If you are going into science (and since you are here, I assume you are) here are some things that time management helps:
1) Knowing when you work best at what. I tend to well with trivial tasks in the morning, meaningful tasks in mid-day (e.g. research), and creative/planning in the afternoon. I tend to plan my next day at the end, doing those tasks that I hate in the morning and the ones I enjoy the rest of the day. Everyone has their own internal schedule. I would advise against arbitrarily setting a schedule. Spend a few weeks finding out what you are good at when. Maybe you should be getting up early to do homework instead of working at night (won't your parents love that).
2) Research is not all about being in the lab! Especially not in this day and age:
a) Experiment planning. You will need to spend some time planning out your experiments. First literature searches ("A day in the library is worth a week in the lab."). This, too, requires some time management. If you love a subject, you can actually spend more time than necessary here. Careful planning of experiments is important. You should have a target date and steps along the way. After you have a plan, then you can schedule approximate time schedules for experiments. E.G. After I deposit my gold contacts (0.5 days), I can test the conductivity (0.5 days).
b) Down-time tasks. A decent amount of science is 'waiting.' While a watched pot does boil, you haven't made it go faster watching it. If something takes an hour to run, then you should schedule a task that takes about an hour. Read literature, get lunch, etc. Another source of downtime is that fact that sometimes things break, orders are postponed, or some other reason you can't be in the lab. You can sit around and mope or you can think about what you want to do in the future, do tasks you have postponed, or write a paper.
c) Deadlines! When is the grant due? How long will it take me to write this? OR When will the project funding ending? Experiment planning is a small part of this.
3) Experiment Planning - said it 3 times for a reason. This is the reason that people with experience are valuable. They know what can go wrong and can plan for it. They know the most elegant way to run an experiment (correlating to lowest cost and highest probability of a good outcome). Learn this and you will be valuable in any economy.