Presentation on theme: "Managing Time and Money Time Management is Not: n Restriction and control n Someone elses agenda."— Presentation transcript:
Managing Time and Money
Time Management is Not: n Restriction and control n Someone elses agenda
Time Management Is: n Accomplishing your personal goals n Having fun with your life n Friends and family n A successful career
What are your lifetime goals?
Knowing your goals is the key to time management.
Successful Goal Setting n Is it achievable? n Is it realistic? n Is it specific and measureable? n Do you want to do it? n Are you motivated to achieve it? n Does the goal match your values? n What steps will you take to begin? n When will you finish this goal?
Class Exercise: My Lifetime Goals
Rules for Brainstorming n Generate as many ideas as possible n No censorship n Choose the best ideas later n Set a time limit n Establish a goal or quota
In 5 minutes, list your lifetime goals. Write anything that comes to mind. Can you list at least 10?
Look over your list and highlight or mark the most important goals.
In 5 minutes, list what you would like to accomplish in the next 5 years. Include your educational and career goals. See if you can come up with 10 items.
Again, highlight or mark your best answers.
What goals would you like to accomplish in the next year? n Consider these goals: n Education n Work n Leisure n Family n Social
Highlight your best ideas. Share with the class one of your most important ideas from this question. Highlight your best ideas. Share with the class one of your most important ideas from this question.
Assignment: Finish My Lifetime Goals
What is the difference between a goal and a fantasy?
Is this car a goal or a fantasy?
A Goal Requires
Turn Your Dreams Into Reality n Dream or visualize n Convert the dream into goals n Convert your goals into tasks n Convert your tasks into steps n Take your first step and then the next
Activity: Make a quick list of what you have done today and what you plan to do until you go to bed tonight.
Priorities are the key to effective time management. What are priorities?
Prioritize your list Related to Lifetime Goals Important--Have to Do Could Postpone
Beware: C Fever n The tendency to do C activities first n They are easier n We can see the results n Doesnt take too much effort or creativity n Little thought required
Work Your As Off n Make sure to accomplish what is most important n Work toward your lifetime goals
Balancing Work and Study Time n You need 2 hours of study time for each hour in class. n Research on college success has shown that you should work no more than 20 hours a week to be successful in college. n Working 20 hours a week provides valuable work experience.
Full Time College Schedule 15 Hours Attending Class 30 Hours in Reading and Studying 45 Hours Total This is like having a full time job.
College and Work Schedule 12 Hours Attending Class 24 Hours of Reading and Studying 20 Hours Work 56 Hours Total This is like having a full time job and a part time job.
The Impossible Schedule 12 Hours Attending Class 24 Hours Reading and Studying 40 Hours Work 76 Hours Total This is like having two full time jobs!
Part Time Student Schedule 6 Hours Attending Class 12 Hours Reading and Studying 40 Hours Work 58 Hours Total
Schedule Your Success n Create a Master Schedule n Class Times n Work Time n Scheduled Activities
Tips for Scheduling n Write in study times on your Master Schedule n Use the daylight hours for studying n Use your prime time for important tasks n Allow time for sleep and meals n Use priorities n Leave some unscheduled time for the unexpected n Leave time for recreation
Benefits of Using a Schedule n Gets you started n Helps avoid procrastination n Relieves pressure n Frees the mind of details n Helps find time to study n Helps avoid panic n Find time for recreation and exercise
Types of Schedules n Weekly n Daily n Monthly n Yearly
Dislike schedules? n Use a To Do List with priorities n Use a calendar to write important due dates n Lakeins Question: What is the best use of my time right now? n Reminders and sticky notes n Other ideas?
TO DO List 1. Batteries for watch B 2. Grocery store A 3. Dr. appointment 4. Clean house A 5. Dinner with family B 6. Gas in car A 7. Prepare for class 8. Balance checkbook 9. Watch TV 10. Wash car
Assignment: Monitor your time for a week. Turn it in next Tuesday along with analysis sheet.
