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Last Updated on July 21, 2020

The Importance of Time Management: 8 Ways It Matters

The Importance of Time Management: 8 Ways It Matters

No matter how you slice it, there are only 24 hours in a day. Time is a finite resource, and it’s up to you to make the most of it.

If you lose money, you might get a chance to make it back; but a wasted hour is irreplaceable.

While we can’t add hours to our day, I can help you understand the importance of time management, and how time management helps you maximize the time you do have. This isn’t just a skill for entrepreneurs to master. Everyone could benefit from managing their time more effectively and appreciating it for the finite resource that it is.

The Importance of Time Management

The importance of time management comes down to how much it impacts your personal and professional life. Time management is organizing your day so that you find the best use for every moment.

Excellent time management allows you to create a healthy balance in your workflow and home life.[1] The consequences of failed time management include missing deadlines and living with excessive stress.

Even if you’ve failed to manage your time in the past, it’s never too late to change. Set deadlines, get organized, delegate tasks, and prioritize your to-do list to get the most value from your time.

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Why Time Management Matters to You

With the right time management skills and tools, you will experience a lot of benefits from good time management. Here are 8 reasons why you should start to manage time better:

1. Do More with Less

Knowing how to manage your time means that you’ll be able to accomplish more in shorter periods of time with less effort. Think about how much more you accomplish when you truly focus.

Prioritizing and matching tasks to blocks of available time is one way to do more with less effort. Instead of trying to do deep work in the ten minutes between meetings, complete a minor task. This frees up larger blocks for projects that require concentration.

If you find an extra hour of productivity in your day by using your time wisely, that gives you an additional 250 productive hours at work every year.[2]

2. Make Work Fulfilling and Life Meaningful

There’s nothing more frustrating than spending a day being completely busy but also entirely unproductive. A feeling of accomplishment helps you stay motivated at work. At home this translates into being able to relax and enjoy your time.

By being conscious of how you use time, you’ll have more of it to spend on the things you love.

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3. End Indecisiveness

Worrying about whether you have made the right choice can be time-consuming. Naturally, big decisions take up a lot of time but the small decisions you make every day can also be huge time-wasters. Deciding what to do next on your to-do list, for example, can have a major time cost.

Instead of staring blankly at your to-do list wondering what to tackle, create a plan or a routine.[3] This keeps you from using any of your precious minutes questioning what you should do next.

4. Achieve Goals Faster

Many people have big goals to feel fulfilled. But without understanding the importance of time management, these goals could sit on the shelf indefinitely.

For example, perhaps one of your goals is to lead a healthier lifestyle but you can’t seem to carve out time for gym sessions. Chances are, the time you need already exists. You just have to find it. By making the time to attend to your health, you can make necessary and desirable changes quickly.

5. Boost Confidence

Time management can improve your confidence. You’re more likely to take care of yourself properly if you have the time to do so. You’ll look and feel more put together before you even set foot into your work space.

In addition, you’ll get a regular boost from feeling a sense of accomplishment. Meeting your deadlines and exceeding expectations is a huge motivator. On the flip-side, failing to meet deadlines and struggling to keep up leads to burnout.[4]

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6. Have More Energy to Achieve More

Constantly feeling worn out and stressed is miserable. It also makes it hard to take on new challenges. An efficient workflow gives you the time to build new skills to improve your work.

This doesn’t only apply to work, though. Think of how much more exciting life is when you feel energized. With a boost of energy, you’re more likely to try a new hobby or go on an adventure instead of planting yourself on the couch.

7. Make More Time to Do the Things You Love

After you consider the amount of time that it takes for you to sleep, work, eat, commute and attend to your personal hygiene, you have about four hours per day to devote to the things you do for fun.

By learning to manage your time, you’ll have more opportunities to work on personal growth, spend time with family or visit friends. This quality time is priceless.

8. Reduce Stress and Avoid Feeling Overwhelmed

In a given day, you might be tasked with creating a mock up for a project, taking your child to practice, leading a discussion at work and buying groceries. When every task on your to-do list seems equally important, you’ll become overwhelmed.

Good time management allows you to look at your to-do list, categorize, and prioritize everything that’s expected of you. You’ll readily see the distinctions between work-related and personal tasks. You’ll know whether you can delegate some tasks or shuffle items so that you can be more effective.

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The result is a calmer and more-accomplished you.

