Why You Always Need a Contingency Fund!

[Samster]

Because there is always something!! We've spent over two thousand dollars since February on three HVAC systems in the two houses. Go next door today to turn on some lights and cool it down because someone is looking at one suite for a longer stay in October. No A/C working. Kill me now........
Keep your fingers crossed and say a little prayer that it is something simple!

I hear ya sistah! Washer & dryer, dishwasher, car repair work, dental bills, heart 'incident' we weren't even thinking about, new snow blower needed this winter and then all the 'little' stuff like new linens..

See this is what the aspirings and newbies (like ourselves) don't realize when taking on this biz. You can burn right through your capital with this kind of stuff.
You think you have a new HVAC system and it's going to be good for several years & you have insurance & warranty coverage - lightning strike nearby in your yard! Not even your house...thank goodness for that...but you are out mucho $$$ not covered by either of those!
Then there are a myriad of other things that can come up.
"They" say that you should have a year's income in the bank in readily accessible funds for catastrophic events just in case (not if you're a business owner, just regular folks). We should have at least that with these businesses. But, it's hard to do when you are constantly putting money back into the business for improvements, furniture & fixtures, marketing, and on & on.
I can't wait for Summer to be over...I need guests!!!! haha! (Apologies to all who have Summer as their busy season & don't want it to end!)
.

Last year we had gone right up to the point of ordering the new carpeting for the whole upstairs. Then Dec hit with NO guests. Dec was going to pay for the carpet. Stopped that project right there. We knew better than to get ourselves into that hole.
According to our original calculations, we should have a couple hundred thou in the bank right now. Ha.
.

I am looking at ways to economize. First thing to go will be the lawn service that I just hired. I will be back out there with the mower soon

Now, I just need to find that edger.....
I already have the thermostat set at 77F in the house we live in. Any higher than that & I will melt for sure. Next door it's at 80 something with no guests. Much higher than those settings & we won't be able to cool the house down if we get any guests.
We are eating out of the freezer & canned goods.
This is not good.......
.

I did not get to make the choice. My "lawn service" was a high school kid that I believe I paid rather well - $25 to mow, weed eat, and trim hedges - we are on a city lot and most of it is taken up by the house and I supplied the tools. He was supposed to come every couple weeks. Today, on top of everything else I had to get done, I was out with the mower. It has been almost a month! Saved $25 but I would MUCH rather have paid it. August is looking like January for me. I am still busy - cannot figure out why, it just seems to crop up each day - just not with guests. Tonight is the #6 room night of the month and the second one that is paid! Hooray for Sept & Oct.
.

Getting rid of the lawn service is not really a choice for us at this point either...if we want to eat next month, that is

I am NOT kidding... $100/week will feed us very well....

 

[gillumhouse]

Because there is always something!! We've spent over two thousand dollars since February on three HVAC systems in the two houses. Go next door today to turn on some lights and cool it down because someone is looking at one suite for a longer stay in October. No A/C working. Kill me now........
Keep your fingers crossed and say a little prayer that it is something simple!

I hear ya sistah! Washer & dryer, dishwasher, car repair work, dental bills, heart 'incident' we weren't even thinking about, new snow blower needed this winter and then all the 'little' stuff like new linens..

See this is what the aspirings and newbies (like ourselves) don't realize when taking on this biz. You can burn right through your capital with this kind of stuff.
You think you have a new HVAC system and it's going to be good for several years & you have insurance & warranty coverage - lightning strike nearby in your yard! Not even your house...thank goodness for that...but you are out mucho $$$ not covered by either of those!
Then there are a myriad of other things that can come up.
"They" say that you should have a year's income in the bank in readily accessible funds for catastrophic events just in case (not if you're a business owner, just regular folks). We should have at least that with these businesses. But, it's hard to do when you are constantly putting money back into the business for improvements, furniture & fixtures, marketing, and on & on.
I can't wait for Summer to be over...I need guests!!!! haha! (Apologies to all who have Summer as their busy season & don't want it to end!)
.

