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Prioritizing All The Things You Have To Do

by Maria Gracia............
We all have many things on our list to do and there doesn't seem to be enough time and energy to get it all done. Prioritizing is a way to solve this frustrating problem. Prioritizing is about making choices. Here are ideas to help you prioritize.

1. To prioritize effectively, you need to be able to recognize what is important. The important (high priority) tasks are based on what you value and those that help you achieve your goals and provide meaningful and rewarding long-term results. As you perform different tasks, think about where they fit on your priority list.

2. Making a list of all the tasks that need to be done is a good way to begin prioritizing. Prioritize the items on the list by using the ABC method to rank your priorities. For example, Priority A: Must Do (crucial tasks and commitments to do today), Priority B: Should Do (important things that do not need to be done today), and Priority C: Nice to Do (least urgent tasks).

3. Do not think of your priorities as just jobs that need to be done. As you remind yourself to direct yourself to the most important tasks first, you will find yourself letting go of tasks that really didn't need to be done at that time. For example, what's more important? Helping your child with homework or getting a load of laundry done?

4. Also take note of the difference between tasks that you NEED to do and those that you WANT to do. Deciding the order in which you prioritize tasks means you start with the needs first and move to the wants afterwards.

5. It has been said before, but learning to say 'no' is important. Try focusing on the important things that will get done because you used that little word to decline a task that was not a part of your priorities. What are some of the things you should say 'no' to?

6. Interruptions are a normal part of life. If you deal with a lot of interruptions in your life, this can put a damper on your priorities. Learn to limit the number of interruptions in your life.

7. Delegating tasks to someone else is a way to free up some of your time for the jobs that are important for you. It may be tempting to take over if the work is not being done quite to your liking. However, you have to learn that done doesn't have to be perfect. Good enough is often just fine--like allowing your child to fold the laundry, even if it's not perfect.

8. Work on overcoming procrastination. Procrastination can waste a lot of valuable time that could have been used for working on your priorities. When you catch yourself procrastinating, be sure to make the effort to take that first step toward completing the task at hand. Taking that first step will help get the ball rolling toward completion.

9. When you prioritize unplanned activities, keep in mind your goals and rely on your instincts. Your effectiveness in prioritizing in these situations depends on the clarity of your goals.

10. When prioritizing, you need to be able to separate the tasks that need doing from the busy work that tends to eat away at your time. Many tasks that fill up your day may not need doing at all or could be done less frequently. Determine what that busy work is in your career and your life.

11. Priorities change as life changes. Revisit and update your priorities on a regular basis.

12. Keep in mind that everything in your life cannot be a priority. There are many important things that will compete for attention over your lifetime and that there are not enough hours in that lifetime to give attention to everything that is good and worthwhile. You have to be selective.

13. Develop systems to help keep things running smoothly. Many times that can be accomplished by using a personal calendar. In family settings, a master calendar is helpful.

14. Keep the option of 'buying time' in mind. If you have an extremely hectic schedule, it may be reasonable to buy time by selecting goods and services that save you from investing time. For example, paying a neighbor to mow your lawn is one way of buying time. What are other ways you can buy some time?

15. Use technology to help you prioritize tasks. Sometimes an important task can be done more quickly with the use of technology. Instead of meeting an appointment in person, can you do it through a conference call or by e-mail?

16. When prioritizing, make sure to include deadlines for each task. It will make tasks easier to prioritize and give you more focus.

17. Last, but certainly not least, you also need to be one of the priorities you set for yourself. It is important to take care of you and make time for yourself.

Everything you want to know about PPF

By - Sandeep Shanbag

Regular readers of this column would know that one of my most favourite investment instruments is the Public Provident Fund (PPF). I strongly believe that every Indian, male or female, salaried or self-employed, married or unmarried, should have a PPF account ticking for him or her.

Leave aside the tax deduction, leave aside the 8% tax-free interest -- this is your social security. Over 16 years, an annual contribution of Rs 70,000 grows to over Rs 21 lakh, which is almost 30 times the annual investment. The capital built over time can serve multiple purposes - catering to children's education, medical emergencies and even retirement.

Apart from the tax deduction under Sec 80C and the 8% tax-free interest, the general framework of a PPF account has several other features and nuances. Based on feedback received from readers, today's article focuses on some of these key but lesser known aspects of PPF.

Withdrawals

Many readers have complained that even bank officials aren't aware of the rules, especially on how much can be withdrawn and when.

