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 > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

Emergency fund


General Business Discussions

A place to talk about general business discussions.
View Poll Results: How big is your emergency fund?
I don't have one. 5 31.25%
It would cover a couple weeks of expenses. 1 6.25%
It would cover 1 month of expenses. 2 12.50%
It would cover 2 months of expenses. 1 6.25%
It would cover 3 months of expenses. 3 18.75%
It would cover 4 months or more of expenses. 4 25.00%
Voters: 16. You may not vote on this poll

Reply
 
Thread Tools Search this Thread
  #1  
Old 12-11-2010, 12:25 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,246
Rep Power: 10
Steve has disabled reputation
Default 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?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 12-11-2010, 10:34 PM
MountainViewGreenskeeper's Avatar
MountainViewGreenskeeper MountainViewGreenskeeper is offline
Senior Member
 
Join Date: Jan 2010
Location: Mesa, AZ
Posts: 473
Rep Power: 6
MountainViewGreenskeeper is on a distinguished road
Default

Lawn care business tipsLawn Care Business Book
Quote:
Originally Posted by Steve View Post
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.
__________________
Colton
Mountain View Greenskeeper proudly offering yard care in the East Valley of Arizona.
Reply With Quote
  #3  
Old 12-11-2010, 11:14 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

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.
Reply With Quote
  #4  
Old 12-12-2010, 03:35 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,246
Rep Power: 10
Steve has disabled reputation
Default

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?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #5  
Old 12-12-2010, 04:21 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

Quote:
Originally Posted by Steve View Post
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 View Post
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 View Post
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?
Reply With Quote
  #6  
Old 12-13-2010, 12:14 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,246
Rep Power: 10
Steve has disabled reputation
Default

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?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #7  
Old 12-13-2010, 12:22 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 8
mark123 is on a distinguished road
Default

Quote:
Originally Posted by Steve View Post
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.
Reply With Quote
  #8  
Old 12-13-2010, 03:55 PM
MountainViewGreenskeeper's Avatar
MountainViewGreenskeeper MountainViewGreenskeeper is offline
Senior Member
 
Join Date: Jan 2010
Location: Mesa, AZ
Posts: 473
Rep Power: 6
MountainViewGreenskeeper is on a distinguished road
Default

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.
__________________
Colton
Mountain View Greenskeeper proudly offering yard care in the East Valley of Arizona.
Reply With Quote
  #9  
Old 12-14-2010, 01:51 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 37,246
Rep Power: 10
Steve has disabled reputation
Default

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?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #10  
Old 12-14-2010, 03:19 PM
Growing Green Growing Green is offline
new member
 
Join Date: Dec 2010
Location: Texas
Posts: 323
Rep Power: 0
Growing Green is on a distinguished road
Default

