The term "time management" is a misnomer. You cannot manage time; you manage the events in your life in relation to time. You may often wish for more time, but you only get 24 hours: 1,440 minutes or 86,400 seconds each day. How you use that time depends on skills learned through self-analysis, planning, evaluation, and self-control.
You should learn to balance your personal responsibilities, relationships, and goals with your professional ones. They must all live in harmony together. Otherwise, you'll end up resentful. You'll grow distant from the people you love, feel overwhelmed by the pressure to keep up the pace, and lose sense of what's truly important.
Much like money, time is both valuable and limited: it must be protected, used wisely, and budgeted. People who practice good time management techniques often find that they are more productive, have more energy for things they need to accomplish, feel less stressed, are able to do the things they want, get more things done, relate more positively to others, and feel better about themselves.