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Budget
Income
Expenses
WhyBudget?
Thebetteryouunderstandwhatyou’vedoneinthepast…
thebetteryoucanplanforthefuture
ImportantterminologiesinBUDGETING
Income – Expenses – Savings
ProfitORLoss=
ü GoodHabits
üSeparatefarmandhomebudgetsüPayyourfarmforvegetablesyoutakehomeasifyouarepayingatmarket
üWritedownexpensesassoonasyoumakepurchases
üWritedownincomeassoonasyouarepaidüPayyourselfforyourtimeworkingüKeepreceiptsüSAVEfornextyear
TaxesFarmIncomeWhataresomepossiblewaystoearnincomefarming?
Market
HomeFood SalestoFriends
WholesaleCSA
Practice…
Yousoldfivebunchesofgreenstoarestaurantfor$10.
ThedateisMay22nd
Practice…
Youbringhomevegetablesforyourfamily.Youwouldhavepaid$32inthestoreforthem.
ThedateisMay18th
FarmExpenses
CarandTruck
Rent/Lease
Seeds&Plants
Supplies
Labor
Taxes
(Savings)
Transportation
MilesDriven(foryourfarm)
$0.56 TotalMileageExpense
X =
Rent/Lease:
Practice…
Youpaidyourlandleasefortheyear.Thetotalwas$350.00
ThedateisFebruary2nd
Seeds&Seedlings
SeedsSeedlings
Practice…
Youboughttomatoanddaikonseedsforyourfarm.Yourtotalwas$6.00.
ThedateisApril3rd
Seeds
Practice…
Youboughtsomeseedlingstartsforyourfarm.Yourtotalwas$55.50
ThedateisMay12th
Supplies
Pesticides Mulch
Stakes
RowCover
FertilizerCompost
Other
Practice…
Youboughtrowcoverforyourbokchoy.Thetotalwas$100.50
ThedateisApril16th
Practice…
Youboughtcompostfor$120.25.
ThedateisApril22nd
Labor(notfortaxes!)
Whatisyourtimeworth?Howmuch(ifanything)doyouneedtopayyourselfforworkingatthefarm?
Whatisyourtimeworthto
you?
1Hour= ?
1Hour= ?
Butalsoremember….
Labor(notfortaxes!)
“The time you enjoy wasting is NOT WASTED.”
Practice…
Youspent5hoursonyourfarmtheApril22nd.
Youspent3hoursonyourfarmApril27th.
Savings (notfortaxes!)
SavingsforFarm
SavingsforHome
Practice…
Youknowyouwillhavefarmexpensesnextspring,beforeyoucansellanything.Youdecidetosave$90outofyourfirstchecktohelpcoverthem.
ThedateisSeptember10th
Questions?
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