- Your Path Counseling Center
- Sep 12, 2024
- 3 min read
Updated: May 19
updated 5/19/2025
Budgeting your time is the secret ingredient to unlocking greater financial success. It's about more than just squeezing in more hours at work; it's about strategically allocating your time to activities that will genuinely move the needle. Making more money takes intentionality, commitment, and follow-through.
Everyone has the same amount of time each year.
We all receive the same 8,760 hours each year. How you spend those hours will directly influence your health, wealth, and overall happiness. Finding the right balance between skill development, job execution, rest, and investing in your physical and mental health is critical to achieving your financial goals.
Budget Your Time Spent on Needs vs. Wants
We all need food, water, and shelter to survive. But we also need relationships, community, and a sense of purpose to thrive. Being intentional about how you will earn money, nurture relationships, and find fulfillment is essential. To maximize your potential, you must prioritize your physical, emotional, and mental well-being, which is why budgeting your time is crucial.
Where to begin?
Start by completing the Wheel of Life exercise. This exercise encourages you to rate different aspects of your life and identify areas for improvement. Focusing on improving one area of your life can positively impact others.
Evaluate your current use of time.
When you're trying to improve any aspect of your life, there are two primary levers you can pull:
How well you perform a task:Â Can you enhance your skills or efficiency?
How much time do you spend on a task? Can you dedicate more or less time to current activities?
For example, you could work more hours to increase your income. Many people take on second and even third jobs to make more income. Your other option is to earn more per hour. This is typically accomplished by earning a promotion, a bonus, or changing careers. In some cases, ambitious people can pull both of these levers. Developing a strategy for changing one or both variables will significantly increase your chances of reaching your financial goals.
🤔Does budgeting time really work?
Absolutely! Let me share a real-life example.
Last year, I worked with a marketing executive who wanted to earn a raise and a promotion. To achieve this, she knew she needed to increase her value in the eyes of the CEO. Initially, she was unsure how to proceed. She put her head down and worked tirelessly, but the CEO's perception of her remained unchanged despite her long hours.
Through coaching, I helped her recognize that working harder was not the answer. What she needed to do was work smarter.
Professionally:
She needed to spend more time understanding the problems the CEO wanted to solve.
She began spending more time with peers and collaborating with senior leaders to find solutions.
She tested and implemented new ideas that reduced expenses and increased income.
She worked on her presentation skills and better communicated he wins to the CEO.
Personally:
She had to overcome biases and anxiety that were getting in the way of communication and collaboration.
She needed to invest time in getting to know her peers better to trust them.
She reduced her anxiety by spending time building skills and competency through coaching, reading, and workshops.
She changed habits around eating, exercise, sleep, and social life, which helped her manage stress and be calmer.
Within a few months, this executive earned a promotion because she:
She began to embody the executive she was.
Helped the company save a significant amount of money.
Improved sales.
Enhanced communication across functions.
Earned the respect of the CEO.
⌚Time is your most valuable asset.
If you're unsatisfied with your current income, it's time to examine how you spend your time. We all have the same number of hours a year, and how we utilize those hours directly impacts our earning potential. The path to making more money isn't always straight. Sometimes, you must invest in acquiring new knowledge, building relationships, or gaining new experiences.
Identify what you need, develop a plan, and remain persistent. That's the key to unlocking greater financial success. Remember, time is your most valuable asset. Budget your time wisely.
Thank you for reading this blog; share it with a friend.
As an executive coach, I assist business owners, executives, and middle managers in clarifying their professional goals, developing skills, and growing their capabilities so they can reach their full potential.
Whether you want to lead more effectively, acquire a new role, or earn a promotion, I am here to help you accelerate your growth and achieve more.
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