You know how at the beginning of the month or each pay check cycle, you budget how you're going to save and spend your money? The same principle works for budgeting time. Work, eating, grooming, and sleeping are nonnegotiable obligations that occur on a regular base—like rent, the phone bill, and a car payment. Similar to buying groceries, activities like exercise, socializing, laundry, errand running are all nonnegotiable obligations that fluctuate and change by week. On the other hand, the beautiful pair of shoes you splurged on is kind of like the last minute day trip you took — carved out of time and money saved. There's 168 hours a week. Making a time budget offers insight on how much time you waste now and ways to more efficiently use your 168 hours. Break down your daily commitments in to three groups: fixed obligations, flexible obligations and free time.

Make an ideal time budget and compare it with your current lifestyle. Adjust your life in a way that makes sense and is best for you. After all, lost time can never be regained.