Massage & Bodywork

MARCH | APRIL 2023

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in your fund, since single days off tend to get absorbed easily into the finances. But if you like to take two weeks in the summer and 10 days around the winter holidays and kids' school vacations, some planning is a good idea. How much you should save is calculated by figuring the office expenses and your take-home pay for the length of time you take away from work. "BIG THINGS" SAVINGS The most common "big thing" desire we hear from massage therapists and bodyworkers is an electric table. They are fabulous pieces of equipment, but can be a huge expenditure for a small business. Or maybe you want to take a 10-day CE course in Costa Rica, or just have the money on hand to upgrade the furniture in your office when you stumble upon the perfect piece while antiquing. "Big things" are purchases you can plan for well ahead of needing them. This savings allows you to dream a little and then act on that dream. How much you keep in a "big things" account is very personal and individual. ALL THE FEELINGS Outside of it just being smart to have money set aside, there is a huge psychological benefit to having a strong savings cushion. When you know you can still pay the bills, you will be less tempted to work when you are feeling ill. With a good savings plan intact, you won't have to tolerate an abusive landlord or unacceptable working conditions as an employee or contractor. You can enjoy a vacation and truly relax when you don't have to overwork before and after the time off to make up for the lost income. When the financial pressure is relieved, you can care for yourself or a sick loved one with your full attention. That's priceless. HOW DO YOU FUND SAVINGS? There are endless approaches to saving money. It's worth taking a few minutes to consider your money style and find the best fit for you. Set up a weekly automatic transfer from your business checking to one of your savings accounts. If money is really tight and you need to start with just $10 a week, that's a great start! The most important step is the first one and you win just by starting. Try to increase by $5 as frequently as possible. Assign a regular client to be your "savings client." Whenever that client comes in and their payment clears, immediately deposit that amount into your savings. This also works with service types. You could decide that every time you give a hot stone massage, that income gets moved into savings. Retail sales can also be a great income stream to fund a savings account. If you accept gratuities, you could decide that all tips will be deposited into savings at the end of each week. Likewise, if clients give you a holiday tip, that could go into savings. If you struggle with delaying that financial gratification, maybe commit to saving half your tips and gifts. The best method is the one that suits you and is sustainable. You can jump-start your savings by selling extra "stuff" that has accumulated in your office, taking some extra chair massage gigs, or even a side job until your savings accounts are fully funded. My favorite off-the-wall savings technique is what we call the Fifth Week Phenomenon, because it feels like we're beating the calendar. This technique works well if you pay yourself weekly or every other week. A few times a year, there is a month that has an "extra" payday. For example, if you typically pay yourself weekly on Fridays, March, June, and December of 2023 will have five paydays instead of four. Try to put all or at least half of this "extra" weekly pay into one of your savings accounts. You may have to budget a little more carefully at home to have groceries and gas, but since your regular monthly bills are covered by the first four paychecks, you may have a little extra to play with. This should not be a sole approach to saving, but it's a nice bump a few times a year. PEACE OF MIND IS PRICELESS Saving money is a challenging task that many business owners struggle with. If you can get started, the momentum will be rewarding and likely keep you going. You will never regret being prepared for an emergency, being able to heal, or just resting without the fear of financial harm. Allissa Haines and Michael Reynolds are found at massagebusinessblueprint.com, a member-based community designed to help you attract more clients, make more money, and improve your quality of life. L i s te n to T h e A B M P Po d c a s t a t a b m p.co m /p o d c a s t s o r w h e reve r yo u a cce s s yo u r favo r i te p o d c a s t s 83 TAKEAWAY: There are many tricks and tips to putting away money for a rainy day or for that extra special thing you really want; just be consistent in funding yourself through savings accounts and the future you will thank you. ABMP CE COURSE: "MIND YOUR MONEY" 1. Open your camera 2. Scan the code 3. Tap on notification 4. Learn!

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