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Tuesday, 24 May 2022 11:41

7 financial literacy tips for farmers

Written by

Financial literacy is critical to farm business success. The starting point is, farmers need to create a balance on both production and business knowledge.

 

Here are 7 financial literacy tips for farmers:

 

1. Know your numbers

 

2. Have a plan and stick to it

 

3. Don't take on too much debt or leverage yourself too much

 

4. Keep an eye on your cash flow and make adjustments as needed

 

5. Have a financial safety net in case of emergencies or unexpected expenses

 

6. Build a bridge between your personal finances (savings, investments) and your farm's finances (rental property, equipment) - this will help you keep track of all incoming and outgoing funds, which will help you plan how much money you can expect each month/year

 

 

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