Do you ever feel you haven’t had chance to get all you wanted to do, done? Well, you’re not alone. It’s a common feeling in today’s world. That’s why managing our time has become more important than ever.
Many productivity strategies focus on our short-term goals, and how to improve our efficiency over the short term. While that is indeed important, and shouldn’t be disregarded, this post will focus on how our larger choices can affect our time and thereby our productivity.
We are of course talking about time assets and time debits. It may help to think of time assets as integral parts of a longer-term time management strategy. If you’re looking for some apps to help you with this, be sure to check out our post on the 7 best time management apps for 2022.
Later, we’ll talk about why it’s important to build time assets and deal with time debits and discuss how to do so, giving examples of each along the way. First, though, let’s find out what time assets and time debits are.
What are Time Assets?
Time assets are any actions or choices you may make now that will save you time in the future. A time asset can also refer to any resource with the potential to save you time or increase your productivity.
This can include physical tools such as software programs, devices, and equipment that help you automate tasks or streamline your workflow.
Time assets can also be intangible things like skills, knowledge, and relationships.
For example, having the ability to delegate tasks to others, knowing how to effectively prioritise your tasks, or having a strong network of people who can help you achieve your goals can all be considered time assets.
Overall, time assets are anything that can help you use your time more efficiently and effectively, allowing you to focus on the most important tasks and achieve your goals in less time.
What Are Time Debits?
Time debits are the opposite of time assets – namely, any decisions or actions you take today that will cost you time in the future. It also refers to any action which reduces your productivity.
Essentially, time debits are anything that takes up more of your time than you would like and doesn’t contribute to your overall goals or well-being.
Common examples of time debits include checking social media too much, watching endless TV, or spending too much time on tasks that are neither important nor urgent. Other time debits can include distractions, interruptions, and poor time management habits.
Unlike time assets, which help you use your time more efficiently, time debits can leave you feeling exhausted, overwhelmed, and unproductive. They can also prevent you from achieving your goals and living a fulfilling life.
Overall, it’s important to identify your time debits and try to eliminate or minimize them as much as possible. This will allow you to make better use of your time and focus on the activities and tasks that truly matter.
It’s time to dig a little deeper into some examples of time assets.
Examples of Time Assets
As mentioned above, assets can be both tangible and intangible. Here are some of the most common ones.
Time-saving tools and technology – These can include productivity apps, project management software, and automation tools that help you streamline tasks and save time. Read our post on 3 giants of project management software for more.
Skills and knowledge – Having valuable skills, expertise, and knowledge can be a time asset. For example, being proficient in a certain software program can help you to complete tasks more efficiently.
Support networks – Having a supportive network of family, friends, and colleagues can be a time asset, because they can help you with tasks give valuable advice.
Delegation – Knowing when and how to delegate tasks to others can be a time asset, as it frees up your time to focus on higher-priority activities.
Self-care – Taking care of your physical and mental health can be a time asset, as it helps you maintain focus and productivity over the long term. This could include simple activities like taking a nap to give yourself an energy boost. You can check out our post on the power nap for more info.
Time-blocking – Time-blocking is a time management technique where you schedule specific blocks of time for certain tasks or activities. This can be a time asset because it helps you stay focused and prioritise tasks.
Outsourcing – Outsourcing tasks to other people who have the expertise and skills to complete them efficiently can be a time asset. This frees up your time to focus on tasks that require your specific skills and expertise.
Learning – Investing time in learning new skills or gaining knowledge in a particular area can be a time asset. It can help you finish tasks faster, solve problems more effectively, and work more creatively.
Multitasking (in the right way) – Contrary to popular belief, multitasking can be a time asset if done correctly. For example, listening to a podcast or audiobook while doing household chores or commuting can be a way to make use of otherwise unproductive time. Remember, however, that when you’re engaged in deep work, it’s better to give your full attention to a single task and not try to multitask.
Planning and organisation – Planning and organising your tasks, schedule, and environment can be a time asset. It helps you stay on track, avoid distractions, and complete tasks more efficiently.
Overall, time assets are anything that helps you save time or increase your productivity, allowing you to achieve your goals more efficiently. By identifying your time assets and making the most of them, you can make better use of your time and hopefully live a more fulfilling life.
Next, we’ll move on to look at examples of time debits, you’ll be sure to encounter.
Examples of Time Debits
Here are some examples of time debits. You’ve probably experience more than one of them. This list will feature some of the old enemies of productive, as you’ll know if you’ve followed this blog for a while.
Procrastination – Putting off tasks until the last minute or delaying important decisions can be a major time debit. It can lead to unnecessary stress, missed deadlines, and lower-quality work.
Distractions – Constant interruptions from email, social media, or phone calls can be a time debit, because they break your focus and reduce your productivity.
Poor time management – Not prioritising tasks, failing to plan, or trying to do too many things at once can be a time debit, as it can lead to wasted time and unfinished work.
Meetings – Meetings that are not well-planned, run too long, or aren’t necessary can be a time debit, because they take up valuable time that could more profitably be spent on other tasks.
Social media – Spending excessive amounts of time on social media can be a time debit, as it can distract you from other, more important tasks and reduce your productivity.
Email – Constantly checking and responding to emails can be a time debit, as it can interrupt your work and lead to a backlog of unfinished tasks.
Mindless entertainment – Binge-watching TV shows or playing video games for long periods of time can be a time debit, as it takes up valuable time that could be spent doing something more productive.
Being close to distractions – Being in an environment that is full of distractions, such as a noisy coffee shop or a cluttered workspace, can be a time debit, as it can reduce your focus and increase your stress levels.