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
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Emergency! CHEESE2009 Lawn Maintenance / Lawn Renovation 8 11-08-2010 07:11 PM
Safety net- the rainy day fund. Steve Health, Safety and Accident Issues. 1 04-22-2009 07:15 PM
emergency help needed with tree half underwater UnitedEnvironment.com Tree Care, Irrigation, Landscaping, Hardscapes 10 06-10-2008 10:16 PM
raising money for doll and toy fund quickcleanlawn Lawn Care Marketing & Post your marketing material for review! 1 11-19-2007 09:00 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
New company in Michigan
SEM
Yesterday 09:27 PM
Today 05:26 AM
by Sprinkler Buddy
1 22
Newb Question - Multiple...
DependiLawn
Yesterday 11:36 PM
Yesterday 11:36 PM
by DependiLawn
0 20
maintandlawndispatch...
SGL1
04-21-2015 03:31 PM
Yesterday 04:42 PM
by Steve
9 202
Lawn Care Service in...
Friscobob
Yesterday 03:33 PM
Yesterday 04:41 PM
by Steve
1 40
Big (to me) mulch job
tl757
04-23-2015 05:32 PM
Yesterday 04:39 PM
by Steve
4 108
Total yard rehab
SGL1
04-23-2015 03:59 PM
Yesterday 04:39 PM
by Steve
3 88
Thoughts on Undocumented...
element009
09-25-2011 11:08 AM
04-23-2015 09:32 PM
by Chilehead
56 15,489
Hello Everyone
DesignsByBnC
04-22-2015 04:07 PM
04-23-2015 02:19 PM
by DesignsByBnC
2 77
The upcoming rainy...
5StarLawnscaping
04-21-2015 01:22 PM
04-23-2015 12:54 PM
by Steve
7 176
color fliers?
holymoly
04-18-2015 02:32 PM
04-23-2015 12:50 PM
by Steve
12 336
I'm Back With The Best...
aduttonater
02-21-2015 12:41 AM
04-22-2015 07:04 PM
by Just for Cuts
59 2,505
WARNING! Especially to...
SC93
04-19-2015 12:05 PM
04-22-2015 01:39 PM
by Steve
14 403
Could be great news for...
SC93
04-14-2015 11:06 PM
04-22-2015 01:28 PM
by Steve
15 493
quick pic
joshlawncare
04-14-2015 07:49 PM
04-21-2015 05:01 PM
by joshlawncare
4 321
Got Inspected today
swstout
08-09-2010 10:31 PM
04-21-2015 03:53 PM
by SGL1
10 3,976
Smoked my first belt!
SGL1
04-20-2015 08:46 PM
04-21-2015 03:28 PM
by SGL1
4 148
Pictures of commercial...
avetslawncare
04-01-2015 09:47 PM
04-21-2015 12:47 PM
by Steve
25 997
lawn care business...
holymoly
04-18-2015 02:56 PM
04-21-2015 06:18 AM
by holymoly
3 240
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
04-21-2015 03:18 AM
by ExtremeLawncareServices
57 5,227
landscape insurance
clarkslawn
03-30-2015 10:14 PM
04-20-2015 10:02 PM
by SGL1
4 460
Poll & Discussion...
CHEESE2009
09-16-2011 06:16 PM
04-20-2015 08:20 PM
by avetslawncare
27 5,658
weed
avetslawncare
04-16-2015 07:56 PM
04-20-2015 01:08 PM
by Steve
4 249
Aerating / Dethaching...
Hard-Body lawn & garden
04-12-2015 07:53 PM
04-19-2015 08:49 PM
by Chilehead
17 589
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 12:06 AM
04-19-2015 09:21 AM
by KJ90
8 996
bidding a cemetery....
NPM_LLC
03-28-2015 10:56 AM
04-19-2015 05:26 AM
by RSE
22 1,002
Hustler Raptor
SGL1
04-13-2015 09:27 PM
04-18-2015 07:53 AM
by SGL1
15 507
is craiglist good to...
JBENI
04-16-2015 11:11 AM
04-17-2015 10:25 PM
by Wolf4dk
11 406
Am I missing something...
googus
04-11-2015 06:33 PM
04-17-2015 08:01 PM
by avetslawncare
10 527
Hello
sonny54
04-16-2015 09:49 PM
04-17-2015 03:10 PM
by Steve
1 193
Unreal
Chilehead
04-09-2015 09:12 PM
04-17-2015 08:27 AM
by Chilehead
11 560
starting a lawn care...
JBENI
04-14-2015 09:03 AM
04-17-2015 08:03 AM
by JBENI
14 536
Finally got a warehouse
avetslawncare
03-12-2015 07:52 PM
04-16-2015 07:52 PM
by avetslawncare
23 1,360
New 14 x 7 Enclosed...
whitepropertydetail
04-15-2015 06:46 PM
04-16-2015 03:40 PM
by Steve
1 245
older used dump trucks
SECTLANDSCAPING
09-22-2011 12:33 AM
04-16-2015 12:41 PM
by biglee
21 8,044
Tax Poll
Steve
04-15-2015 02:13 PM
04-15-2015 02:13 PM
by Steve
0 234
lawn care by Aj
aj10261984
04-14-2015 06:50 PM
04-15-2015 01:43 PM
by Steve
2 263
Contact last years...
googus
01-28-2015 08:13 AM
04-15-2015 12:54 PM
by SC93
7 1,265
trying to sign up for...
JBENI
04-14-2015 10:20 AM
04-14-2015 12:11 PM
by Steve
1 721
Charging customers for...
Hard-Body lawn & garden
04-14-2015 07:34 AM
04-14-2015 10:35 AM
by Steve
1 296
New member
Jdlandscaping,LLC
04-11-2015 03:24 PM
04-14-2015 05:45 AM
by Jdlandscaping,LLC
2 325
hello
oasis_greenscapes
04-01-2015 06:18 PM
04-13-2015 12:03 PM
by Steve
8 565
New Member
Greenturion
04-11-2015 02:00 PM
04-13-2015 11:59 AM
by Steve
1 287
Client with...
OldSalt
04-07-2015 09:47 PM
04-13-2015 11:57 AM
by Steve
8 514
Getting rid of "mulched...
Mr. Mow
04-12-2015 04:21 PM
04-13-2015 11:26 AM
by biglee
3 325
String trim BEFORE mow...
Mr. Mow
04-12-2015 08:13 AM
04-13-2015 11:11 AM
by biglee
7 437
Billing methods
jcurr33
03-26-2015 01:33 PM
04-13-2015 11:07 AM
by biglee
15 943
Landscape Fabric
CurbAppeal1
04-10-2015 03:58 PM
04-13-2015 08:02 AM
by Chilehead
4 367
I lost a long term...
Sprinkler Buddy
09-04-2011 02:24 PM
04-12-2015 04:27 PM
by Mr. Mow
17 4,007
Snow removal contracts
CDLAWNCARE
03-31-2015 02:57 PM
04-10-2015 11:37 AM
by kslawn
6 591
Do you have medical...
Steve
09-10-2011 11:46 AM
04-10-2015 11:28 AM
by Steve
17 5,303
» Popular Tags
aerocore apartment complex auger bark billy goat brushcutter blades bush collections deliquentaccounts design edging employee problems equipment rental ferris flyers foreman free advertising grass growing a lawn care business hills hiring husqvarna john deere quik trac landscape landscape services landscaping training lawn lawn care lawn care business seo lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lawn mowing marketing marketing secrets more customers business mr dave mulch new business past due per hour charge per hour service pricing profit on employee pto push versus ride running a business scripts secrets to landscaping sell the vision seo shell small engine repair square foot steep lawns sulky theft toro grand stand trailer tree trimmer rack truck new used landscape up sell employee web design website website design winterization won't return
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 05:29 AM.


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

All times are GMT -5. The time now is 05:29 AM.

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