Quit Losing Out: How to Start an Excuse - Free Savings Account
I've seen a heard a few people these past few weeks "joke" about NOT having a savings account.
There's NO EXCUSE for not having a savings of some sort.
Rainy day fund, small emergencies, special occasions, BUSINESS (deposits/ fees, conferences, new equipment or product lines in the future.) Financial Guru Dave Ramsey and my personal money mentor Denise Duffield-Thomas would both have damn heart attack if they knew how many of us didn't have a savings account.
Ladies, money is literally EVERYWHERE. You *can* save!
Here's some ideas to start (or boost) your savings account.
Let's start with inside of your practice:
• UPGRADE your clients services (add on some enhancements or sell some extra time.. the answer is always NO unless you ask... once you go for a 90min massage, you never want to go back to an hour!)
• Sell some products at your work (you can also consider using a "gift with purchase" as an incentive to sell packages... Stop being lazy and cut it with that "pushy" feeling... Stop assuming what clients are thinking & start furthering their self-care routine at home)
• Run a 24-48hr FLASH SALE to pad your bank account, or ask your current clients if you can go to their jobs for corporate chair massage)
• Autodraft $5-20 + every week or month automatically (believe me, you won't even notice it's "gone"!)
• Go to a *free* BNI meeting as a guest & network with local biz owners! People don't know you exist unless you put yourself out there. Who knows... you may get several new clients or find someone that will fit your needs! You can go to each BNI chapter TWICE as a guest, and they are all very different, so try them all!
THINGS YOU CAN DO ANYDAY:
• Sell off / Garage sale some of your name brand clothes, purses, shoes, accessories etc on Poshmark, FB marketplace/ BST groups, eBay, etc)
• Sell your old books/ DVDs (you can always make copies of them or just rent them or get the digital versions....really, how often do you watch/read them after the first or second time?)
• Stop your morning coffee habit and invest in savings instead ($3/day = $90/mo = $1,080 / year.... on COFFEE)
• Stop or cut down on your fast food/ cig/ drinking / shopping habit
• Stop eating out as much/ cut the booze and meal prep (there are some amazing tutorials & shopping lists on pinterest... I even barter with a chef who brings me a weeks worth of meals for myself in exchange for a massage. Even Yelp now has a "cash back" program for ordering food if you do decide to eat out, you can at least get a discount for using a linked card.)
• Find an accountability partner to make monthly savings goals with and KEEP THOSE GOALS! Otherwise, you will lose your momentum & motivation.
• Clean a friends house / meal prep/ run errands/ babysit a neighbors kids or pets, etc for some odd money in your spare time.
• Pick up a shift waiting tables, delivering for AmazonFlex, or teaching at a massage school during your off time. It's quick money, even if temporary.
• Drive for Uber or Lyft! You can set the times you want to work so it doesn't interfere with your regular work hours.
• Cash in on some spare change via CoinStar or depositing rolls at the bank.
• Cash in on rewards points for cash back on credit cards.
• Sell / barter your unwanted and unused gift cards.
• Walk or bike to work or rideshare if feasible.
• If you know you will be out of town or have a spare bedroom, consider renting your space out on Air BnB. I am able to cover my apartment rent each month by having an Air BnB listing... PLUS many of those guests book services at my day spa! (Sign up as a host with my referral link to support me here: https://abnb.me/e/SpcOFkd4bM)
• Use rebate sites like ebates when shopping online ... not only do you earn cash back, but you avoid gas/being in traffic and impulse purchases at the store! I also have used the HONEY browser extension & RetailMeNot before I make a purchase online so I can find coupon codes. A little goes a long way!
• Sign up for an affiliate program to earn commissions on products you already love! There's usually a sign-up form at the bottom of their websites. I love being an affiliate for Simply Earth, for example.
OTHER THINGS TO CONSIDER:
• Call your credit card companies to ask for a lower interest rate, and ask your bank of they can get rid of any monthly fees (And don’t forget to check your CC reward points!)
• Automate bill pay - late fees can be a bitch! Automating your bills is a huge time saver, and it holds you accountable for paying your bills ON TIME.
• Get a new insurance quotes for home, life, and auto.
• Share internet with a neighbor (if they are open to it)
• ReEvaluate your accounts and cut out subscriptions / expenses you don’t need (Why do you need cable if you have Netflix/ Hulu? Also, Why not share online streaming with someone else? Do you really need that pet subscription box delivered to your door every month?)
• Call your phone company to analyze your data usage, and perhaps lower your monthly bill, or switch to someone else's plan as an additional line.
• Consider AmazonPrime - It's an initial investment at first, but you get free shipping, free eBooks, online video + music streaming, and cheaper prices overall. (Or share an account with a family member!)
• Ask your colleagues about perks for referring clients to their business (I rack up on credits so I can get some free services for my own self-care, and as incentives for my employees.)
• I still love having a social life and not spending an excess amount of $$$, so check Yelp, Google, and your Facebook event pages to see what free events are going on around your neighborhood. Many of these events are where your ideal clients are hanging out!
• For the love of god, I beg you to PLEASE utilize the world's most powerful and FREE infomercial for your biz: Facebook live. ABSOLUTELY ZERO MONEY INVOLVED TO PROMOTE YOURSELF. No one cares about you being nervous. They care about actually SEEING what your space looks like and what you do. People need visuals to be convinced. There are millions of tips on google & podcasts & blogs on how to best utilize Facebook live. The absolutely WORST that can happen is that no one watches it at the moment you are live streaming.
• It always boils down to MINDSET. The poverty mentality has GOT TO FUCKIN' GO. The book "Get Rich, Lucky Bitch!" literally changed my life and it's the best investment I ever made in my business. I now value my personal self-growth & have a positive mindset on what I'm worth.
• Hire & delegate out! You may THINK that doing laundry yourself saves you money, but really, you're spending 6-10hrs/mo folding sheets when you could be seeing 6-10 new clients (and making upwards of a an extra grand per month?! WOW!)
•When you are in appointments, you are more than likely missing valueable phone calls... Having an answering service / forwarding calls to someone who can answer client calls and take messages is crucial to not missing out on any leads. I personally use Jill's Office LLC as my personal assistant, and they even have 50% off just for members in this group, and you can find more info here: www.jillsoffice.com/bodyworkers/
• This one is quite the investment, but pays itself off over time: Get a freedom membership to the World Massage Festival... Free pre-approved CEUs for *life* (There are only a limited number of lifetime memberships at $1,000, but so worth it in the long run, AND they offer payment plans.) Read more about the festival here: http://bit.ly/2mt0EHs)
The list is endless and I could go on and on.
It's not so much about the money as it is persistence and goal setting! GO ADULT NOW.
If you already have a savings then congrats! Welcome to responsibility and planning for the future. You are in the 1%.
Even $5/week savings ends up being $260/year which is a new piece of equipment, luxury linens, entrance to a business conference, or a plane ticket.
You can do this. Stop making excuses.
Adulting is hard, bur necessary, so let's keep each other motivated on this roller coaster of a life!
Here are some great resources on this topic from my colleagues:
> Spaprenuer: Are You Feeling Broke? Make More Money Now by Ramona Rice
> My Massage World: Are You Being Cheap, or Being Strategic with Your Money? by Savanna Moore
> My Massage World: 7 Tips for Money Management video
> Get Rich Lucky Bitch book by Denise Duffield Thomas