Hello HELLO and welcome back to another episode of the Thrive with Money Podcast! Today we are talking about how to better manage your time AND your money, and oh my gosh, this episode is about to be soo freaking good because, as I’ve gotten older and stepped into the entrepreneurial space, and improved my skills as a financial counselor, I’ve realized how closely intertwined time and money are and how important it is to manage them effectively.

BUT before we get started, please take a moment to leave a 5-star review of this podcast! The more positive reviews the Thrive With Money receives, the more we are able to grow organically and create an even bigger impact in the world. You can either leave a review in the app you’re listening on, or scroll to the bottom of the show notes for the link. It only takes about 15 seconds, and it would truly mean the WORLD to me.

How time and money are similar

1. Time and money are very similar things. They both need to be planned, either with a budget or a calendar, and the more intentional we are with both, the more effectively we are able to utilize them. And when we mindfully use our time and our money, we often find that we have MORE of it.

2. Another similarity between them both is that they are limited resources, in the sense that there is only so much of it each day.

   1. Each day we have 24 hours and there are 365 days of the year.

   2. With money, we essentially have the amount that we have earned that day, that paycheck, whatever. 

3. And finally, the actions that we take with our time and money today are essentially writing the future for the time & money we will have tomorrow, next year, or in the next TEN years.

So, when thinking about managing your time and money, the question is:

How can I use my time and money TODAY to create a life that reflects what’s most important to me?

And you’ve probably heard the phrase before that “time is money.” Which is essentially based on the idea that a person’s time is just as valuable as their money. However, I would argue that time is MORE valuable than money, because we can’t get back time, but we have the opportunity to make more money.

Now, this doesn’t mean to spend above your means or YOLO spend, which is essentially the idea of “I’m going to die one day, so it doesn’t matter if I spend $xxx on this thing today! (which is something you’ve heard me talk about in other episodes of this podcast)

But there is a tipping point here that I want you to keep in mind where the value of time does outweigh the value of money.

Here’s an example: an investment banker working 80-110 hours a week with a median income of around $175,000 a year. I think a LOT of people would agree that that’s a solid amount of money to work with, but if there are only 168 hours in a week, and I’m working 100 of those hours and only have 9 non-working hours a day to work with, where I’m probably eating or sleeping? No thank you.

If I am spending almost every waking hour working and not able to enjoy the things that I value, then that compensation is, personally, not worth it for me.

I would much rather make a fraction of that if it gave me more work-life-balance.

Remember that money (and time!) are both TOOLS to live a life that’s aligned with your core values.

And you HAVE to prioritize both of them

Prioritizing your time and money

This comes down to the idea of identifying your core values, and you will hear me talk about over and over and over again because it is really THAT important. If you aren’t clear on what’s most important to you, managing your time and money is going to feel like throwing darts in the dark because you have no idea what you’re aiming for.

Since the beginning of the year, I’ve been basically binge-listening to The Mindset Mentor podcast by Rob Dial, and one idea that really hit home for me (and I think is super relevant to this topic) is to spend your time earning, learning, or relaxing.

And I think all three of those elements of how we spend our time IMPACTS the amount of money we are able to make.

• When we’re earning, that’s obviously us working our jobs and doing the tasks we need to do to increase our income

• When we’re learning, we are finding ways to up-level our skills (both professionally and personally)

• And when we’re relaxing, that’s when we’re just chilling, resting, or doing the things that we truly love to do and that lights us up.

It’s the RELAXING part that I think is often overlooked. And going back to the investment banking example, if there is essentially NO TIME to do anything in our day other than work, eat, and sleep, that’s going to have some pretty negative impacts on our relationships, mental health, and our bodies.

Now, one extra thing that Rob says on this topic is to outsource any other task that falls out of the lines of earning, learning, or relaxing.

When I heard him say this I had this kind of jerk reaction because my family did NOT have a lot of money growing up, and we basically DIYed EVERYTHING that we could. And, at the start of my financial journey, I entered this period of extreme frugality where I tried to spend as little money as possible.