Last year we had gone right up to the point of ordering the new carpeting for the whole upstairs. Then Dec hit with NO guests. Dec was going to pay for the carpet. Stopped that project right there. We knew better than to get ourselves into that hole.
According to our original calculations, we should have a couple hundred thou in the bank right now. Ha.
.

I am looking at ways to economize. First thing to go will be the lawn service that I just hired. I will be back out there with the mower soon

Now, I just need to find that edger.....
I already have the thermostat set at 77F in the house we live in. Any higher than that & I will melt for sure. Next door it's at 80 something with no guests. Much higher than those settings & we won't be able to cool the house down if we get any guests.
We are eating out of the freezer & canned goods.
This is not good.......
.

I did not get to make the choice. My "lawn service" was a high school kid that I believe I paid rather well - $25 to mow, weed eat, and trim hedges - we are on a city lot and most of it is taken up by the house and I supplied the tools. He was supposed to come every couple weeks. Today, on top of everything else I had to get done, I was out with the mower. It has been almost a month! Saved $25 but I would MUCH rather have paid it. August is looking like January for me. I am still busy - cannot figure out why, it just seems to crop up each day - just not with guests. Tonight is the #6 room night of the month and the second one that is paid! Hooray for Sept & Oct.
.

I did not get to make the choice. My "lawn service" was a high school kid that I believe I paid rather well - $25 to mow, weed eat, and trim hedges - we are on a city lot and most of it is taken up by the house and I supplied the tools. He was supposed to come every couple weeks. Today, on top of everything else I had to get done, I was out with the mower. It has been almost a month! Saved $25 but I would MUCH rather have paid it. August is looking like January for me. I am still busy - cannot figure out why, it just seems to crop up each day - just not with guests. Tonight is the #6 room night of the month and the second one that is paid! Hooray for Sept & Oct.

You've had 6 room nights booked in Aug so far? This is not bragging, this is why I'm so tired right now...I have had 91 to date. Out of a possible 105.
BTW, thank the mystery woman...I got the card. Or, if the mystery woman is on the forum...Thanks! I got the card and I appreciate the thoughts!
.

Just keep rubbing salt in the wound, why don't ya?? j/k
Seriously, 4 room nights in August so far at the beginning of the month. That may pay the utilities for the second house. Come on, guests!!!
But here is my silver lining of the day....the A/C is still working, I just found that another wonderful review was posted somewhere (I can't figure out where it was posted yet but it appears on Google business when you search on B&Bs for my city), and we moved up to #2 on TripAdvisor. Yay!!

We are going to the baseball game tonight & having a hot dog and a beer to celebrate. haha!
.

The 2rooms for 2 nights were FREE!!! No income - all outgo. And each morning had an extra person for breakfast - the Mayor on Saturday and one of our team members decided to come say goodbye so I had to set another place - which I was prepared for thank goodness. We laso did manicotti, salad, and French bread for a reception the night the team from southern WV arrived. The two PAID nights will just about pay the utilities - forget the other things. Thank goodness for being old enough for SS.

 

[swirt]

Mentally disabled is probably a better term. The R word is not considered a nice one.

(personal connections).

Mentally disabled is probably a better term. The R word is not considered a nice one.

(personal connections)

I am only using the term that is on the zoning application (i have a copy of it right here) the legal owner of the building, Mr (name withheld) representative of Chapter 10 Mental Retardation Group Home.
.

Ooofff. That doesn't bode well as it tells me it is being run/proposed by someone who is not exactly "enlightend" on the topic. Sorry

 

[Samster]

Because there is always something!! We've spent over two thousand dollars since February on three HVAC systems in the two houses. Go next door today to turn on some lights and cool it down because someone is looking at one suite for a longer stay in October. No A/C working. Kill me now........
Keep your fingers crossed and say a little prayer that it is something simple!

I hear ya sistah! Washer & dryer, dishwasher, car repair work, dental bills, heart 'incident' we weren't even thinking about, new snow blower needed this winter and then all the 'little' stuff like new linens..

