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, 01:25 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,007
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, 11:34 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 12-12-2010, 12:14 AM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
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, 04:35 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,007
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, 05:21 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
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, 01:14 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,007
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, 01:22 PM
mark123's Avatar
mark123 mark123 is offline
Senior Member
 
Join Date: Apr 2009
Location: Pennsyltucky
Posts: 1,402
Rep Power: 7
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, 04:55 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, 02:51 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,007
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, 04:19 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 08:11 PM
Safety net- the rainy day fund. Steve Health, Safety and Accident Issues. 1 04-22-2009 08:15 PM
emergency help needed with tree half underwater UnitedEnvironment.com Tree Care, Irrigation, Landscaping, Hardscapes 10 06-10-2008 11:16 PM
raising money for doll and toy fund quickcleanlawn Lawn Care Marketing & Post your marketing material for review! 1 11-19-2007 10:00 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Starting a legit...
Hard-Body lawn & garden
Yesterday 08:19 PM
Today 08:53 AM
by CurbAppeal1
2 43
Finally!
SGL1
02-22-2015 09:46 PM
Today 08:43 AM
by SGL1
18 552
Ground Guys
Pattersonllc
Yesterday 07:49 PM
Yesterday 10:00 PM
by Just for Cuts
1 42
How do YOU charge your...
Hard-Body lawn & garden
03-02-2015 09:28 PM
Yesterday 08:19 PM
by Bradcook21
3 113
Small dovetail truck...
ExtremeLawncareServices
Yesterday 07:47 PM
Yesterday 07:47 PM
by ExtremeLawncareServices
0 30
Beginner Mistakes:...
Steve
01-31-2007 12:45 PM
Yesterday 07:33 PM
by CurbAppeal1
25 7,759
Front page google...
CurbAppeal1
Yesterday 06:04 PM
Yesterday 07:28 PM
by CurbAppeal1
4 58
Opinions on truck wrap
Trupro
02-28-2015 04:21 PM
Yesterday 07:20 PM
by CurbAppeal1
18 368
taking first steps...
sizemorelawncare
11-10-2014 08:24 PM
Yesterday 06:47 PM
by BladesofSteel
14 1,999
Doug With Blades Of...
BladesofSteel
03-03-2015 08:40 PM
Yesterday 05:44 PM
by BladesofSteel
2 65
hoa bid
Bradcook21
Yesterday 07:12 AM
Yesterday 04:49 PM
by Steve
2 84
Incentives for potential...
rmccutchan
02-02-2015 12:09 AM
Yesterday 04:06 PM
by Steve
13 871
Kawasaki Control Assembly
rsanchez1203
03-03-2015 04:21 PM
Yesterday 04:04 PM
by Steve
10 172
All NEW BRASS Black Rain...
BlackRain75
03-03-2015 10:07 PM
Yesterday 02:33 PM
by Sprinkler Buddy
1 57
Moss in grass in the...
tk4454
05-17-2013 12:19 AM
Yesterday 09:08 AM
by Moki
4 1,609
Jesse with Curb Appeal...
CurbAppeal1
03-03-2015 01:44 PM
03-03-2015 06:48 PM
by CurbAppeal1
12 157
New guy from Columbia, SC
holymoly
03-03-2015 05:27 PM
03-03-2015 06:10 PM
by Steve
1 50
Diesel conversion?
Just for Cuts
03-02-2015 10:59 AM
03-03-2015 06:08 PM
by Just for Cuts
4 124
stubbon people
Bradcook21
02-16-2015 04:25 PM
03-03-2015 05:56 PM
by Steve
45 1,517
What's include in a bid?
ppl
03-02-2015 01:19 PM
03-03-2015 05:53 PM
by Steve
9 216
New Website
brian'slawncare
03-01-2015 06:35 PM
03-03-2015 05:48 PM
by Steve
8 178
New Lawn Care Business
S&Z Lawncare
03-02-2015 04:13 PM
03-03-2015 05:39 PM
