Your key to success could be improved productivity. Why? Well, if you want to be better off financially, there are only two things you can do: cut spending or increase your earnings. However, it seems that this rule doesn’t account for one crucial aspect — time.
You can’t work more (for example, on an after-work project or weekend side hustle) if some other activities have already taken up all your leisure time.
But don’t worry. A few productivity hacks can easily help you free up to ten hours per week. You can then dedicate that time to gaining additional income or building healthy financial habits. Here are six must-try tips to upgrade your financial situation:
1. Automate tedious tasks
Don’t do work manually if there are ways to automate it. Take investment as an example. Instead of spending hours choosing when and how to invest your money in bonds, you can invest on autopilot with platforms such as Bondora.
2. Prioritize your tasks
Create a weekly to-do list using simple task management software (At Bondora, we love Asana). Next, organize your tasks by importance — most productivity tools let you set up task priority using tags. When you start working through your list, pick the tasks with the highest priority first.
3. Minimize distractions to increase productivity
Distractions like social media notifications or chat messages can diminish productivity. Eliminate distractions by setting up your phone on silent mode or installing apps blocking your access to social media while working on an important task. Check out Freedom or Cold Turkey Blocker.
4. Use time-management productivity techniques
Breaking large tasks into smaller ones can help you move through your task list faster. Because when you’ve got to deal with a time-consuming and complex task, you don’t always know how to approach it. As a result, you rarely check it off your list on the same day. Use timer tools like Pomofocus that apply the Pomodoro Technique (25-minute focus time with a 5-minute break) to help you stay focused.
5. Apply the 80/20 rule
The 80/20 rule (or Pareto Principle) implies that 80% of results stem from 20% of activities. To use this principle in practice, you must review which activities contribute to the most successful and focus on scaling those. You should also review the remaining 80% and consider spending less time on it, as it doesn’t bring you closer to your goals.
6. Take productivity breaks
People should stop viewing breaks as wasted, unproductive time. Instead, breaks let your mind recalibrate and refocus. As a result, you get more creative and can deal with your tasks more effectively. But don’t take this as an opportunity to scroll. Rest your eyes and mind in a distraction-free zone.
Earn More + Work Less = Success?
You don’t have to work yourself to death to achieve your financial independence or investment goals. Instead of overworking yourself, focus on eliminating the tasks and activities that waste your time and increasing your productivity.
By applying these tips, you might suddenly discover you have much more free time than you thought. Use your newly discovered time to upgrade your financial situation in any way you choose.
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