Like accounting audits check the financials of a business or company, a time audit will check how you are actually using your time. So how do you do this?
This can be as simple or complicated as you make it. What I do is just use a notepad and paper and write down each activity, what time I started and what time I finished. The length of the audit is up to you but it is recommended to do it for a minimum of a day (who knows, you might have a really productive day!). A week is an ideal amount for a time audit.
The next step is to look at your results. One method is to classify everything you did into important, not that important and not at all important. After that you can start to assess your results.
Were there a lot of activities that were not at all important? Could they be eliminated or reduced? While it is important to still have relaxation time and have time for family and friends, if you are misusing a lot of your time this can be harmful.
Once you have assessed your time usage, you start to develop a time management planner, so you can track your time going forward.