See this is what the aspirings and newbies (like ourselves) don't realize when taking on this biz. You can burn right through your capital with this kind of stuff.
You think you have a new HVAC system and it's going to be good for several years & you have insurance & warranty coverage - lightning strike nearby in your yard! Not even your house...thank goodness for that...but you are out mucho $$$ not covered by either of those!
Then there are a myriad of other things that can come up.
"They" say that you should have a year's income in the bank in readily accessible funds for catastrophic events just in case (not if you're a business owner, just regular folks). We should have at least that with these businesses. But, it's hard to do when you are constantly putting money back into the business for improvements, furniture & fixtures, marketing, and on & on.
I can't wait for Summer to be over...I need guests!!!! haha! (Apologies to all who have Summer as their busy season & don't want it to end!)
.

Last year we had gone right up to the point of ordering the new carpeting for the whole upstairs. Then Dec hit with NO guests. Dec was going to pay for the carpet. Stopped that project right there. We knew better than to get ourselves into that hole.
According to our original calculations, we should have a couple hundred thou in the bank right now. Ha.
.

I am looking at ways to economize. First thing to go will be the lawn service that I just hired. I will be back out there with the mower soon

Now, I just need to find that edger.....
I already have the thermostat set at 77F in the house we live in. Any higher than that & I will melt for sure. Next door it's at 80 something with no guests. Much higher than those settings & we won't be able to cool the house down if we get any guests.
We are eating out of the freezer & canned goods.
This is not good.......
.

I did not get to make the choice. My "lawn service" was a high school kid that I believe I paid rather well - $25 to mow, weed eat, and trim hedges - we are on a city lot and most of it is taken up by the house and I supplied the tools. He was supposed to come every couple weeks. Today, on top of everything else I had to get done, I was out with the mower. It has been almost a month! Saved $25 but I would MUCH rather have paid it. August is looking like January for me. I am still busy - cannot figure out why, it just seems to crop up each day - just not with guests. Tonight is the #6 room night of the month and the second one that is paid! Hooray for Sept & Oct.
.

I did not get to make the choice. My "lawn service" was a high school kid that I believe I paid rather well - $25 to mow, weed eat, and trim hedges - we are on a city lot and most of it is taken up by the house and I supplied the tools. He was supposed to come every couple weeks. Today, on top of everything else I had to get done, I was out with the mower. It has been almost a month! Saved $25 but I would MUCH rather have paid it. August is looking like January for me. I am still busy - cannot figure out why, it just seems to crop up each day - just not with guests. Tonight is the #6 room night of the month and the second one that is paid! Hooray for Sept & Oct.

You've had 6 room nights booked in Aug so far? This is not bragging, this is why I'm so tired right now...I have had 91 to date. Out of a possible 105.
BTW, thank the mystery woman...I got the card. Or, if the mystery woman is on the forum...Thanks! I got the card and I appreciate the thoughts!
.

Just keep rubbing salt in the wound, why don't ya?? j/k
Seriously, 4 room nights in August so far at the beginning of the month. That may pay the utilities for the second house. Come on, guests!!!
But here is my silver lining of the day....the A/C is still working, I just found that another wonderful review was posted somewhere (I can't figure out where it was posted yet but it appears on Google business when you search on B&Bs for my city), and we moved up to #2 on TripAdvisor. Yay!!

We are going to the baseball game tonight & having a hot dog and a beer to celebrate. haha!
.

The 2rooms for 2 nights were FREE!!! No income - all outgo. And each morning had an extra person for breakfast - the Mayor on Saturday and one of our team members decided to come say goodbye so I had to set another place - which I was prepared for thank goodness. We laso did manicotti, salad, and French bread for a reception the night the team from southern WV arrived. The two PAID nights will just about pay the utilities - forget the other things. Thank goodness for being old enough for SS.
.

Down with freebies!! Forget the freeloaders! Only paying guests from now on then