My previous post covered Time Management Mistake Number Two – You don’t say No. Unfortunately if you are prone to making mistake number two, then chances are you will also suffer from Time Management Mistake Number Three – You don’t ask for help!
These two mistakes seem to go hand in hand – you say yes to all the requests which come your way but never ask for help when you need it. The result? Being way over committed and teetering on that precipice of feeling out of control.
Having mapped your time (Time Management Mistake Number One – You don’t know where your time goes), you know all the tasks you are spending your time on. However, you need to take this exercise further by:
- Putting a dollar value on your time; and
- Understanding the personal costs of time which is not well spent.
Putting a dollar value on your time is easy. If you have an hourly rate, use this figure. If you have a weekly income, divide it by the number of hours you work in a typical week. You now have an hourly rate that you can use to stress test whether any given task you perform is the best use of your time. If not, then it’s time to rethink.
For example – if you earn $50 an hour and you spend an hour each day tidying up for those you live with before getting stuck in to your work day, this is costing you $13,000 per annum at your hourly rate. Probably not the best use of your time.
Now flip it – what costs do you incur by not using your time well?
Well, there’s the pure waste of your time at your hourly rate as set out in the above example. In addition, there will be:
- Opportunity costs – what opportunity did you forego while picking up after your family when they are capable of doing so themselves?
- Emotional costs – how do you feel about the use of your time? Was it satisfying, productive, time well spent or do you feel annoyed, stressed, or angry about wasting a good hour?
- Physical costs – have you incurred a physical cost by constantly picking up after everyone?
By valuing your time and examining the costs of how you use your time, be confident and smart enough to ask for help when you need it.
Next post: Time Management Mistake Number Four ….