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 10:11 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
quickbooks users
CDLAWNCARE
04-20-2014 09:03 AM
Today 06:48 AM
by CDLAWNCARE
4 159
Any greenhouse operators...
GoGreenerKS
04-15-2014 11:21 AM
Today 06:43 AM
by CDLAWNCARE
6 197
What things you should...
wemorao796
Today 05:48 AM
Today 05:48 AM
by wemorao796
0 27
Pushy customers
christopherhicks82
Yesterday 08:22 PM
Today 05:37 AM
by Sprinkler Buddy
3 87
Looking for advice on a...
Tekeda1
04-13-2014 09:53 AM
Yesterday 07:55 PM
by Just for Cuts
23 566
Pond...
xandrew245x
Yesterday 03:29 PM
Yesterday 06:45 PM
by xandrew245x
2 68
2.5 acre mowing
xandrew245x
04-18-2014 06:55 AM
Yesterday 05:23 PM
by Just for Cuts
13 298
About D@## Time!
TamMik
04-02-2014 08:10 AM
Yesterday 05:14 PM
by BelleCityLawn1
19 851
Back for this year
xandrew245x
02-21-2014 04:30 PM
Yesterday 03:36 PM
by xandrew245x
19 996
The $20 Mow Job
Dan Tanner
04-21-2014 07:24 PM
Yesterday 03:17 PM
by Dan Tanner
4 160
In a bit situation need...
googus
Yesterday 08:01 AM
Yesterday 01:50 PM
by stevef1201
5 116
What Was Your Setup When...
superrman77
02-11-2014 10:53 AM
Yesterday 12:29 AM
by Tony317
22 1,691
Sulky and Turf Tracer
acrajchel
04-07-2014 01:44 PM
Yesterday 12:07 AM
by Tony317
9 433
danny 2
danny2
04-19-2014 10:19 PM
04-21-2014 12:25 PM
by Steve
3 135
this mower is driving me...
boog
04-17-2014 12:07 PM
04-21-2014 12:10 PM
by kslawn
13 329
What Fertilizer to Use?
acrajchel
04-07-2014 01:56 PM
04-21-2014 12:02 PM
by kslawn
20 566
I Got Taken...,
Dan Tanner
04-19-2014 06:26 AM
04-21-2014 11:49 AM
by Steve
4 219
new to this forum!
mower13126
04-18-2014 07:37 PM
04-21-2014 11:39 AM
by Steve
4 145
REO calling
Dan Tanner
04-16-2014 05:03 PM
04-21-2014 11:33 AM
by Steve
12 338
employee pay
4 seasons maintenance
04-10-2011 09:34 PM
04-20-2014 04:40 PM
by Dan Tanner
20 6,867
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
04-20-2014 11:13 AM
by ExtremeLawncareServices
32 1,194
Lawn Renovation
stevef1201
04-11-2014 12:00 PM
04-20-2014 11:11 AM
by kslawn
10 354
Customers droping like...
goodtimez
04-18-2014 09:53 AM
04-19-2014 08:09 AM
by CDLAWNCARE
7 221
Best Bulk Mulch delivery...
Steven Virgadamo
04-18-2014 09:52 AM
04-18-2014 05:34 PM
by Steve
2 99
Steve Virgadamo,...
Steven Virgadamo
04-18-2014 09:49 AM
04-18-2014 05:08 PM
by Steve
2 81
Instagram
Gerardo_Landscape
04-16-2014 11:28 AM
04-18-2014 04:51 PM
by Steve
3 169
Help with weed liability!
Prolawnofchatt
04-15-2014 09:10 AM
04-18-2014 04:47 PM
by Steve
5 236
Nationwide lawn care...
Billy Goat
04-15-2014 05:21 PM
04-18-2014 04:39 PM
by Steve
9 252
Truck Signage
Dan Tanner
04-16-2014 11:00 PM
04-18-2014 04:04 PM
by stevef1201
10 271
leaf removal
tlf59263
04-15-2014 10:00 PM
04-18-2014 03:59 PM
by stevef1201
6 229
Pay per click advertising
roostertail
02-12-2014 07:26 PM
04-17-2014 07:11 PM
by yardrate
10 632
Accepting credit cards,...
Darksteel
03-17-2014 08:01 PM
04-16-2014 01:02 PM
by jymie
15 790
Trimec
acrajchel
04-15-2014 08:24 PM
04-16-2014 11:10 AM
by Steve
3 143
Gopher Forum Discount!
BlackRain75
04-12-2014 10:44 PM
04-16-2014 10:50 AM
by Steve
9 338
hello
NFrailey
04-15-2014 01:39 PM
04-16-2014 10:48 AM
by Steve
1 125
Pricing a Mulch Job
dmcalpi
04-07-2014 02:16 PM
04-16-2014 09:40 AM
by jymie
21 768
google earth
CDLAWNCARE
04-12-2014 03:24 PM
04-16-2014 09:36 AM
by jymie
8 285
There has to be an...
CDLAWNCARE
04-14-2014 12:59 PM
04-15-2014 04:06 PM
by Dan Tanner
6 229
First Day Back!
BelleCityLawn1
04-09-2014 09:13 PM
04-15-2014 11:16 AM
by Steve
11 364
Mow America
stevegredler
04-13-2014 01:02 PM
04-14-2014 09:53 PM
by kslawn
5 270
Power Broom
acrajchel
04-14-2014 07:46 AM
04-14-2014 12:47 PM
by CDLAWNCARE
2 150
Say Hello !!!
Steve
03-19-2007 11:18 AM
04-14-2014 11:34 AM
by Steve
1,176 286,523
Equipment reviews
Greg'slawnandlandscape
04-09-2014 07:17 AM
04-14-2014 11:27 AM
by Greg'slawnandlandscape
13 523
Aerating Prices?
Dan Tanner
04-08-2014 03:16 PM
04-14-2014 10:31 AM
by Steve
13 522
Estimating help
acrajchel
04-11-2014 06:06 PM
04-14-2014 10:20 AM
by Steve
3 229
Need help bidding church...
GreenRidge Lawn&Landscape
04-07-2014 08:01 PM
04-14-2014 09:49 AM
by Steve
12 493
Hello all
Griff20114
04-12-2014 05:08 PM
04-14-2014 09:46 AM
by Steve
1 145
Step by Step Spring Lawn...
WarriorLawnscaping
04-10-2014 07:01 AM
04-14-2014 09:43 AM
by Steve
5 308
Jeff Cowden
jcowden
04-11-2014 07:27 PM
04-14-2014 09:39 AM
by Steve
1 139
Exmark Commercial 30...
Dan Tanner
04-11-2014 05:35 AM
04-14-2014 09:37 AM
by Steve
4 252
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 10:11 AM.


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

All times are GMT -5. The time now is 10:11 AM.

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