Read part 1 here
After drawing the big buckets of your life you should now draw smaller circles within your main buckets. These smaller circles represent your active projects. My creative buckets for example includes me writing essays, collaborating on a research topic, or redesigning my personal website. Since you gave each bucket a certain size in the previous step you can now see how many projects fall into a bucket. I gave my work bucket a smaller size so that means that in theory I should spend less time working on work related projects.
Finally draw a second circle underneath the first one. Perform step 1 till 4 again, but now instead look at your buckets in a perfect world. This second circle is your north star on how to live an interesting life. In my perfect world creative projects and work would merge for example. Furthermore I would love to spend more time getting better at surfing and programming. This tells me that I need to create environments where performing these things is as easy as possible.
Doing this exercise hopefully leads to insights on how you spend your time. You will see that some projects fall into multiple buckets. You might even be able to overlap a project into multiple buckets. A creative project that also makes money for example.
Over the course of your life your buckets switch constantly. Priorities switch, families get started, studies finish and interests change. Monitoring your buckets is a great way to keep track of the course of your life. Doing this exercise regularly will give you clarity on what to spend your time on. It's the greatest equalizer of all, choose wisely. ;-)