Overcommitment – Saying “yes” to too many commitments or activities can be a time debit, as it can lead to a lack of time for important tasks, burnout, and, ultimately decreased productivity. For advice on how to get around this problem, see our post on saying yes at work.
By identifying your time debits and finding ways to minimise or even eliminate them entirely, you can make better use of your time and accomplish more in less time.
Now we’ll address the question of why we should work to build time assets.
Why Should We Build Time Assets?
There are many good reasons to build time assets. Let’s look at some of them.
It will increase your productivity – Time assets help you become more productive by optimizing your time and allowing you to focus on high-priority tasks. This can lead to increased efficiency and better performance in your work or personal life.
It will lead to improved wellbeing – Building time assets can help reduce stress and improve your overall well-being. By managing your time effectively and focusing on important tasks, you can free up time for self-care and leisure activities.
It can lead to career advancement – Time assets can help you advance in your career by allowing you to focus on tasks that are most important for achieving your goals. This can lead to better performance evaluations, more opportunities for advancement, and higher salaries.
It will afford more opportunities – Building time assets can afford more opportunities in both your personal and professional life. By becoming more productive and efficient, you may have more time and resources to pursue hobbies, travel, or further explore other interests.
It promotes a better work-life balance – Time assets can help you achieve a better work-life balance by allowing you to spend more time with family and friends, pursuing hobbies, or engaging in other leisure activities.
Overall, building time assets is important for achieving success and well-being in both your personal and professional life. By focusing on activities that increase your productivity and make the most of your time, you will be well on your way to living a more fulfilling life.
How to Build a Time Asset
Building time assets involves identifying the areas in your life where you can make changes to optimise your time and increase productivity. Here are some steps you can take to build time assets.
Set goals – Identify your long-term and short-term goals and create a plan to achieve them. Having clear goals helps you prioritise your time and focus on activities that are most important to you.
Pinpoint your strengths – Figure out what you are good at and focus on building skills in those areas. This will help you become more efficient and effective in completing tasks.
Invest in technology – Use technology to your advantage by finding tools that can help you save time, automate tasks, and streamline work processes.
Build a support network – Build relationships with people who can help you with tasks or provide valuable advice. This can include family, friends, colleagues, or mentors.
Learn continuously – Invest time in learning new skills or gaining knowledge in a particular area. This will help you stay up to date with changes in your industry and improve your productivity over time.
Practice self-care – Prioritise your physical and mental health by eating well, exercising regularly, and getting enough rest. Taking care of yourself will help you maintain focus and productivity over the long term.
Overall, building time assets requires a proactive approach to time management and a willingness to invest time and resources into areas that will increase your productivity and improve your overall well-being. By making time for building time assets, you can create a more fulfilling and productive life.
Last but not least, we’ll look at why we should tackle time debits and have we can do so.
Why Should We Deal with Time Debits?
Dealing with time debits is important for several reasons.
Increased productivity – Time debits can be a major distraction and can reduce your productivity. By dealing with time debits, you can optimize your time and focus on tasks that are most important and impactful.
Reduced stress – Time debits can also contribute to stress and burnout. By managing your time effectively and avoiding distractions, you can reduce stress and improve your overall well-being.
Improved quality of work – When you’re distracted by time debits, it can be difficult to produce high-quality work. By dealing with time debits and focusing on important tasks, you can produce better quality work and achieve better outcomes.
Career advancement – Managing time debits can also lead to career advancement. By focusing on high-priority tasks and producing high-quality work, you may be more likely to receive promotions, recognition, and other opportunities for career advancement.
Overall, dealing with time debits is important for achieving success and well-being in both your personal and professional life.
How Do We Deal with Time Debits?
Dealing with time debits requires a proactive approach to time management. Here are some strategies you can adopt to help you deal with them.
- Identify your time debits – Start by identifying the activities or situations that are taking up too much of your time and reducing your productivity. This can include social media, email, procrastination, and similar distractions.
- Prioritise tasks – Prioritise tasks based on their importance and urgency. You can use the Eisenhower Matrix to help you. That way, you will always be able to focus on what truly matters at a particular point in time.
- Create a schedule – Create a daily or weekly schedule that includes time for work, leisure activities, and self-care. Stick to the schedule as much as possible and avoid straying from it, even when something unexpected happens.
- Use technology to your advantage – Use technology to your advantage by finding apps or tools that can help you manage your time more efficiently. For example, you can use time-tracking apps to keep tabs how much time you spend on different tasks and thereby figure out where you can improve.
- Set boundaries – Set boundaries with colleagues, friends, and family members to avoid being interrupted during work or leisure time. This can include turning off notifications on your phone or email during specific hours or letting your co-workers know when you’re not available.
- Practice self-discipline – Practice self-discipline by avoiding temptations that can distract you from your work or personal goals. See our post on how to build self-discipline for more.
By doing all the things listed above, you can manage your time more effectively and achieve your goals.
Wrapping Up
Understanding the difference between time assets and time debits is crucial for effective time management. While time assets can help you become more productive, achieve your goals, and improve your well-being, time debits can be a major distraction that can reduce your productivity, increase stress, and hinder your progress.
There’s no need to worry, though. By taking a proactive approach to time management, you can turn time debits into time assets. This can be achieved through a combination of strategies, which can include everything from identifying your time debits, to practicing self-discipline.
Remember, time is a valuable resource which is finite and therefore precious. By managing your time effectively, you can make the most of every moment and achieve your goals in both personal and professional life. Start identifying your time debits today so you can them into time assets and begin living your best life.
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