Part 3: The Keys to Taking PTO as a Therapist and Mom

We’ve arrived at Part 3 where I spill the beans on my super duper top secret way that I ensure my PTO is not only taken, but done the way it’s intended.

Paid.

Okay, it’s not really super duper top secret. I talk about it all the time, you just may have missed it. But today you get the nitty gritty details.

Let’s get to it!

Quick Recap

The Importance of PTO

In Part 1 of this series, we talked about why it’s so important to prioritize PTO in our business. We do hard work. The emotional labor it takes to hold space for all of the things our clients have gone through, maintaining our own sanity while dealing with reactions from hurting people, ridiculous insurance companies and our own hurts…whew! I need a vacay just from thinking about the impact we have on these people and vice versa.

I don’t think anyone would argue that taking time off here and there is important.

In Part 2, I went for gold and called us out for taking time off for nearly every other reason than for ourselves. I’m guilty of it, too! When it comes to us taking time just for ourselves, we tend to get real skilled at making excuses for why we can’t.

The financial piece to owning our own business is what keeps us scheduling clients week after week, even when we know we need a break.

What’s Next

Grab your suitcase, Mamas! Today we’re going to be talking about creating a PTO fund.

Who am I?

Hi! I’m MacKenzie, your Self-Care Mompanion. I’m a Therapist and Mom, too. Over the past several years I’ve been working hard to embrace who I am as a Therapist and Mom. I’ve been challenging the societal norms of each role. Something that has helped me tremendously is finding groups of like-minded Therapist Moms to give/get support.

I wanted to bring these women together physically and online so I created TheraMama Haven where I’m dedicated to supporting Therapist Moms like YOU.

Keep reading for the keys to my PTO fund.

Profit First for Therapists

The OG

If you’ve never heard of Profit First, do yourself a favor and click the link. It’s the key to everything in your business, not gonna lie.

In the original setup of ‘Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine’ by Mike Michalowicz back in 2017, there were multiple banks and multiple bank accounts involved. As things do, the process has evolved over the last few years and iterations of the book. You can still use multiple banks and multiple bank accounts, but who has time for all that running around!?

Julie Herres, Owner of GreenOak Accounting has done an amazing job of applying the basic principles of the original Profit First book to the work we do as Therapists. Julie and her team strive to help Therapist Moms like us achieve financial freedom.

Here’s what Julie set up for us in one easy read:

• Implement Profit First in your therapy practice, step by step

• Determine spending guidelines for various stages of private practice (solo and group practices)

• Scale your space, your people, and your leadership positions

• Manage clinician compensation, your group practice’s largest expense

Now, don’t let those statements freak you out. I’m anything but a numbers gal so if I can do it, you can do it. I promise. The book truly is an easy read and Julie walks you through each step of the process.

The TheraMama Way

I’ve been using Profit First for several years and it’s been so incredibly beneficial. Each time I pay myself, I’m also assigning money for Taxes, PTO, Operation Expenses (OpEx) and Profit. I even taught my accountant!

You know that I strive to help us all be successful without burning ourselves out. These are my not-so-secret workarounds to the original way the book was written.

• How many accounts do I really need? You really only need 2 accounts…for simplicity sake. A checking account and a savings account. If you are the type of person who struggles with budgeting and/or need to have the money “out of sight, out of mind” then have multiple accounts at multiple banks. The main theory is that your tax savings account and profit savings account are at different banks so you have to be intentional about going to those entities to get the money out to pay quarterly taxes and collect your Profit bonus.

• Relay Bank. Relay Bank is going to be the best way for you to keep your multiple buckets organized. You can set up automatic rules, even, so you don’t have to spend a great deal of time on managing your books.

• YNAB You Need A Budget. An online budgeting program that changes the way you think about and plan how to use your money. Now, this program takes some getting used to - it’s not your usual budgeting program. There will be a shift in thinking, but you’ll get the hang of it! To ensure so, you get a lengthy free trial, plenty of videos on the app and YouTube that really help you along the way. i’m attaching the most helpful video ever to help you get started. Nick is fabulous and explains things really well. It’s easy to stop and start while you’re setting up your categories. He will also hopefully be offering his free spreadsheet that does all the work for you.

These are the keys to my success with Profit First. Others have had success, too, using Profit First the way it was structured, but our time is spread thin enough already. I need all the shortcuts I can get!

I hope this blog series has been helpful in opening up opportunities that it IS possible to create room in your finances for a PTO account. We don’t have to sacrifice our health - emotional and physical - just to keep our financial peace. Over the last couple of years it has been a great deal easier for me to take time to rest when I’m sick because I know that I can still pay myself for a sick day. It alleviates a lot of stress. You, too, can take this step for your business.

Here's how you can work with me:

• Check out Journey to Self-Care Journaling Workbook to get started on your own self-care journey.

• Schedule a Consultation. Reach out for a consultation where we can discuss your specific challenges and goals. I offer individual therapy as well as coaching to fellow Therapists.

• Join my FB Community TheraMamas Who Mimosa.