[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.timemanagementplans.com\/manage-your-time-better-by-creating-a-budget\/#BlogPosting","mainEntityOfPage":"https:\/\/www.timemanagementplans.com\/manage-your-time-better-by-creating-a-budget\/","headline":"Manage Your Time Better by Creating a Budget","name":"Manage Your Time Better by Creating a Budget","description":"It seems so simple to say: you save time when you save money. But is that because “time is money” or is it because you’re not spending as much of your time spending money? The number one personal financial management strategy recommended by all experts and monetary soothsayers is that you should create a monthly...","datePublished":"2016-09-05","dateModified":"2025-06-04","author":{"@type":"Person","@id":"https:\/\/www.timemanagementplans.com\/author\/mark\/#Person","name":"Mark","url":"https:\/\/www.timemanagementplans.com\/author\/mark\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/131cfccbaaff5083caadb2ebb178119fe605ab5a0bdcf4a00e7f2ec170a49434?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/131cfccbaaff5083caadb2ebb178119fe605ab5a0bdcf4a00e7f2ec170a49434?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Reflective Dynamics, Inc.","logo":{"@type":"ImageObject","@id":"https:\/\/www.timemanagementplans.com\/wp-content\/uploads\/time-management-plans-blog-logo.jpg","url":"https:\/\/www.timemanagementplans.com\/wp-content\/uploads\/time-management-plans-blog-logo.jpg","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/i0.wp.com\/www.timemanagementplans.com\/wp-content\/uploads\/save-time-while-budgeting.jpg?fit=720%2C360&ssl=1","url":"https:\/\/i0.wp.com\/www.timemanagementplans.com\/wp-content\/uploads\/save-time-while-budgeting.jpg?fit=720%2C360&ssl=1","height":360,"width":720},"url":"https:\/\/www.timemanagementplans.com\/manage-your-time-better-by-creating-a-budget\/","about":["Systems"],"wordCount":1011,"articleBody":"It seems so simple to say: you save time when you save money. But is that because “time is money” or is it because you’re not spending as much of your time spending money?The number one personal financial management strategy recommended by all experts and monetary soothsayers is that you should create a monthly budget and stick to it no matter what happens. Let’s take a look at how making and committing to a monthly budget actually saves you time.First, there is a large investment of time in creating the budget. That is because you have to take the extra time to find and locate all your bills and personal income statements. Some experts advise you to look at the past 3 months’ worth of data. I don’t think it would be a bad idea to look at the past year.If you examine how much money you made and spent in the last 12 months, and where you spent it, you’ll have a better idea of when your monthly expenses will increase or decline. For example, if you use more electricity in the summer months your electric bill will be higher. If you use more natural gas in the winter months your gas bill will be higher. Only looking at the last 3 months’ worth of data won’t tip you off to these changes in monthly utility costs.Second, knowing when your monthly expenses will be highest gives you time to prepare for the extra expense. Personal time management isn’t just about saving time; it’s about using your time efficiently to complete as many necessary tasks as possible.So if you leave yourself time to plan ahead (and actually follow through on that) you will save time when the expenses rise, because then you won’t be worrying about where to get the extra money.Third, it is a fact that many personal budgets fly out the window as soon as an unexpected expense shows up. This is because people live too close to the line. They don’t budget for less than what they bring home. You cannot save money if you are spending everything you earn.Creating a budget that can withstand normal financial shocks means you won’t suddenly have to re-allocate time at the last minute to find more money to pay bills, or negotiating with creditors to change bill payments. That’s important when it comes to saving time and, of course, it also has a great impact on your personal credit worthiness.But Merely Having a Budget Is Not Always EnoughOne of the great failings of personal financial planning is the expectation that nothing will change in your life. In the next twelve months at least one person you know will lose or leave their job. For many people that figure runs to 4-5 lost jobs in the friends and family circle every year. Sooner or later you will be one of those people.When you lose your income your budget, no matter how good, will only last as long as your savings. If you have no savings then your budget plan is wrecked immediately. If you only have a little bit of savings your budget will still crash and burn very quickly.It is at this point that most people give up on budgets because if you have no income then what is the point of making a budget?I submit that if you are facing hard times you have to make hard choices. You cannot pay all the creditors when you have no income, so you still need a budget that tells you who WILL be paid, and when, so that you are not constantly trying to figure out who to pay next.It’s not fair to the people you owe money to, but then your loss of income is not fair to you, either.The less time you spend scrambling for money you don’t have, the more time you can devote to replacing your lost income. And that is a very important goal because it becomes psychologically more challenging to replace a lost income when you feel like you have no control over your financial situation.You have as much control as you need in order to manage your time. When bill collectors call be polite but be firm: tell them you are not able to talk with them. In some cases you may just want to tell them (politely) to stop calling you. If matters get to the point where your debts are charged off or you declare bankruptcy, you will have done yourself more favors by remaining calm and not giving in to panic.Concentrate on the most important things first: keep a roof over your head and food on the table, even if that means moving your family in with someone else. And never overstay your welcome. Your first goal when you resort to living with someone else should be to get enough income together to get back out on your own.Managing Time When You Have No Money is As Important as When You DoHow you spend your time every day matters to your financial future. Simply ignoring your problems does not solve them or make your day pass any easier because you still have to live with the anxiety. You create a Dire Situation Budget so that you know what you can take care of and what you cannot. You live by that budget until something changes.This helps you stay focused on the most important goal: finding a new source of income as soon as possible.Here are a few Websites that help you manage your money betterLinks open in new browser tabs:Low Income AidFinance is PersonalFrugal LivingManaging Money: Mastering Life SkillsMoneta DieMy Investment BlogMy Personal Financial Journey and TipsPoorer Than YouDid you like this article?  Please share it with your friends and visitors to your Website.  Tell people about www.TimeManagementPlans.Com.  Thank you."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Manage Your Time Better by Creating a Budget","item":"https:\/\/www.timemanagementplans.com\/manage-your-time-better-by-creating-a-budget\/#breadcrumbitem"}]}]