Time debt happens when you say things like "I'll do that later," or "That can wait until tomorrow." Every time you do the amount of time it would have taken to do that task is added to your time debt balance because you will have to take that time to do the task later. Now I'm not saying that those statements are always bad. After all there are very few people who can just buy a house or car by writing out a check, and no one can do everything at once. The important thing is learning how to manage your time debt.
In all honesty, time debt has the most in common with Credit Card debt. Learning how to manage my time debt the way I manage my credit card is an ongoing process, but I'd like to share a few insights with you.
- I use my credit card like cash. I don't pay for something with my credit card unless I know that I have that money sitting in my checking account. This means that I have to prioritize what I buy. I can buy some big things, but not all of them, and even the little purchases add up over time.
- You only have 24 hours to spend each day. That means you have to prioritize the things that you spend your time on. You have to be careful how many big things (like classes, work, church assignments, projects, outings with friends, etc.) you commit to every day. You also have to be careful with the little things we spend time on (Facebook, Pinterest, computer/phone games, snacks, etc.) because all of those things add up as well.
- I pay off my credit card every month. I never carry a balance because the interest rates are ridiculously high. You end up paying a lot more later if you don't just pay it all off now.
- Every task that you put off will eventually have to be taken care of later. While these tasks won't necessarily take longer because you put them off you will end up paying interest in other ways. Whether in the stress you feel because of your rapidly expanding to-do list or in the fun things that you have to say no to because the things you have put off can't wait any longer.
- My credit card statement comes every month. It reminds me how much I need to pay, and gives me a deadline to pay it.
- If you break your time up into chunks like days and weeks and define exactly what has to be done within those time period's it will help you know what you need to accomplish. Giving yourself these kind of deadlines will also prevent you from building up a huge time debt without realizing it.
- As I said, I've never had a problem with credit card debt before, but people who do often use several methods to help them escape from this debt. Two common methods are seeking help from friends and family to keep them accountable, and setting up a debt repayment schedule.
- Both of these methods are also useful when you get stuck in time debt. (Trust me, I have first hand experience with this one.) Friends and family can help you say no to things that you just don't have time for, and they can remind you that life will be better once you're out of debt and your time is finally your own again. A time debt repayment schedule is just what it sounds like. All you have to do is write out all of the tasks that you have put off, and now desperately need to get done and fill them into a calendar. The goal is to get them all done as soon as possible, so schedule them in as tightly as possible. Stretch yourself a little bit and don't add any activities that aren't on the list of tasks you put off unless they have deadlines within the calendar you've blocked out.
Debt (money or time) is a crushing weight that can squeeze all the fun and enjoyment out of your life if you let it. However, with proper management techniques and help from those that love you, you can escape from debt. The relief you feel will far outweigh the difficulties that you have in getting back onto solid ground.
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