Final Thoughts

Time isn’t an infinite resource for us. By becoming excellent at time management, everyone can make the most of the time they are given. Failing to manage your time means a lot of time wasted and you can never get it back. Succeeding opens a world of possibilities.

By sharpening your time management skills, you can expect to be more confident and effective at work. You will feel a strong sense of purpose when you produce your best work.

You’ll also have more time to spend with your family, take care of your own health and wellness. Overall speaking, you’ll drastically improve your life!

Find out how you can boost your time management skills here: 10 Practical Ways to Improve Your Time Management Skills Drastically

Effective time management leaves you energized, which translates into living fully and trying exciting things in the new time you’ve found in your day.

Featured photo credit: Stocksnap via stocksnap.io

Reference

More by this author

Leon Ho

Founder & CEO of Lifehack

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Published on August 4, 2020

How Smart Goal Setting Helps You Make Lasting Changes

How Smart Goal Setting Helps You Make Lasting Changes

SMART goal setting is one of the most valuable methods used by high achievers today to actualize their life goals time after time. SMART goal setting is the inverse of random or carefree goal setting without strategy.

Perhaps, you’ve always wished to get back in shape, get an annuity, or take control of your finances, but you failed to act. When you approach your goals with a care-free and nonchalant attitude, you’re less likely to achieve them.

You should have a strategic goal setting method in place, and learning how to set smart goals is imperative in this case. The method is time-tested and purposeful, meaning it can help you achieve your goals now.

To achieve your goals consistently and join the pack of high achievers out there who have consistently achieved many of their goals, you must be prepared to do what these people have been doing, and be ready to do the right thing: SMART goal setting.

What Is the SMART Model for Setting Goals?

SMART goal setting is a goal-setting method that considers certain factors about a goal relative to the person setting it. These factors are simply the five different letters in the SMART acronym for goal setting.

It is relative to the person setting the goal because what is true for A may not be true for B; or what is possible for A or within A’s ability to achieve may not be possible for B or within B’s ability to achieve.

What does the goal setting acronym SMART stand for?

  • S—Specific
  • M—Measurable
  • A—Achievable
  • R—Realistic/Relevant
  • T—Time-bound

Is it possible that this acronym can make a long lasting impact in your life?

Is it possible that a mere goal setting metric like SMART can help you achieve so many of your unfulfilled goals?

Is it possible that if you practice SMART goal setting, you will be able to have faster results, understand your goals better, overcome the habit of procrastination, and achieve a lot?

The power to achieve your goals is in your hands.

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It is important to extend the inquiry by asking: How many times have you said you’ll do “X,” but failed to do so?

We all have goals, and we all have 24 hours each day at our disposal. While some people find it easy to achieve their goals without procrastinating, some find it difficult to do so.

For some people who have succeeded again and again in achieving their goals, they have simply found an easy way of doing this. Is there something they know that you don’t?

How Smart Goal Setting Makes a Lasting Impact

Smart goal setting examples can be found all around you. Through SMART goal setting, Stephen Cooley was able to grow his real estate business to the point of closing at $110 million in sales when the average price point of homes was between $100,000 – $200,000 in South Carolina[1].

Through SMART goal setting, Steve Jobs was able to improve the fortunes of Apple and prevent the company from going bankrupt, even when it had barely 90 days left before being declared so.

SMART goal setting can make a lasting impact in your life in several ways.

Make Your Goal Clearer

When you use the SMART criteria to set goals, it is easier for you to understand the various phases of your goal.

By using SMART goal setting, you’re able to ask yourself relevant questions pertaining to your goal.

Motivate You Into Acting on Your Goals

When you use SMART goal setting and break down the goal into smaller goals or milestones, the bigger goal no longer looks intimidating or impossible.

Jack Canfield, co-author of Chicken Soup for the Soul, wrote in his book How to Get from Where You Are to Where You Want to Be about how they applied the rule of five in marketing their book, Chicken Soup, and were able to make the book a best seller after some months[2]. The rule of five simply means doing five specific things every day that will move you closer to achieving your goal.

In order not to be overwhelmed, you would have to measure your performance using the right metrics. Here we are considering the Measurable and Achievable aspects of the SMART acronym. It is critical that you measure yourself in terms of lead measures.

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What are lead measures? They are the things you do that leads you closer to your goals. On the other hand, you would have to avoid “lag measures.”

While lag measures mean a successful outcome that you wished for and got, they can be emotionally draining and deceitful because, whenever they don’t happen, you can become discouraged.

