Comments on: Life is Like a Budget? http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/ Motivational Money Management Wed, 08 Feb 2012 06:09:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Advantages of a Fee-Only Financial Advisor & Are You Ready to Buy a Home http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-12098 Advantages of a Fee-Only Financial Advisor & Are You Ready to Buy a Home Thu, 07 Apr 2011 06:03:33 +0000 http://www.enemyofdebt.com/?p=4442#comment-12098 [...] Enemy of Debt wonders if life is like a budget? [...] [...] Enemy of Debt wonders if life is like a budget? [...]

]]> By: Richard @ Debt Assistance Guru http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7339 Richard @ Debt Assistance Guru Mon, 19 Jul 2010 16:20:53 +0000 http://www.enemyofdebt.com/?p=4442#comment-7339 When it comes to budgeting time, I see an analogy with going on a diet to lose weight. Many diets advise specific numbers of calories to consume each day and a break down of the carbs, fats and proteins you should be eating. Working out what and when to eat is based on specific formulae, constant tracking and careful monitoring. It's effective but incredibly boring and generally sooner or later people give up on these diets. The diets that tend to be more successful are those that are less specific in their guidelines. They talk more about "portions", "sins" or "free foods" than specific equations which makes losing weight easier and more enjoyable. Sure, you might lose weight a little slower with this lack of clarity, but you will probably manage to stay on the diet longer and so lose more weight overall. I see similar things happening with time management. It is all too easy to try and time every element of your life, record it, set targets and micro manage that there is a risk that life becomes just a series of boxes to tick. I think this takes away some of the fun of life. Certainly learning to prioritize, applying the Pareto principle and making decisions on what to stop doing make sense, but I also think it's important not to overdo the time management element of life if you really want to be in the "now" and enjoy life to it's fullest. When it comes to budgeting time, I see an analogy with going on a diet to lose weight.

Many diets advise specific numbers of calories to consume each day and a break down of the carbs, fats and proteins you should be eating. Working out what and when to eat is based on specific formulae, constant tracking and careful monitoring. It’s effective but incredibly boring and generally sooner or later people give up on these diets.

The diets that tend to be more successful are those that are less specific in their guidelines. They talk more about “portions”, “sins” or “free foods” than specific equations which makes losing weight easier and more enjoyable.

Sure, you might lose weight a little slower with this lack of clarity, but you will probably manage to stay on the diet longer and so lose more weight overall.

I see similar things happening with time management. It is all too easy to try and time every element of your life, record it, set targets and micro manage that there is a risk that life becomes just a series of boxes to tick.

I think this takes away some of the fun of life.

Certainly learning to prioritize, applying the Pareto principle and making decisions on what to stop doing make sense, but I also think it’s important not to overdo the time management element of life if you really want to be in the “now” and enjoy life to it’s fullest.

]]> By: Friday Finds June 11, 2010 http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7040 Friday Finds June 11, 2010 Sat, 12 Jun 2010 02:20:24 +0000 http://www.enemyofdebt.com/?p=4442#comment-7040 [...] of Debt talks about treating your life like a budget.  I’ve been trying to become more aware of what I spend my time on and could have written [...] [...] of Debt talks about treating your life like a budget.  I’ve been trying to become more aware of what I spend my time on and could have written [...]

]]> By: finallygettingtoeven.com http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7035 finallygettingtoeven.com Fri, 11 Jun 2010 11:54:27 +0000 http://www.enemyofdebt.com/?p=4442#comment-7035 Great post and great idea. I think budgeting our time keeps us from wasting precious hours and floundering throughout the day. Making a daily to-do list works for me. While i do not micro-manage all my activities, which would be impossible, the larger projects get priority and any time left over gets allotted to the chores of daily living of life. Great post and great idea. I think budgeting our time keeps us from wasting precious hours and floundering throughout the day. Making a daily to-do list works for me. While i do not micro-manage all my activities, which would be impossible, the larger projects get priority and any time left over gets allotted to the chores of daily living of life.

]]> By: Brad Chaffee http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7028 Brad Chaffee Fri, 11 Jun 2010 02:46:57 +0000 http://www.enemyofdebt.com/?p=4442#comment-7028 That's a really great article Jessica thanks for sharing! :D That’s a really great article Jessica thanks for sharing! :D

]]> By: Brad Chaffee http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7027 Brad Chaffee Fri, 11 Jun 2010 02:46:20 +0000 http://www.enemyofdebt.com/?p=4442#comment-7027 Mr. J. Money welcome bro!! So glad you were able to stop by. Yeah we did talk about this post and to be honest I am sure you could pull it off just as well. It's all about perspective and we all have different perspective so if you do write a post similar to this let me know I would love to check it out. :) Yeah it was really cool getting to hang out with you man! Next time you see me I will look different though. haha! Killing my fat like I did my debt, AND with the same or possibly even more intensity. Imagine that! :) Mr. J. Money welcome bro!! So glad you were able to stop by. Yeah we did talk about this post and to be honest I am sure you could pull it off just as well. It’s all about perspective and we all have different perspective so if you do write a post similar to this let me know I would love to check it out. :)

Yeah it was really cool getting to hang out with you man! Next time you see me I will look different though. haha! Killing my fat like I did my debt, AND with the same or possibly even more intensity. Imagine that! :)

]]> By: Brad Chaffee http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7026 Brad Chaffee Fri, 11 Jun 2010 02:43:55 +0000 http://www.enemyofdebt.com/?p=4442#comment-7026 Yeah I hear ya there dude! It is tough to fit EVERYTHING in so you really have to draw the line somewhere. This post came from me thinking about what has changed recently in my life and how I was going to adjust to those changes. :) Yeah I hear ya there dude! It is tough to fit EVERYTHING in so you really have to draw the line somewhere. This post came from me thinking about what has changed recently in my life and how I was going to adjust to those changes. :)