A memory that really stands out to me is a summer like …5 years ago, where my car was SUPER messy and needed a car wash. And, in my town at the time, a drive through exterior car wash was about $12.

But on my mission to spend as little money as possible, I spent THREE HOURS hand washing my car because I didn’t want to pay for something that I could do myself.

If I break down the hours I spent compared to the price, that labor cost me $4 per hour, and I was so exhausted by the end of it that I didn’t do anything else for the rest of the day.

This example is NOT an isolated instance. I did this in SO many different areas of my life: where I spent time working more to save money, when I could have probably made more money if I had focused my energy on that instead.

If I had spent even a fraction of that time learning how to make more money instead, I think I would have freed up a lot more time in my life to do the things that I actually enjoyed much earlier on.

An example of a shift I’m making in my life today is to hire a professional cleaner. Because when I clean my house, it takes me the better part of an entire day to clean, I’m not able to do a spotless job because I’m not a professional, and I finish in a terrible mood because I’m thinking of all of the other things I would rather be doing:

• Working on Save Live Thrive

• Cultivating new skills

• Relaxing on the couch and watching Netflix

• Spending time with Oliver

• Hanging out with my friends

The list could go on.

So the cost of outsourcing that task is totally worth what I am able to get back by spending that time earning, learning, or relaxing.

Now, there is a balance here right? Again, you don’t want to outsource something if you genuinely cannot afford the cost. But the point I’m trying to drive home is that our time is an incredibly valuable resource that we want to keep in mind.

With all of that said, I want to conclude with some action steps that you can take TODAY to better manage your time and your money:

How to manage your time and money better

Find the tools you enjoy using

When it comes to managing your money, making a spending plan (aka a budget) is critical.

I recommend building your budget in the order of:

• Necessities (food, housing, utilities, transportation, medical & health)

• Goals (emergency fund, debt repayment, investments, retirement, etc.)

• Wants (restaurants, shopping, recreation, etc.)

When it comes to managing your time, use a calendar to plan out upcoming events, and ALSO start off every week and day by brainstorming how you want to spend your time.

I plan out my week when finishing up my weekly money routine (which, again, they are so related that I do these tasks at the same time)

And every morning, I spend five minute (literally just 5 minutes) creating a schedule for the day, which helps me stay SO MUCH MORE ON TRACK and utilize my time waaay more efficiently

Make adjustments

You will constantly be making adjustments to find the balance that feels right for you

I always thought that balance meant that everything needed to be in total equilibrium (think of those old fashioned scales, or weight scales) where everything needs to be totally evened out

But there are some days or seasons of life where you have to weigh your time and energy into one side of the scale, and others where it’s reversed

That’s what balance means

Action Item

I have an action item that I want you to work through with this idea of managing your time and money better.

1. First, I want you to journal about your perfect day.

   1. How are you spending your time?

   2. How are you spending your money? Where is it going?

   3. How does it FEEL to spend your time and money in that way?

2. Next, list out how you spent your time and money today.

   1. How do the two compare?

3. Journal about some actions you can take tomorrow to make it one step closer to looking like your perfect day.

   1. Maybe this means not doing extra unnecessary/unpaid/unrecognized tasks at the end of the work day and leaving work on time so that you can relax at home.

   2. Maybe this means cooking dinner at home so that you have some extra dollars to save or invest for your financial goals.

   3. Or maybe this means writing down the business plan of the dream business you’ve always wanted to start.

Whatever it is, write it down and make a commitment to yourself to complete that task tomorrow.

Because, again, our time and money allow us to build the life of our dreams, and the steps we take today help us pave the road for tomorrow.

That’s all I have for you today! If you loved this episode, please share it with your two best friends so that we can grow this community together and make some big waves in the financial wellness space.

See you next time!

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Disclaimer: The content and information provided on this podcast is for educational purposes only and does not constitute professional financial, legal, or tax advice. For recommendations on your specific financial situation, you must additionally seek the services of an appropriate licensed legal, accounting, tax, or investment professional.

Music written by Chris Glassman