Time management is important for being efficient, successful, and healthy. Common obstacles include unclear objectives, disorganization, inability to say no, interruptions, periods of inactivity, and trying to do too many things at once. To overcome these obstacles, we should recognize them, identify strategies like setting specific and measurable goals, prioritizing tasks, organizing, using wait time productively, focusing on one task, and celebrating accomplishments. Proper time management allows us to address the most important tasks.