]]> By: Brad Chaffee http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7025 Brad Chaffee Fri, 11 Jun 2010 02:42:11 +0000 http://www.enemyofdebt.com/?p=4442#comment-7025 I think you are on to something Aaron! Thanks for the great comment! I have to be honest though, I only created the excel spreadsheet to illustrate my point. I have yet to actually put anything down on paper yet, I just knew that since I was working more on my weight issue then I had to cut something else from my "daily budget". Unfortunately in some ways I needed to put EOD under my health so I just thought I would write about it. I do like the idea of actually creating a budget for the day. I wrote a similar post about what the perfect day would look like if I had my way. I think goal setting in every aspect of your life really helps people get things done, so maybe I do need to start writing this stuff down and sticking to it like a budget of sorts. Thanks again dude! I think you are on to something Aaron! Thanks for the great comment! I have to be honest though, I only created the excel spreadsheet to illustrate my point. I have yet to actually put anything down on paper yet, I just knew that since I was working more on my weight issue then I had to cut something else from my “daily budget”. Unfortunately in some ways I needed to put EOD under my health so I just thought I would write about it. I do like the idea of actually creating a budget for the day. I wrote a similar post about what the perfect day would look like if I had my way. I think goal setting in every aspect of your life really helps people get things done, so maybe I do need to start writing this stuff down and sticking to it like a budget of sorts. Thanks again dude!

]]> By: Jessica C http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7013 Jessica C Thu, 10 Jun 2010 00:19:41 +0000 http://www.enemyofdebt.com/?p=4442#comment-7013 Good post. I agree with Aaron. Having a time "budget meeting" with your wife is a good idea, to prioritize activities, work, recreation, etc. etc. Including weekends, and time with kids. This made me think of the following article on multitasking, and multi-media distractions.... http://www.nytimes.com/2010/06/07/technology/07brain.html Long time lurker. You helped me decide to follow D Ramsey- taking FPU in Redmond, WA now! Good post. I agree with Aaron. Having a time “budget meeting” with your wife is a good idea, to prioritize activities, work, recreation, etc. etc. Including weekends, and time with kids.

This made me think of the following article on multitasking, and multi-media distractions….

http://www.nytimes.com/2010/06/07/technology/07brain.html

Long time lurker. You helped me decide to follow D Ramsey- taking FPU in Redmond, WA now!

]]> By: J$ http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7010 J$ Wed, 09 Jun 2010 03:34:17 +0000 http://www.enemyofdebt.com/?p=4442#comment-7010 You stole my post idea!!! haha....j/k, I remember you telling me about it :) GREAT one for sure - you put it much better than I could, although I still may try later - haha... Great seeing you the other day bro! You stole my post idea!!! haha….j/k, I remember you telling me about it :) GREAT one for sure – you put it much better than I could, although I still may try later – haha…

Great seeing you the other day bro!

]]> By: Dustin | Engaged Marriage http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7008 Dustin | Engaged Marriage Tue, 08 Jun 2010 22:33:50 +0000 http://www.enemyofdebt.com/?p=4442#comment-7008 I'm a big proponent of time budgets. I am so busy that I couldn't get nearly everything I *want* to do each day done without one. It's all about being intentional...just like with your money. ;) I’m a big proponent of time budgets. I am so busy that I couldn’t get nearly everything I *want* to do each day done without one. It’s all about being intentional…just like with your money. ;)

]]> By: Aaron @ Clarifinancial http://www.enemyofdebt.com/2010/06/life-is-like-a-budget/#comment-7005 Aaron @ Clarifinancial Tue, 08 Jun 2010 12:59:33 +0000 http://www.enemyofdebt.com/?p=4442#comment-7005 Inspired. I like the idea of budgeting time in the day literally. In fact, when I first saw your chart, it reminded me of points systems some trainers use with competitive athletes. Along those lines, I saw room for improvement (at least for my own purposes). The main problem I'd try to address is the disincentive created by doing things that are good and vice versa. (You know I'm a nerd, so just follow along real quick.) Suppose you don't exercise today - you gain time in the budget system. What happens if you spend more time with your sweetie? - bad news for your budget. But even though those work that way in the budget, you really want to do the opposite. The points system would award a certain maximum number of points per activity and you cut back on the points (all the way down to 0) if you fall short of your goal for the day. This also allows you to weight activities in terms of importance. So spending time with your sweetie may be worth 10 points and exercise is worth 6. If you have an extra 15 minutes to either workout or spend quality time, it should be the latter. (Points FTW!) But in order to have a perfect day and get the maximum number of points, you need to do both. Now you have a game you can play with incentives aligned with your interests. (Or I do anyway because the rest of you may think this is lame.) Inspired. I like the idea of budgeting time in the day literally. In fact, when I first saw your chart, it reminded me of points systems some trainers use with competitive athletes. Along those lines, I saw room for improvement (at least for my own purposes).

The main problem I’d try to address is the disincentive created by doing things that are good and vice versa. (You know I’m a nerd, so just follow along real quick.) Suppose you don’t exercise today – you gain time in the budget system. What happens if you spend more time with your sweetie? – bad news for your budget. But even though those work that way in the budget, you really want to do the opposite.

The points system would award a certain maximum number of points per activity and you cut back on the points (all the way down to 0) if you fall short of your goal for the day. This also allows you to weight activities in terms of importance.

So spending time with your sweetie may be worth 10 points and exercise is worth 6. If you have an extra 15 minutes to either workout or spend quality time, it should be the latter. (Points FTW!) But in order to have a perfect day and get the maximum number of points, you need to do both. Now you have a game you can play with incentives aligned with your interests. (Or I do anyway because the rest of you may think this is lame.)

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