Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum

» Welcome to the Gopher Lawn Care Business Forum
GopherHaul Landscaping & Lawn Care Business Marketing Forum

GopherHaul Landscaping & Lawn Care Business Marketing Forum (http://www.gopherforum.com/forum-index.php)
-   General Business Discussions (http://www.gopherforum.com/forumdisplay.php?f=11)
-   -   Emergency fund (http://www.gopherforum.com/showthread.php?t=13072)

Steve 12-11-2010 12:25 PM

Emergency fund
 
Do you have an emergency fund? If so how big is it? Is this something that is important for you to have?

If you don't have one, why don't you?

MountainViewGreenskeeper 12-11-2010 10:34 PM

Quote:

Originally Posted by Steve (Post 80707)
Do you have an emergency fund? If so how big is it? Is this something that is important for you to have?

If you don't have one, why don't you?

I dont have one yet but that more out of not making enough yet. Now that I have everything I need really till I need a bigger mower. I can finally put some tward savings. But I dont know if you considering savings an emergency fund.

Savings for me is equipment/business upgrades and rainy day fund.

mark123 12-11-2010 11:14 PM

I had a nice emergency fund before my last job quit paying me. They'd give me a few bucks here and there to string me along and it ended up that I had to spend my entire $10k fund just to keep the family in food. It ended up they owe me over $14k. I had no choice but to start cutting grass.

If I hadn't had that emergency fund I'd have lost my house and probably be living on welfare or something horrible like that.

Steve 12-12-2010 03:35 PM

How does living through that experience effect your view of having an emergency fund?

From your experience, how long should a persons emergency fund hold them for?

Would you do anything differently now when it comes to emergency funds?

mark123 12-12-2010 04:21 PM

Quote:

Originally Posted by Steve (Post 80754)
How does living through that experience effect your view of having an emergency fund?

It's surely a must to me now. I only have a few months built up and that may disappear over the winter so now that I know what I know I may have to extend my emergency fund to more than 6 months.

Quote:

Originally Posted by Steve (Post 80754)
From your experience, how long should a persons emergency fund hold them for?

6 months of all bills including food. No need to include things like going out or entertainment because in an emergency you do without as much as possible. If you're purely seasonal (no work or pay in winter) then extend it to 10 or 11 months. Winter really isn't 3 months long for a lawn service, It's more like 4-5 months especially considering that your first month's money doesn't start rolling in until it's over. For example if you start on April 1 every year and you don't bill until the end of the month like me then you're into the second week of May before you start to see cash. Of course if you're like me and pick up leaves and apply lime into November then you have a little bit still coming in during December and a few late payers in January so realistically you have about 5 real dry months to consider.

Quote:

Originally Posted by Steve (Post 80754)
Would you do anything differently now when it comes to emergency funds?

I'm also considering storing 3 months of food for emergencies. Who knows if 6 months worth of money is going to be worth 6 months in the future?

Steve 12-13-2010 12:14 PM

What is your suggestion on where to keep your emergency fund? Do you keep it in a bank, put in mutual funds or maybe something else?

mark123 12-13-2010 12:22 PM

Quote:

Originally Posted by Steve (Post 80802)
What is your suggestion on where to keep your emergency fund? Do you keep it in a bank, put in mutual funds or maybe something else?

It has to be liquid so a bank account is probably the best. I also try to keep a couple of bucks in the safe at home as well.

MountainViewGreenskeeper 12-13-2010 03:55 PM

I think another question that should be asked is what does your account sit at. I try and keep 2 months of expenses in checking so Im not waiting for the checks to roll in to pay for stuff in stead of "pay check to pay check" like most people seem to do. Nov. was our first month we were really able to put anything to savings(emergency fund) cause we werent buying any equipment.

Steve 12-14-2010 01:51 PM

So many banks now seem to be paying no interest at all. If this is the case in your bank, what do you feel the difference is between keeping the money in a savings or checking account?

Growing Green 12-14-2010 03:19 PM

I think the key with an emergency fund is to look at it as just that...an emergency fund. A lot of times we see it as an "investment" or "what new toy can I buy next with this money" fund.

In my opinion the two most important facters is it should be extremely liquid and we are to not spend it for anything other than an emergency. If we have $10,000 in an emergency the different between what a standard bank savings account (maybe .7% interest) compared to a Money Market account (maybe 1.2%) is about a $50 difference for the year for every $10,000. So might as well make it as easy on you as possible to spend if you really have too.

Matt


All times are GMT -5. The time now is 02:42 AM.

