This brings to mind a principle that I've come to employ a lot recently. It's summed up as "If it's not a 'HELL YES!' then it's 'No thanks'."
Time is really precious to me these days and I try to spend it doing things that fulfill and energize me. I've gotten rid of as much stuff as possible that I consider to be a drag.
Even so I get approached with lots of opportunities to get involved with projects or organizations or activities. I am a very positive and helpful person and I go through life with a pretty "say yes" attitude. But I've learned to step back and ask myself, "Is this thing really good for me to spend my time on?" And if my answer isn't "HELL YES!" then I tell them, "No thanks."
It's pretty liberating to think that way.
Identifying the impact something has on the 1 thing in life you really can't get back(time) is probably the most important things people can do.
What you wrote above is a very good plan for people who identify with the desire to use time wisely. Even if time is enjoying an amazing time with family and not some new awesome project.