“You are good when you strive to give of yourself.
are not evil when you seek gain for yourself. ”
the three steps in time management and in money management.
the three categories of time and the three categories of expenses.
how to make a to-do list and a schedule.
procrastination and explain its causes.
the criteria for an effective budget.
ways to reduce excess spending.
Taking Control Of Your Time
• Time Management The planned, efficient use of
Step 1 Analyze How You Use Your
Assign your activities to
three different time categories:
Committed Time –work, family, volunteering,
and other activities that relate to your long and short term goals.
Maintenance Time –the time you spend taking care
of yourself and your surroundings.
Discretionary Time –the time you can use to
do whatever you wish.
Activity 40: Time-Demand Survey
Step 2 Prioritize Your Activities
Look at your work, school,
family and social obligations. Which ones are most
relevant to your goals and values?
Generally, discretionary time can be cut first, but don’t eliminate all
fun and relaxation to get more done.
And, don’t forget sleep!
Personal Journal 8.1 Prioritizing Your Life
Make time for activities that relate to your goals.
• Getting More from Your Time
Spend 80% of your time and energy on your top priorities.
• Activities that should be
LOW priority for everyone include:
spent with people who don’t make you feel good about yourself,
like video games and watching constant television,
you don’t enjoy or do very well, that you could eliminate or even hire someone
else to do,
that save a little money, but consume lots of time, such as clipping coupons
for food you don’t buy.
Activity 41 Examining Your
• Step 3 Create a Plan for Your Time
Make a To-Do List –in
priority order, then stick to it!
Make a Schedule –a chart
showing dates and times when tasks must be completed.
Activity 42: Time Management Practice
Identify Your Prime Time –plan your most important
tasks for your high-energy time of the day.
Journal 8.2 What’s Your Prime Time?
• Procrastination The habit of putting off tasks
until the last minute.
• Why We Procrastinate…
sometimes. But many people use procrastination to avoid taking charge of their
Activity 43: Do You Procrastinate?
Get Started! Divide your project into segments, then
tackle just one.
• Money Management The intelligent use of money to
achieve your goals.
• Early Lessons About Money Our attitudes about money are strongly
influenced by the example our parents set for us.
• Money is a Tool The most useful attitude toward money is a
practical one: money is a tool to take care of our basic needs and achieve
• Your Money and You
Personal Journal 8.3 How Do You See Money?
Managing Your Finances
Finances Your monetary resources.
• Step 1: Analyze How You Use
expenses to three different categories:
• Fixed committed expenses
–necessary, fixed, monthly expenses such as rent, car payment, etc.
• Variable committed expenses –necessary
expenses that vary monthly such as food, laundry, tuition and books, auto
repairs, gifts, etc.
• Discretionary Expenses
–lifestyle expenses that are fun, but not strictly necessary including
entertainment, meals out, cable TV, etc.
44: Expense Log
• Step 2: Prioritize Your
Use your values and goals
to determine how you will use your money. Don’t forget a savings category of
10% of your annual income.
The recipe for financial success is “spend less than
Look at money as a tool to achieve your goals, not as
a goal in itself.
• Step 3: Create a Plan for
Income All the money you receive
during a fixed time period.
A money-management plan that specifies how you will spend
your money during a particular period. An effective budget meets these
• It is
realistic, taking into account all of your expenses.
• It is
balanced, with expenses equal to or less than your income.
centers around your goals and values and includes savings.
• It can
be modified if necessary.
Activity 45: Budget Worksheet
Stretching Your Resources
Impulse Buying Spending money on the spur of
the moment, without planning.
the Shopping Habit Ask Yourself:
• Do I
really need this item?
other bills do I have to pay?
• Have I
allowed for this item in my budget?
• Do I own
something similar already?
• Is there
something less expensive that is as good?
• Is this
the best time to buy?
Personal Journal 8.4 Look Before You Leap
Using Credit Wisely
• Credit (loan) Money you can use before having
to pay back the lender.
The Perils of Credit If you
don’t pay off your credit car bill monthly, you incur finance charges which add
up quickly. Ask
yourself whether you overuse credit:
• to pay
overdue bills, especially other credit cards
• to buy
an item that costs $5.00 or less
• to pay
for a vacation
• to pay
for a large purchase you hadn’t saved for
Using Credit Wisely
• Your Credit Record A log of the financial habits of
a person who buys on credit that employers, landlords and banks can access at
• Having a
good credit record is essential for renting an apartment or buying a house,
To establish good credit, pay all bills promptly, avoid large debts, and do not bounce checks.
Resist the temptation to overspend.