Powered by vBulletin® Version 3.7.1
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
(C) 2011 Riggs Publications - Terms of use & Privacy Policy

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Employee wont return...
Prolawnofchatt
06-13-2014 03:12 PM
Yesterday 09:59 PM
by WesleySnips
5 547
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
Yesterday 09:40 PM
by ExtremeLawncareServices
87 4,890
Buy a good company at a...
Steve
03-12-2011 06:38 AM
Yesterday 08:22 PM
by WesleySnips
1 1,669
Mow and leaf cleanup bid
SGL1
07-29-2014 07:28 PM
Yesterday 07:14 PM
by SGL1
23 311
Pressure Washing...
WesleySnips
Yesterday 06:13 PM
Yesterday 06:13 PM
by WesleySnips
0 32
Echo Edger 'Neutral'
WesleySnips
07-25-2014 05:28 PM
Yesterday 05:58 PM
by WesleySnips
5 210
trimming back shrubs
WesleySnips
Yesterday 06:14 AM
Yesterday 01:08 PM
by WesleySnips
3 75
Late charge
Simon Abousaada
07-30-2014 07:23 PM
Yesterday 12:41 PM
by Steve
2 83
Building credit
Matther777
07-27-2014 05:20 PM
Yesterday 12:36 PM
by Steve
12 279
Need input on a bid
phlawncare
07-28-2014 08:51 PM
Yesterday 05:08 AM
by kslawn
7 214
New from Texas
Livingston Lawn Care
07-25-2014 11:17 AM
07-30-2014 01:03 PM
by Steve
5 217
Single tree, mow customer
WesleySnips
06-27-2014 10:12 AM
07-30-2014 12:31 PM
by Steve
17 753
Formulas Used
BaileynSamsMum
07-29-2014 06:40 AM
07-30-2014 12:19 PM
by Steve
3 152
Spreading Weeds?
WesleySnips
07-27-2014 09:46 PM
07-30-2014 06:29 AM
by kslawn
5 188
Will summer ever come
ExtremeLawncareServices
07-29-2014 08:27 AM
07-29-2014 08:29 PM
by SGL1
5 142
From Concord NC
SouthernRootsLawnCare
07-26-2014 02:34 PM
07-29-2014 02:28 PM
by Steve
3 150
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
07-29-2014 02:28 PM
by Steve
4 204
Left handed edging with...
SGL1
07-23-2014 08:59 PM
07-28-2014 07:39 AM
by SGL1
15 388
Echo PE 266 edger
stevef1201
07-01-2014 01:28 PM
07-27-2014 10:14 PM
by WesleySnips
5 397
Texas lawn care company...
Livingston Lawn Care
07-25-2014 11:29 AM
07-27-2014 08:16 AM
by Just for Cuts
7 236
need some help geting...
dalvan0
07-13-2014 09:28 PM
07-26-2014 04:39 PM
by BLC7
7 385
new trailer help
mattthelawnguy
07-11-2014 08:21 PM
07-25-2014 06:31 PM
by mattthelawnguy
13 586
You know it;s gonna be a...
stevef1201
07-25-2014 08:50 AM
07-25-2014 01:34 PM
by Steve
1 146
Customer letters
kslawn
07-23-2014 06:17 AM
07-25-2014 01:20 PM
by Steve
5 274
Got my first lawn job...
SGL1
06-11-2014 09:19 PM
07-24-2014 07:09 PM
by SGL1
29 1,361
Need help determining...
Jbss861
07-20-2014 02:33 PM
07-24-2014 01:11 PM
by Steve
13 463
Should I ?
googus
07-22-2014 04:06 PM
07-24-2014 12:10 PM
by Steve
4 293
My First Apartment...
SSLCtn
05-26-2014 10:17 PM
07-24-2014 06:46 AM
by kslawn
15 983
Crop Rotation Techniques...
eastsidelandcare
07-17-2014 03:47 PM
07-24-2014 06:38 AM
by kslawn
3 274
Selling lawns like...
eastsidelandcare
07-17-2014 03:51 PM
07-24-2014 06:28 AM
by kslawn
3 333
Scag new "Eliminator"......
ExtremeLawncareServices
07-20-2014 10:45 AM
07-23-2014 05:37 PM
by Just for Cuts
9 391
need professional advice...
Fiddlers_green
07-20-2014 07:21 PM
07-23-2014 12:42 PM
by Steve
3 276
new to me box truck
jrayb39667
03-06-2014 10:20 PM
07-23-2014 12:40 PM
by Steve
15 1,517
Lawn Service back in...
LawnCareMan280
07-18-2014 09:00 PM
07-23-2014 11:48 AM
by Steve
4 303
Overspray?
stevef1201
07-21-2014 04:20 PM
07-23-2014 11:39 AM
by Steve
3 215
Hello Everyone! Newbie...
SLKlawn
07-17-2014 06:22 PM
07-22-2014 01:53 PM
by Steve
6 357
Proper height for lawn
rob lederhilger
05-26-2014 08:01 AM
07-21-2014 02:53 PM
by LawnDoctor
9 725
Blade sharpener
Just for Cuts
07-04-2014 12:31 PM
07-21-2014 01:48 PM
