Most of us have multiple roles to fill. With competing priorities, it can be difficult to choose what to put into any given day. In monastic life, things are simplified. The priority is spiritual development, so prayer, meditation and ritual become central to the daily schedule. The time of rising is usually early, but it is clearly established.
Time is set for eating, working and sleeping.
The schedule may not change much from day to day, so the monks are able to put their attention on their spiritual endeavors. The sameness of the routine helps them to focus on their inner world and find a sense of peace. Those of us in the lay world might also benefit by creating a schedule that reflects our priorities but reduces the stress of constant choosing, forgetting, avoiding or rescheduling the things we want or ought to do. People who are depressed may get too much sleep. Aim for 7 or 8 hours a night.