by Steve
3 130
My Newborn son
avetslawncare
02-27-2015 01:07 PM
03-03-2015 05:23 PM
by joshlawncare
7 177
New parking area
ExtremeLawncareServices
11-07-2014 09:47 PM
03-03-2015 02:50 PM
by ExtremeLawncareServices
14 2,050
rock salt
Bradcook21
02-24-2015 11:17 AM
03-03-2015 01:26 PM
by jrs.landscaping
30 678
tips on creating a...
BLAZIER-1991
01-08-2015 07:22 PM
03-03-2015 10:38 AM
by brian'slawncare
9 820
pros and cons on...
Wolf4dk
03-02-2015 12:26 AM
03-02-2015 10:14 PM
by ExtremeLawncareServices
6 155
price for snow clearing?
Bradcook21
02-25-2015 09:11 PM
03-02-2015 08:32 PM
by Bradcook21
7 301
Ugliest lawn contest
Steve
02-23-2015 04:17 PM
03-02-2015 04:57 PM
by Steve
5 385
Hi from the beautiful...
nwgirl
02-07-2015 06:01 AM
03-02-2015 04:45 PM
by Steve
5 674
Online Estimator
acrajchel
03-01-2015 05:58 PM
03-02-2015 03:50 PM
by Steve
3 142
How to obtain more...
winkie61
02-17-2015 08:31 AM
03-02-2015 11:05 AM
by nwgirl
4 612
I'm Back With The Best...
aduttonater
02-21-2015 01:41 AM
03-02-2015 10:44 AM
by ExtremeLawncareServices
16 694
How to sell annual...
GroPro
02-17-2015 12:31 PM
03-01-2015 01:46 PM
by Chilehead
8 644
Facebook
element009
03-23-2011 09:36 AM
02-27-2015 11:37 AM
by ExtremeLawncareServices
52 11,893
Blade sharpener
Just for Cuts
07-04-2014 01:31 PM
02-26-2015 03:43 PM
by Mr. Mow
15 1,811
viking cyclon.
uppercut
01-29-2015 09:12 PM
02-26-2015 02:54 PM
by Steve
5 559
Start LIKING FACEBOOK...
rlclawncare123
02-26-2015 01:06 AM
02-26-2015 02:41 PM
by Steve
1 164
Another website update
Chilehead
02-26-2015 11:24 AM
02-26-2015 12:46 PM
by Just for Cuts
3 151
New Lawn Care Service...
rlclawncare123
02-26-2015 12:49 AM
02-26-2015 02:24 AM
by ExtremeLawncareServices
1 184
leaf removal.. mulching...
facework84
08-05-2011 03:26 PM
02-25-2015 08:07 PM
by Steve
5 2,850
How many customers?
SC93
02-25-2015 12:40 AM
02-25-2015 04:59 PM
by SC93
5 292
Irrigation...
charlieallen
02-24-2015 01:16 PM
02-25-2015 02:58 PM
by Steve
6 280
use a small business...
BLAZIER-1991
12-25-2014 12:21 AM
02-25-2015 12:46 AM
by SC93
33 2,913
honest opinion please
uppercut
02-17-2015 02:30 AM
02-24-2015 07:12 PM
by homey
10 731
2nd year advice anyone
Bradcook21
02-18-2015 07:00 PM
02-24-2015 05:15 PM
by Bradcook21
14 718
need help
lawnexpers115
02-23-2015 05:36 PM
02-24-2015 02:49 PM
by Steve
3 319
Hello People
nativikee
02-23-2015 07:17 PM
02-24-2015 02:43 PM
by Steve
4 320
New member
qua ke zik 001
02-23-2015 11:24 AM
02-23-2015 03:40 PM
by Steve
1 272
New Video
Sprinkler Buddy
02-22-2015 09:18 PM
02-23-2015 03:19 PM
by Sprinkler Buddy
2 295
» Popular Tags
4wd aerocore apartment complex auger bark billy goat brushcutter blades collections design edging employee problems equipment rental ferris first truck flyers foreman free advertising gopherhaul grass growing a lawn care business hills hiring husqvarna introduction john deere quik trac landscape landscape services landscaping training lawn care lawn care business lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo marketing marketing secrets mr dave mulch new business past due per hour charge podcast pricing profit on employee pto push versus ride running a business secrets to landscaping sell the vision seo shell small engine repair square foot steep lawns sulky toro grand stand trailer tree trimmer rack truck new used landscape up sell employee walk behind 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 09:10 AM.


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

All times are GMT -5. The time now is 09:10 AM.

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