Time and money

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© 2011 Pearson Education, Inc. All rights reserved.

CHAPTER 3

Time and Money: Managing Important

Resources

Keys to Effective Learning, 6eCarol Carter, Joyce Bishop, and

Sarah Lyman Kravits

Keys to Effective Learning 6e,Ch03

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Habit for Success: Think Before You Act


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Time and money are crucial resources no student can do

without.

The key is to make smart decisions about how you spend them. Keys to Effective Learning 6e,Ch03

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Success in school depends upon having…

• The time to study and attend classes.• The money to pay tuition and expenses. • The flexibility to find more of both of

these resources when you are running low.


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Time is money.• It takes you one week, working for

20 hours at $10 an hour, to earn $200.

• If you buy a new cell phone for $200, that cell phone has cost you a week of work.

With any purchase, ask yourself: Is it worth the time it took

to earn that money? Keys to Effective Learning 6e,Ch03

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Cost of day-to-day expenses


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What kind of time and money manager are you?


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To explore your money and time management style:

Identify time-related needs and preferences.

• Create a personal time profile• Consider your profile when creating a schedule

Note your unique way of managing money.

• Think about whether you are a “spender” or “saver”

• Consider how your money habits reflect your values

• Think about whether you look toward the future or focus on the “now” when it comes to money


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How can you

manage your time?


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Build a schedule• Choose a planner (electronic or paper)• Schedule and prioritize tasks, events,

commitments

Make your schedule work for you• Plan regularly• Look at the term all at once• Use to-do listsFight procrastination


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Almost everyone procrastinates—puts off tasks until another

time. Why?

• Perfectionism – better not to try than to be less than perfect

• Fear of limitations• Facing an overwhelming task• Lack of belief in one’s self


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Thinking before you actis the key to combating

procrastination.


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Anti-Procrastination strategies

• Analyze the effects• Set reasonable goals• Break tasks into smaller parts• Start whether or not you “feel like it”• Ask for help• Don’t expect perfection• Reward yourself


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How can you manage your

money?


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Never assume you are not eligible for aid.Ask questions and

apply early.

• Student loans• Grants• Scholarships


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A balancing act: Juggling work and schoolAsk questions as you investigate:

• What do I need in terms of money, location, and hours?

• What are the pros and cons of each potential job?

• What option gives me the most of what I need?


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Many students work


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Basic budgeting steps

• Figure out what you earn -- $$ in.• Figure out what you spend -- $$ out.• Evaluate the difference -- or .• Adjust spending or earning – get

creative with ideas.


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College students are big business for credit companies.


Sallie Mae

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Think before you act when you pay with credit

• Would I buy it if I had to pay cash?• Can I pay it off at the end of the

month?• What will I have to give up if I buy

this?


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Real People Think Before They Act

The Three DoctorsGeorge, Sam, and Rameck


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“Money is only a tool. It will take you wherever you wish, but it will not

replace you as the driver.”

Ayn Rand
