Creating instance

When I want to access a field from another script, I create and initialize instance like this:

public GameObject scripts;

TimeScript timeScript;
Pause pause;
HunStrFat hunStrFat;

void Start() {
	timeScript = scripts.GetComponent<TimeScript> ();
	pause = scripts.GetComponent<Pause> ();
	hunStrFat = scripts.GetComponent<HunStrFat> ();
}

Is it correct. Or maybe there is a better way?

If there are multiple instances of those scripts in your scene, that is the best way that I know of.

However, if there is always only 1 instance of a script it might be better to make that script a singleton and then access the singleton instance.