: Time Robbers / Time Wasters … 4 4. Procrastinators Apply diversion tactics: put off what needs to be done today 3 factors: - laziness or apathy - fear of failure - need for instant gratification 3 types: - Straightforward Procrastinators (knowingly do things other than the job at hand like going to a ball game rather than studying for an exam) - Deceptive Procrastinators (take a stab at the task but find an excuse to drift away from completing) - Time-trap Procrastinators (do less difficult tasks rather than important tasks)

Personalities: Time Robbers / Time Wasters … 5 Perfectionists Obsessed with carrying out every task to perfection Gets too caught in detail and never sees the bigger picture 20% of all human acts are mistakes! But perfectionists deceive themselves by believing that perfection is possible

Personalities: Time Robbers / Time Wasters … 6 Lifestyle behavior trappers People who have a hard time saying no Receive validation of their self-worth by other people at the expense of their own needs

Time Wastage at Workplace…1 Drop-in visitors Meetings Crisis Management Lack of objectives, daily plan, priorities Cluttered desk Ineffective delegation Too much attempted at once

Time Wastage at Workplace … 2 Lack of communication Inadequate, delayed, or inaccurate information Indecision and procrastination Confused responsibility and authority Inability to say “no” Tasks left unfinished Lack of self discipline

Time Management Methods: Prioritization ABC Rank-Order Method A -- Highest Priority B -- Second most important C -- Low priority Pareto principle: 80/20 Rule 20% of the tasks give 80% of rewards and vice versa -- so focus on 20% of the important ones

Time Management Methods: Prioritization … 2 Important and urgent grid Dividing tasks in a 2 x 2 table in terms of importance and urgency “Must-do”– “Should-do” -- “Could-do” list Activity: Choose any of the above methods to prioritize present things on your mind. Share your method/findings -- Discuss pros and cons

Time Management Methods: Scheduling Three “C” approach Clocks: For short-term time management Calendars: For weekly monthly, yearly tasks Completion times: Designation of goals & responsibilities Three “P” approach Planning: schedule of tasks Prioritizing: regular check Pacing: Adjusting rate of completion

Time Management Methods: Scheduling … 2 Boxing Breaking time into 3-5 hour chunks and assigning specific tasks in each box  Time mapping Breaking the day into fifteen minute segments and assigning tasks Activity: Choose any of the above methods to prioritize present things on your mind. Share your method/findings -- Discuss pros and cons

Sources of Financial Stress: College students Credit cards Tuition costs Boarding and lodging expenses The cost of books Cell phone bills Travel costs, especially if away from home Study abroad, if interested Entertainment costs Emergency expenditures

Reducing Financial Stress Enhancing awareness about financial status Creating a budget Adhering to the budget Monitoring the budget Developing a savings plan Implementing the savings plan

Thoughts for Reflection Read and reflect with a partner: 9.1 Barriers to efficient time management 9.2 It has been quite sometime … 9.3 Ways you can save time 9.4 Warning signs of too much debt on credit cards

Skill Building Activities Complete Worksheet 9.1: Enhancing Awareness of How You Spend Your Time Complete Worksheet 9.2: Practical Steps to Time Management Complete Worksheet 9.3: Enhancing Awareness About Financial Status and Creating a Budget Complete Worksheet 9.4: Planning Finances for Life