Habits for Success
CHAPTER 3
Time and Money: Managing Important Resources Keys to Effective Learning, 6e Carol Carter, Joyce Bishop, and Sarah Lyman Kravits
Keys to Effective Learning 6e,Ch03
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Habits for Success
Habit for Success:
Think Before You Act
Keys to Effective Learning 6e,Ch03
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Habits for Success
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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Habits for Success
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.
Keys to Effective Learning 6e,Ch03
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Habits for Success
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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Habits for Success
Cost of day-to-day expenses
Keys to Effective Learning 6e,Ch03
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Habits for Success
What kind of time and money manager are you?
Keys to Effective Learning 6e,Ch03
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Habits for Success
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
Keys to Effective Learning 6e,Ch03
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Habits for Success
How can you manage your time?
Keys to Effective Learning 6e,Ch03
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Habits for Success
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 lists
Fight procrastination Keys to Effective Learning 6e,Ch03
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Habits for Success
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
Keys to Effective Learning 6e,Ch03
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Habits for Success
Thinking before you act is the key to combating procrastination.
Keys to Effective Learning 6e,Ch03
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Habits for Success
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 Keys to Effective Learning 6e,Ch03
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Habits for Success
How can you manage your money?
Keys to Effective Learning 6e,Ch03
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Habits for Success
Never assume you are not eligible for aid. Ask questions and apply early. • Student loans • Grants • Scholarships Keys to Effective Learning 6e,Ch03
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Habits for Success
A balancing act: Juggling work and school Ask 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? Keys to Effective Learning 6e,Ch03
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Habits for Success
Many students work
Keys to Effective Learning 6e,Ch03
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Habits for Success
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.
Keys to Effective Learning 6e,Ch03
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Habits for Success
College students are big business for credit companies.
Sallie Mae
Keys to Effective Learning 6e,Ch03
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Habits for Success
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? Keys to Effective Learning 6e,Ch03
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Habits for Success
Real People Think Before They Act
The Three Doctors George, Sam,
and Rameck
Keys to Effective Learning 6e,Ch03
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Habits for Success
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” Ayn Rand
Keys to Effective Learning 6e,Ch03
© 2011 Pearson Education, Inc. All rights reserved.