by Steve
9 588
What's my business worth?
Chaz
07-16-2014 01:35 PM
07-21-2014 01:45 PM
by Steve
4 367
1.5 Acre Jungle
WesleySnips
07-15-2014 05:57 PM
07-20-2014 11:31 AM
by ExtremeLawncareServices
21 713
Gopher schedule software
Ray
07-18-2014 04:13 PM
07-18-2014 04:13 PM
by Ray
0 265
2006 Chevy fuel pump...
KevinsLawns
07-17-2014 08:39 PM
07-18-2014 11:51 AM
by Steve
1 253
Halfway point of year!
Steve
07-01-2014 12:08 PM
07-18-2014 11:38 AM
by Steve
14 822
I got told to leave and...
gwilson98
06-16-2014 02:07 PM
07-17-2014 11:43 AM
by Steve
16 1,138
Hey guys this is the...
prmenter@gmail.com
07-07-2014 08:23 PM
07-16-2014 08:10 PM
by ExtremeLawncareServices
28 878
Mowing the hills
prmenter@gmail.com
07-08-2014 12:22 PM
07-16-2014 05:00 PM
by Just for Cuts
18 797
Say Hello !!!
Steve
03-19-2007 11:18 AM
07-15-2014 05:38 PM
by icon2000
1,184 322,177
Classified Ad Template...
bcfb
06-05-2013 02:40 AM
07-15-2014 11:16 AM
by Steve
15 3,826
Husqvarna pz 60
CDLAWNCARE
07-06-2014 06:50 PM
07-15-2014 08:53 AM
by kslawn
10 534
Lowballers
Chaz
07-11-2014 03:55 PM
07-14-2014 12:27 PM
by Steve
5 441
Read more about these lawn care business marketing categories.
General Business:
GopherHaul, Podcast
How to Estimate - Services To Offer:
Aeration, Apartment / Condo, bed edging, Color Change Plantings, Dethatching, Edging, Fall Leaf Cleanups, Foreclosed Homes, Gutter Cleaning, Hardscaping, Hedge Trimming, Home Safety Inspection, Irrigation, Landscape Project, Lawn Mower Repair, Mowing, Mulch Jobs, Outdoor decoration, Parking Lot Cleanups, Pet Waste Removal, Pressure Washing, Property Management, Snow plowing, Stump Grinding, Tree Removal
How to Estimate Jobs:
Lawn Care Business:
Barter, Bikini Lawn Care, Business Failure, Business loan, Business Plan, Debt, Debt Collection, Estimate or Proposal Form, Franchise, Fuel surcharge, How to sell, Insurance, Job Tracking, Lawn Care Contract, Lawn Care Customer Survey, Lawn Care Uniform, Lawn Care Videos, Operational Costs, Overhead Costs, Prepay, Pricing, Start up, Tiger Time Lawn Care,
Lawn Care Business Books:
Lawn Care Customers:
Buying customers, Commercial Customers, Customer Retention, How to get, Residential Customers
Lawn Care Employees:
1 Man Lawn Crew, Bonus Pay, training, Your First Employee
lawn care equipment:
bed edger, Lawn Care Truck, Leaf Sweeper, Mower, New Arrival, Trailer, UltraVac
Lawn Care Marketing:
Billboard, Brochure, Business Card, Community Projects To Promote Your Business, Coupons, Cross Promotion / Synergy, Direct Mail, Door hanger, door to door, Free Giveaway Contest, Free Lawn Care Flyer Template, Gift or Discount Cards, home show, Internet, Lawn Care Business Sales Letter, Lawn Care Logo, Lawn Care Marketing, Lawn Care Truck & Trailer Signs, Lawn Care Website, Lawn Signs, Magazine Ad, Magnets, Mailing list, Marketing on Craigslist.com, Newspaper Ads, Parade, Postcards, publicity stunt, Referrals, Review My Lawn Care Marketing Material, t-shirt, Welcoming Kit, Word Of Mouth
Seasonal Promotion Ideas:
4th of July, Armed Forces Day, Christmas, Election Day, Fall, Halloween, Memorial Day, Spring, Summer, Valentine's Day, Veteran's Day, Winter:
Software:
Estimation Software, Landscaper Software, Landscaping Business Software, Landscaping Estimate Software, Landscaping Software, Lawn Care Business Software, Lawn Care Estimating Software, Lawn Care Software, Mowing Software
Uncategorized:
Video:
Website:
Search Engine Optimization
» Lawn Care Business Discussion Categories
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 02:42 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 02:42 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy