Time is Money: Pay it down, Part 2 of 2

by Josh Mathews

In the first post of this two-part topic, some parallels were drawn between the deficits of time and money that many of us experience. Returning to this "time is money" equation: I wonder, are there any principles that help in managing finances that can apply to time management as well?

Now I am neither a financial adviser nor the son of a financial adviser. However, it seems to me that, given some similarities between time and money, there is at least one practical bit of financial advice that works well with time management too.


Manageable Bills: Rapid Paydown


I once heard a finance expert say that the best way to pay down debt quickly is to start with the smallest bill and work up from there. Focus as much of your resources as possible on one debt at a time in order to pay it off completely. Getting one debt totally taken care of breeds extra motivation to keep going and pay off the next one, and the next one, and so on.... On the other hand, it's hard to get excited about making minimal payments on several bills only to make very gradual progress on each individual bill. This expert even admitted that, given interests rates and other factors, this approach does not always make the best sense mathematically. His point, however, was that with finance management, success fosters a sense that debt and bills are more manageable than they sometimes seem. And this perspective motivates further financial success.


A Manageable Agenda


An undergrad professor of mine had a rule of thumb for staying on top of the various teaching, administrative, writing, etc. duties and responsibilities that were on his desk each day. He would try to work on one thing at a time, giving it his whole attention until it was completely finished. Only then would he move on to the next thing. Just like the rapid paydown principle in finance management, this "system" of time management takes into account the negative effect of having so many things on our plate that, at times, we can get overwhelmed and bogged down.

Sometimes I've thought it would be better to make progress on the overall mass of responsibilities before me, committing time to several individual tasks in a given day in order to chip away slowly but steadily on all of them. While this may theoretically be a more efficient way to make progress on the overall sum of work to be done, it is not effective towards limiting and managing the number of tasks on the agenda. And I might speak for myself (though I doubt it) when I say that completely wrapping up a task is exciting and energizing. Even if I still have several things to do, it helps greatly to devote my attention to one task until it is finished before moving on to another thing.

Of course, this principle does not apply without exception. If the tasks on my agenda include, say, writing a monograph, teaching classes, applying for jobs, contributing to a blog, and being a husband and dad, the principle becomes a bit more complex. I can't focus all of my time on applications or the blog and leave the monograph revisions completely on the back burner. Large projects (dissertation much?) obviously require consistent attention, even though many other small responsibilities will come up before the large project is finished. And things like teaching, parenting, or "husband/wifing" cannot always flex around our plan for effective time management. On Thursday mornings, whether or not I'm finished with the small task I'm focusing on in order to finish it completely, I need to teach from 8-11 AM.

Taking into account these qualifications, it does seem to me that the rapid paydown principle of finance management may have some helpful application to time and task management.