Many consumer advocates recommend setting up different savings accounts for different purposes. One for an emergency fund, one for travel, one for retirement, one for investment, that sort of thing.
The idea is that separate accounts will keep you from spending too much on one thing to the detriment of others. It’s a variation on the separate “envelope budget” idea where people cash their paycheck and put the cash in different envelopes, to make sure they had enough for rent, groceries, and so on
Anyway, it’s not a bad idea, especially for those on a tight budget.
Well, guess what? We’re all on a tight budget when it comes to time. There are only so many hours in a week and if we “spend” too much time on some things, we might not have enough for others.
Therefore, if you ever say you don’t have time for something you know you should be doing, (like marketing), you might want to set up a “time budget”.
Some experts call it “time blocking”. Basically, you decide in advance how much time you’re going to spend on certain activities and you schedule that time on your calendar.
I’ve been advocating this for years. At the beginning of the month (or week), you block out 15 minutes each weekday at 3 PM (or whatever) for marketing. You then keep that “appointment” with yourself.
But hold on. If you find yourself looking at your calendar and seeing you have scheduled 15 minutes for marketing and you don’t know what to do with that time, you might not do anything. Soon, you start canceling those appointments.
You might want to modify your schedule using the household budget analogy and decide in advance what you will do during your appointments.
On Mondays, you might schedule 15 minutes for writing an email newsletter. Tuesdays might be for making phone calls to introduce yourself to other professionals in your niche. Wednesdays might be dedicated to working on your next report, book, or presentation.
You get the idea.
By setting up your “time budget” in advance–what you will do and when–you won’t have to think about what to do at the appointed time, you’ll just do it.
Especially recommended for those who say they don’t have time for marketing.
Leverage is the key to earning more and working less
