Tips to make the most out of your time

Posted at 03/15/2014 1:10 PM

MANILA, Philippines - Do you feel that you don't have enough time to do everything you need to do in a day?

ANC On The Money's resident financial advisor Salve Duplito said time is man's biggest money-making resource.

In business and in one's personal life, Duplito said one should accomplish the most important things first. "This sounds so simple but difficult to do without actively watching how you spend your time," she said.

Most people are easily distracted by Facebook that they find themselves wasting hours of their time just looking at friends' photos and viral videos.

"Most of us these days get hooked on the least important stuff. At the end of the day, we miss opportunities to deepen a relationship with a client or understand more about a new investment opportunity. Worse, you don't have enough time to spend with your spouse and kids," she said.

Duplito suggests identifying the biggest priorities in your life. "Think about your non-negotiables, making them your priorities will help you earn more money or avoid losing money," she said.

Non-negotiables:

1. Quality time with God, spouse, children, parents or siblings.

"I'm sure that no one on their deathbed would say, I wish I spent more time in the office. Putting family first has big financial implications... Children who get more quality time with their parents tend to ask for fewer toys. Spouses who spend more quality time together end up having happier, longer marriages. Never forget that with the cost of annulment these days, it's always cheaper to keep your spouse."

2. Budget and track your finances.

"I suggest you consider budgeting and tracking your finances. With everything that goes on in a day, it's hard to track what goes out of your wallet. But when you don't, you are sure to lose money. Tracking your spending vis-a-vis your goals for each budget category will help you know at any point in time, whether you are overspending or not."

"The best-selling book and personal finance classic 'The Millionaire Next Door' by Thomas Stanley and William Danko surveyed more than 1,000 wealthy individuals in the US. It discovered that the truly wealthy in terms of assets, not measured by size of expensive houses or model of cars, spend a lot of time budgeting and tracking their spending."

3. Educate yourself about investments.

"Don't depend solely on sales people. It takes time and patience. Even if you're a doctor, there's no reason why you shouldn't understand how companies and the stock market work."

Duplito suggests using a timer when checking your emails or going on Facebook or other social networks, to ensure you are focused on your task. Another way of making sure you are on track with your tasks is by creating a "to-do list."

"There's one thing we share with the Bill Gates and Warren Buffetts of the world. We all have only 24 hours in a day. Using time wisely is the secret of many of the wealthiest and most successful people in the world," she said.