Two studies were conducted investigating the relationship between the Zimbardo Time Perspective Inventory (ZTPI) scales and well-being measures in British (N = 179) and Russian (N = 289) student samples. On the basis of person-oriented approach, a cluster-analysis operationalization of Balanced Time Perspective (BTP) using ZTPI was proposed and validated, demonstrating more evidence for its validity than the previously suggested cut-off-point approach. Four distinct time perspective patterns were discovered in both samples: future-oriented, present-oriented, balanced and negative. The clusters revealed significant differences in well-being, with members of the BTP cluster demonstrating the highest scores in both samples. The relationship between ZTPI and Temporal Life Satisfaction Scale in the British sample was found to be non-uniform for past, present and future. Based on these findings, a distinction between three aspects of time perspective is theoretically proposed, and its implications for the future development of the ZTPI are discussed.