By: Suzan Bekiroglu, Editorial Consultant
The Importance of Effective Time and Debt Management
Once you develop good time management skills you can apply them to getting out of debt for good. Effective debt management skills are crucial to your financial future. The process of managing your debt effectively needs to start with a good outline and timescale for it to happen. Learning how to manage your time effectively will make you more productive and able to see the big picture more clearly. Planning out your schedule and your financial goals ahead of time will also reduce the stress that being in debt can frequently cause. By developing a clear plan, you are taking control of both your time and your money, leaving you feeling empowered and in charge.
Identify and Prioritize Your Time and Your Debt
The first step in both time and debt management is planning ahead. Think over your financial goals and schedule and figure out what you can do the every day, week and month to achieve them-such as by creating a budget and developing a schedule of your time. By planning ahead, you save yourself time, stress and wasted energy wondering what to do next. It is essential to know what you are planning for and in what order you would like to achieve those goals. Start by organizing all of your debt by itemizing the debt from top priority to lowest priority. Develop a time line and a plan of action. Developing a time line and going over it frequently will allow you to adjust your plans as necessary. You may need a second job or to work extra hours.
Minimize Distractions and Look for Wasted Resources
Try to identify and eliminate what distracts you from reaching your financial goals and wastes your time. If you get paid on a Friday and find yourself at the mall every Friday after work, try taking a different route home and avoid the temptation of stopping in at the mall with a fresh paycheck in hand.
Find out where both your time and your money are going. Many individuals fall prey to wasting both without even realizing it. Tracking your daily activities and spending habits can help you see if you are wasting either one. You need to make your time work for you, to increase productivity and to secure your financial future. Good habits do not just happen overnight, but the more you stick to your plan, the easier it will get and the more effective it will become.
Learning good time management skills can help you learn to prioritize not only your time, but your debt as well. Planning ahead, developing a time line and looking closely for distractions and wasted resources will make your time more productive while making your debt more manageable.