Why New Project Managers Should Invest Time, Not Money

I’m a firm believer in the 'Fail Cheap, Fail Fast' mindset. Early in my career, I realized that as new project managers, we often rush to spend—whether it’s purchasing the latest project management software, enrolling in costly courses, or chasing certifications. In doing so, we overlook the things that truly matter: mastering the basics, building relationships, and investing time in careful planning.

Lean to KISS (keep it stupid simple)

As a new project manager, it’s easy to fall into the trap of thinking that success depends on spending money. Whether it's signing up for expensive software tools, attending high-priced workshops, or subscribing to premium project management services, many new project managers believe that investing money will guarantee better results.

However, the truth is, it’s not money that you need to spend—it’s time. Time spent learning, planning, and developing strong foundational habits is what will lead to your long-term success.

1. Master the Basics Before Spending on Tools

There are countless project management tools available today that promise to streamline your process. But before you dive in and spend on the latest and greatest software, remember this: a tool is only as effective as the person using it.

Invest time in mastering the fundamentals of project management. Whether it's understanding the basics of scope, time, cost, and risk management, or simply learning how to manage your team efficiently, you need to know the "why" before diving into the "how."

2. Leverage Free Resources

There is a wealth of free resources available for project managers. PMI (Project Management Institute), for instance, offers numerous webinars, papers, and even free training courses.

Beyond that, there are YouTube channels, podcasts, blogs, and free online communities where you can learn and connect with experienced professionals.

The key is to spend time researching and utilizing these free options before paying for expensive courses or certifications.

3. Invest Time in Building Relationships

One of the most important (and often overlooked) aspects of project management is relationship building. Whether it’s building rapport with your team, stakeholders, or clients, relationships are the cornerstone of effective project management.

Take the time to understand your team's strengths and weaknesses. Spend time communicating with your stakeholders to understand their needs and concerns. Money can’t buy trust, but time invested in genuine relationship-building can lead to long-term project success.

4. Plan Before You Spend

A lot of money gets wasted when project managers jump into execution without thorough planning. If you spend time carefully scoping out your project, understanding your resources, and planning for potential risks, you’ll reduce the need for costly corrections down the line.

Time spent in the planning phase will save you significant amounts of money in the execution phase. Make detailed planning your best friend.

5. Patience Yields Better Results

In the fast-paced world of project management, it’s tempting to pay for shortcuts. But the truth is, experience is the greatest teacher. As you work through projects, each experience will add to your knowledge base, helping you make better, more informed decisions down the road.

Be patient with yourself and focus on learning as you go. Don’t rush to spend money on things that can be solved with a bit of creativity, time, and experience.

For new project managers, the temptation to spend money can be strong, $$$. But the key to success lies in investing your time. Spend time learning, planning, and building relationships, and you’ll find that the results you achieve are far more sustainable—and far less costly.

Have you ever found yourself prioritizing the wrong things early in your career? What strategies have helped you stay focused on what truly matters? I’d love to hear your thoughts and experiences—share them in the comments below!