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

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

3. 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

4. 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

5. Usual expenditure of time
 Sleep: hours
Personal Hygiene: hour
Preparing and Eating Meals: 3 hours
Traveling: hours
Working: hours
Total: 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?

6. 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)

7. 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 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

8. 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

9. 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)

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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