Part II: Managing Time and Money
Remember Time Monitor and Schedule Analysis Due next class meeting Start today if you havent started already.
Time Management Tricks
Divide and Conquer
Do the First Small Step
80/20 Rule n 80% of the value comes from 20% of the items on a list
80/20 Examples n We only wear 20% of our clothes n 80% of file usage is in 20% of files n 80% of dinners repeat 20% of recipes n 80% of the dirt is on 20% of the floors n Can you think of others?
Aim for Excellence, Not Perfection n Is perfection necessary? n Maybe it aint no piano
Make Learning Fun By Finding a Reward
Just Take a Break
Study in the Library n Everyone else is studying there n It is difficult to do something else in the library
Learn to Just Say No
What are your time bandits?
Dealing with Time Bandits n Schedule time for other people n Use some of them as rewards n Use prime time wisely n Remind yourself of your priorities n Use a schedule n What is the payoff?
How to Deal With People Who Are Time Bandits n Communicate your goals n Spend quality time n Schedule n Keep your word n Tell them they are important n Be assertive if necessary
Think Pair Share How can you avoid procrastination? For example, you have an assignment due and you are having a difficult time getting started. How do you motivate yourself to get started?
Dealing With Procrastination
Why Do We Procrastinate?
Reasons for Procrastination n Fear of failure n Fear of success n Perfectionism n Need for excitement n Excellence without effort n Loss of control
How can you avoid procrastination?
Avoiding Procrastination n Select a goal n Visualize your progress n Be careful not to sabotage yourself n Stick to a time limit n Dont wait until you feel like it n Follow through n Reward yourself
Avoiding Procrastination n Re-evaluate your goals if you are procrastinating. n Are they dreams or goals? n Are your goals realistic? n Are your goals achievable? n And remember, you do not have to be perfect.
Managing Your Money
Challenge Question: To become a millionaire by age 68, how much would you need to save each month if you started saving at age 22? (Assuming a 10% return on your investments?)
To Become a Millionaire n At age 22, save $87 per month n At age 26, save $130 per month n At age 30, save $194 per month n At age 35, save $324 per month
Save money to accomplish your goals.
Heres an example of one person who did it!
The Gift of Thrift Amy Dacyczyn Author of Tightwad Gazette
Her Goals Lots of children A large new England farm house Stay at home with children Live on one income
Ways to Save Money n Major grocery shopping once a month n Shop at garage sales for childrens clothes n Cook at home n Has her own garden
With her husbands salary of $30,000, she was able to save $49,000 for a down payment on a New England farmhouse plus paid cash for $38,000 worth of car, appliance and furniture purchases in about 7 years.
She now published the Tightwad Gazette and earns one million dollars a year at $12 per subscription!
As a college student, how can you spend your money wisely and begin a savings habit?
Group Exercise: The College Student Tightwad Gazette
Budgeting is the Key to Money Management.
Start with a Money Monitor.
Try it on your own! Budgeting for College
Need More Money?
Apply for Financial Aid n Loans n Grants n Work Study
The College Success Web site has links for getting information and applying for Financial Aid online. www.collegesuccess1.com www.collegesuccess1.com
Apply for a Scholarship
How to Apply for a Scholarship n Research n The College Success Web Site n Library n Scholarship Office
How to Apply for a Scholarship n Establish a scholarship file n 3 letters of recommendation n Statement of personal goals n Statement of financial need n Copies of your transcripts n Copies of other scholarship applications
Best Ideas for Financial Security n Use a budget n Have a financial plan n Save 10% of your income n Dont take on too much debt. Beware of credit cards. n Learn about investments. n Dont procrastinate. The earlier you take these steps the better.
Keys to Success: Do What Is Important First
Put First Things First. --Steven Covey Author of Seven Habits of Highly Effective People
The trick is not to manage our time or money, but to manage ourselves.
Willpower, restriction and self- control may not work.
Manage Yourself n Know your values n Set goals n Visualize the actions you will take n Make decisions based on your values