Creating an "emergency fund"–for time
It’s that time of the year when many of us feel like there is not enough time to get everything done. Your short list for the holidays might include cleaning the house, fixing the toilet, sending cards, shopping and wrapping, baking, and oh yeah—remembering where you hid the gifts you bought and stashed! Then there’s meeting year-end deadlines at work and at home, and attending to all of the holiday events on your calendar.
If only we could "bank" time the way we build up savings accounts, stashing extra time away when we have it.
We can’t do that, can we?
To explore this concept, I recently spoke with Laura Vanderkam, who writes and speaks about time management and productivity. Her 2016 TED Talk "How to Gain Control of Your Free Time" has over 9 million views, she hosts the podcast Before Breakfast, blogs at www.lauravanderkam.com and, as if that’s not enough to demonstrate her expertise in time management, she is the mother of four children!
Click here to listen to our full conversation on the FRESH OFF THE VINE podcast.
It’s no surprise that there are many similarities between how we manage our money and how we manage our time. After all, time is money! In order to better manage our time, we first need to examine how we are using it. Just as you would track how you are spending your dollars, Laura is big on closely reviewing how you spend your time. Notice how you are spending your time. Does it match up with your priorities? If not, how can you use your time differently?
Not unlike financial emergencies that create havoc for our budgets, one way that our calendars get thrown out of whack is when emergencies pop up that put us in a time crunch. Whether it’s an illness, a busted pipe, or a work crisis—any of these issues can quickly and easily derail your larger plans. So, while it turns out that we can’t literally "bank time," if time has been managed well, we can more quickly and easily climb out of our "time debt." For example, if on Sunday you made a double batch of meat sauce and froze half of it, you can now easily put dinner on the table. And if you’ve helped others recently, maybe you’ve banked some favors you can now call in.
You can also build space into your calendar to better anticipate the unexpected. In our office, we target a maximum number of client meetings each week and leave specific blocks of time available so that there’s room to deal with an emergency situation or just get caught up if needed. Even building in a few hours of open space into your calendar could create some buffer.
How are some ways that you have been able to "bank time?" I’d love to hear from you. Email me at karen.coyne@raymondjames.com.
Any opinions are those of Karen Coyne and not necessarily those of Raymond James. This blog is for informational purposes only. Raymond James is not affiliated with nor endorses the opinions of Laura Vanderkam. Raymond James does not endorse the podcast Before Breakfast or TED talk “How to Gain Control of Your Free Time.”
