Principle 16: Budgeting Time & Money

Introduction

The sixteenth principle of Napoleon Hill's 17 principles of success is "Budgeting Time & Money". Budgeting money and time requires similar principles. Money must be spent very wisely otherwise it will be lost forever. In a similar way, time also needs to be budgeted and we must have discipline to adhere with the budget limits so that overspending can be eliminated. Our first priority must be to set aside fixed amount for savings. This principle will help us to build a safety cushion of money around us. There will be no fear of unknown or fear of poverty and this will enhance our creativity.
Tell me how you use your money and time, I will tell you where and what you’ll be in next 10 years.

Doers and Drifters

Your attitude towards life determines your attitude towards time. We can categorise people in two types:
Doers: These are those people who have definite major purpose. They learn from their mistakes and give gratitude to god for providing challenging situations. They also go extra mile and control their habits. 

Watch this video to understand how God helps us:

Drifters: They do not have goal in life. They always run from opportunity and blame others for their failures. They also do not do anything to improve their lives.

Time Management on the Job

We must create a to do list for today, this week and this month. We can do better time management by following Time Matrix. Divide a sheet of paper in 4 equal parts. Write “Urgent and Important” on top left part. Very critical works can be written here and these works are required to be done right away for a successful life. Write “Important but not urgent “ on a top right corner. These works are very important for the success but not so urgent. If we focus on these activities then the list of top left corner will always be empty. We have to review these activities on a daily basis. 

Write “Unimportant but Urgent” on bottom left part. These activities will always tempt us to waste our time. For example, if someone is giving us a very important advice and we got a call then that call become unimportant but urgent. Here we must listen and note down the advice first. Finally write down “Unimportant and Not Urgent” on bottom right side of the paper. These works are of least importance and we do not bother to remember these tasks. Write down these tasks as completion of these tasks and writing those down will give you sense of accomplishment.

Budgeting Your Money

There are ample number of reputed books already available in market. Please read those books to understand how to budget your money or salary. Also read "The 21 Absolutely Unbreakable Laws of Money" before investing your money. As a rule of thumb, set aside some portion of your salary (minimum 10%) for savings I.e., “pay yourself first“ and then plan your expenses. Also some part should be kept aside for charity work to go extra mile and help underprivileged people.

Summary

Remember this golden statement “ Tell me how you use your money and time, I will tell you where and what you’ll be in next 10 years.”. If you learn how to effectively budget your time and money then you will have time and money for all of your needs. Always remember that the sand of our hourglass is getting down and the glass cannot be refilled.