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Bodywork Buddy Blog

Bodywork Buddy: business management software for the solo therapist that keeps you organized and makes tax time a breeze.

Monday, June 11, 2012

What If You Couldn't Work Tomorrow?

So... I cut my thumb last week while working in the kitchen.  First thought? WORK!  How am I going to work!?

I only had to cancel the appts I had scheduled for that day... but it got me thinking about more serious injuries.  How would you handle your finances if you were to get hurt?  If you haven't thought about disability insurance, you may want to look into it.

Think about it: if you were to break a bone in your hand or arm, how would your business survive while you're on leave to heal?  Not only should you have disability insurance, but it's also a good idea to have an emergency fund set aside.

Most financial gurus suggest having 6 month's worth of living expenses saved in case of an emergency.  While this is no small task to save up - don't get discouraged if you aren't able to do this right now.  Start with a goal of saving up $1,000 for your emergency fund.  ($25/week will get you to your goal in less than a year). That in addition to disability insurance can make the difference between an emergency being an inconvenience or detrimental to your business and livelihood.

Most disability insurance plans don't kick in to affect until you've missed 7 days of work or more (depending on your plan).  So disability insurance wouldn't have helped in the case of my kitchen accident... but luckily I have a little emergency fund saved up, so missing a day or two of work wasn't difficult to recover from.

LIFE happens - so be prepared!
Do you have disability insurance or an emergency fund?  And if so, have you ever had to use it?

Cindy Iwlew is co-founder of Bodywork Buddy Massage Software, a complete online management solution for independent massage therapists that includes online scheduling

She continues to operate her own private massage practice of 13 years, and has been an associate instructor for Ashiatsu Oriental Bar Therapy since 2007.


  1. I have an emergency fund, no where near 6 months of bills, but one that has come in handy for unexpected bills recently. I've not had to use it for work purposes most of the time I just reschedule my clients out a week or so.
    My mom has a policy that she has been paying $325+ into for 20 some odd years and she just used it after having elective surgery that kept her out of work for 2 days. Because it was elective- she only recieved $50 a day. from what she had told me- she got the policy to be able to take care of her monthly rent and a few other bills that she would not be able to take care of otherwise.
    My thoughts on insurance policies are- yes they are great if something were to happen a week or month after you innitally invested into it. BUT- in the long term if you are like my mother and healthy and determined to work- They are a waste of money. Rather than put $ into a policy that you May or MAY NOT use- Take that $ and put it into a seperate account that will gain you interest over time, and that you can access if necissary easily.

    This is so much easier said than done though.... So if you know you can't commit to putting money aside for yourself, take out a policy.

    1. Good point, Justine. A policy might not be for everyone (or the same kind of policy - there are a lot of different ones to choose from). But it's definitely important to have SOME sort of plan in place!
      And on that note, why is it so darn hard to save money?! LOL. You sure said it - easier said than done ;-)