Therefore, it is better to stick to lead measures.

Help You Save Time

You can achieve more when you use SMART model goal setting.

To be strategic, your goal would have to be specific, measurable, achievable, realistic, and time-bound. If you can’t identify any of these points in your goal, you probably will be wasting your time on a wild goose chase.

When your goals are written down, it’s easier for you to go into action mode.

Improve Your Self-Discipline

Self-improvement is an important thing for everyone to do periodically. When you set SMART goals, it makes you realize that you have to sit up and work on achieving them.

How to Set SMART Goals

See the source image

    To make your SMART goals work, use the following tips:

    Specific

    Every goal ought to be specific. It is important to guard against making vague goals because even when they have been achieved, you may not know. This is because you weren’t specific enough.

    For example, “I will start planning toward retirement” is vague. Rather than write that, you could say, “I will start planning toward retirement by starting an annuity plan.” This is more specific.

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    When you are specific on your goal, it’s easier for you to identify all its components and work accordingly toward achieving it.

    Measurable

    Your goals must be measurable. When they are measurable, it’s easier for you to follow through.

    A goal like this is not measurable: “I want to make millions of dollars.” You can make it more measurable by saying, “I want to make one million dollars selling one hundred thousand copies of my book at ten dollars each.”

    Also, using our SMART goal setting examples while explaining the Specific acronym, you can make the goal more measurable by saying, “I will start planning toward retirement by starting an annuity plan and saving $500 every month.”

    Achievable

    How realistic or actionable is your goal? Is it practical enough to fit into a given time frame? Is it something you are able to achieve in your capacity?

    You would only be setting yourself up for failure if you sets goals that are not reasonable.

    A goal like this is highly unrealistic and, therefore, not achievable: “I want to be the Governor of Texas in six months,” especially since the elections will be coming up in three years.

    Goals must be written down relative to the experiences of the one setting them. They must resonate with you. It is important that you have at least some of the resources needed to actualize this goal.

    It is also important that you consider your time frame. When the time frame to achieve a complex goal is too short, it is rare that such goal will be completed.

    Thus, using our previous example, if you write “I want to make one million dollars in ten days selling one hundred thousand copies of my book at ten dollars each,” you would only be setting up yourself for failure.

    This is especially true if you’re not a popular author or if you’ve never sold even up to one thousand copies of any of your previous books, whether e-copy or in print.

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    Realistic/Relevant

    Before you proceed to making the commitment toward that goal, you need think about how realistic and relevant it is.

    Being realistic means you should be willing to make all the commitments required for that goal to be achieved. If your goal is relevant, it fits into the life you’ve imagined for yourself.

    Time-Bound

    Every goal must have a commencement date and an end date written down. It is also important that you break down your goals into phases, chunks, bits, or milestones.

    The act of having deadlines set to your goals is ample motivation that drives you into action. Without a deadline, it is not possible for you to know if you’re making headway with your goals.

    “I will start planning toward retirement by starting an annuity plan and saving $500 every month for the next twenty five years” is a time-bound goal.

    Remember that some goals are short-term while some are long-term. It is important to always bear this in mind, because this will help you in making a clear and realistic strategy when SMART goal planning.

    Without SMART goal setting in view, much of our goals may likely end in our minds, on paper, or just midway into implementation. SMART goal setting reveals to us all the action points of our goals and helps us to have an awareness of every aspect of our goals.

    The Bottom Line

    What matters at the end of the day is what you do with the contents of this article because the power to achieve your goals is in your hands.

    It is not enough to have a goal. It is not enough to put it down in writing. It is important to have a strategy in mind while putting it down. This strategy is a guideline or set of rules that point you in the right direction. It is SMART goal setting in the given circumstance.

    After writing down your goals, you will have to be ready to take action. There should be a clear action point. Write down what you need to do on daily, weekly, or monthly basis.

    When your goals are realistic, they make them worth the chase. One of the things to bear in mind is that, in order not to be overwhelmed by the daunting nature of your goals, remember to always break them into milestones, chunks, or bits. In fact, take one day at a time.

    Do not bother yourself with the one-year, three-year, five-year or ten-year plan as this may likely overwhelm you with fear and doubt. Let your focus be on each day. What will I be doing today? Consider this and go for it.

    More on the SMART Model for Setting Goals

    Featured photo credit: Kelly Sikkema via unsplash.com

    Reference

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