It is to be noted that though PPF is a 15-year instrument, it ignores the year of opening the account. Therefore, it actually becomes a 16-year account and the account holder can contribute to it even during the 16th financial year, even on the last day. This creates confusion in case of withdrawals.

Let's take an example. Let's suppose your account was opened in FY 1993-94. Maturity date: Add 15 to the financial year end => 1994 + 15 = 2009. Account matures at the end of the 2008-09 financial year, on April 1, 2009.

First withdrawal date: Add 6 to the financial year end => 1994 + 6 = 2000. It can be effected in 1999-2000.

Amount of first withdrawal: The 4th preceding year will be 2000 - 4 = 1996 (FY 95-96) and preceding year 2000 - 1 = 1999 (FY 98-99). Amount withdrawable in the 7th year, FY 1999-2000 is 50% of the balance to the credit as on March 31, 1996 or March 31, 1999, whichever is lower.

Slightly complicated, but once you go through it a couple of times, it becomes clear.

Reviving dead accounts

Another frequently asked question is to do with forgotten, 'dead' accounts. In a specific case, a reader's father had opened an account for her some seven years back but she had never bothered much about it. Now, seven years on, could she open a new account or could something be done about the old one?

Well, if the investor fails to subscribe even the minimum Rs 500, the account is considered as discontinued. Loans and withdrawals are not available from a discontinued account. At the end of the term, the investor will be paid the balance with accrued interest for the full term.

However, the good news is that it is possible to revive the old account by contributing Rs 500 with a penalty of Rs 50 for each year that the account lay dormant. This fact is not known to many. They feel that very old discontinued accounts cannot be regularised. Note that the penalty does not attract any interest or deduction.

Post-maturity treatment

By far the most commonly asked question is to with post-maturity treatment of PPF. In other words, what happens after the 16 year period is over?

Though some investors start a fresh PPF account, the idea of keeping funds locked in for another 16 years does not appeal to all. Especially to investors of an advanced age who look towards an element of liquidity in their investments.

But did you know that once the initial term of 16 years of PPF is over, you can extend the account for 5 years at a time and that too indefinitely? In other words, instead of 16 years, the same PPF account can be converted into a 5 year scheme and what's more -- with additional liquidity than what it offered during the initial term. If this feature of PPF is used optimally, it can be literally converted into a 5-year deposit that offers the 8% tax-free interest, tax saving under Sec 80C and immense liquidity - and all this for your lifetime.

As already mentioned, at its maturity, the PPF account can be continued for a block period of 5 years. This facility is available for any number of block periods - there is no limit on how many times you can extend the account.

Now, this continuation can be with or without further contributions. The only thing that investors should be careful of is that once an account is continued without contributions for any year, the subscriber cannot change over to with-contributions extension. [Notification F.3(6)-PD/86 dt 20.8.86].

Liquidity

An investor continuing his account with fresh subscriptions can withdraw up to 60% of the balance to his credit at the commencement of each extended period in one or more instalments, but only one per year. For example, say the term of your PPF account is ending on March 31, 2009. The balance at that time in the account is say Rs 15 lakh. Now, you may opt to continue the account for five more years (i.e. till March 31, 2014) and invest regularly as you have been. However, over the period of five years till March 2014, you may withdraw Rs 9 lakh, which is 60% of the balance to your credit as on March 31, 2009.

What if you wish to continue but not invest further? That too is possible. In case the account is extended without contribution, any amount can be withdrawn without restriction. However, only one withdrawal is allowed per year. The balance will continue to earn interest till it is completely withdrawn.

Post-maturity continuation

There are a couple of formalities for declaring your intentions regarding post maturity continuance. Form-H is to be used to declare the intention of continuing the account with subscription for each extended period. It should be filed before the first contribution is made for the first year of extension. In its absence, the account will be treated as without-subscription extension. Fresh contributions made to such accounts will enjoy neither the deduction u/s 80C nor the interest (MoF (DEA) 7/21/88-NS-II dt 10.8.90).

Last point

It is also possible to invest Rs 1 lakh in PPF for those who wish to do so. Remember, Sec 80C doesn't impose any sectoral caps on investments. It is PPF rules that limit the investment to a maximum of Rs 70,000 in the PPF accounts of self and minor child. However, tax deduction is also available under PPF for investments in the name of spouse and children. Consequently, one can invest Rs 70,000 in one's own account and the balance Rs 30,000 in say the spouse's or major child's account and thereby avail of the full deduction of Rs 1 lakh through PPF.