The acquisition of time management skills is essential for the academic success of distance education students because of their multiple responsibilities, which compete for their limited time. The purpose of this study was to investigate time management skills and its perceived effects on the academic performance of the distance education students of University of Education. Quantitative methodology, which made use of questionnaire, was employed to collect data from 120 students at Cape Coast study centre, selected through stratified and simple random sampling techniques. The study found that the key factors, which hinder effective time management of the distance education students, include improper planning, procrastination, and peer influence, lack of self control and fear of following routines. It again found that without proper time management, students become frustrated during examinations, which invariably negatively affect their performance. On the basis of these findings it was recommended that effective time planning and management should feature prominently in any orientation programme that will be organized for the distance education students.