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Life on the farm is a beautiful mix of hard work, dedication, and the simple joys of nature. But it can also bring its share of financial stress, especially when every dollar counts. If you're juggling the demands of running a farm, supporting your family, and managing a tight household budget, you know how overwhelming it can be to make ends meet.
Below are the tips I have used to help evaluate home expenses, distinguish between what is a need and what’s extra, and manage your income wisely. Let's explore some practical budgeting tips tailored for farm wives.
Keep a "Blow" Budget
It might sound counterintuitive, but setting aside about 10% of your income for fun or "blow" money can actually help you stick to your budget. This small allowance for impulse purchases can prevent feelings of deprivation and reduce the likelihood of overspending elsewhere. In our home the "blow" fund is further divided between 3 ways: myself, my husband, and the whole family (kids). The whole family is usually used for TV subscriptions and eating out.
Action Step:
- Allocate 10% of your monthly income to a separate fun money fund. Use this for little treats or spontaneous buys without guilt.
Assess Your Subscriptions
Subscriptions can be sneaky budget busters. It's easy to lose track of all those monthly charges, but they add up quickly. One we found many of was TV subscriptions. We evaluated which ones we use the most and got rid of the rest. Trick ones are the subscriptions for apps on your phone.
Evaluate Your Subscriptions:
- Forgotten Subscriptions: Go through your bank and credit card statements to identify any subscriptions you might have forgotten about. Then go through your phone to find any reoccurring app charges you may have forgotten about.
- Necessary vs. Unnecessary: Ask yourself if each subscription is something you truly need and use regularly.
Action Step:
- Cancel any subscriptions that you don't use or need. This could save you a significant amount each month.
Build an Emergency Fund
Having a financial cushion for surprise expenses or emergencies is crucial. It provides peace of mind and prevents you from going into debt when unexpected costs arise.
How Much to Save:
- Aim to save a certain percentage of your income each month. Even a small amount adds up over time.
Action Step:
- Set up a separate savings account and automate a monthly transfer to build your emergency fund gradually. We took this a step further and have different saving accounts for different categories: emergency, repairs, and kids education.
Swap for Savings
Take a close look at the products you use around your home. Are there opportunities to swap for less expensive but equally effective alternatives?
Potential Swaps:
- Household cleaners, groceries, and personal care items are often areas where you can find cheaper options without sacrificing quality. In a real pinch, vinegar can make an excellent all purpose cleaner, and tallow soap can wash most things.
Action Step:
- Experiment with lower-cost alternatives for a month and see how they compare. You might be surprised at the savings!
Sell Unused Items
Decluttering can be both therapeutic and profitable. Do you have items lying around that you no longer need? Consider selling them to fill small budget gaps in the short term.
Possible Items to Sell:
- Clothing, toys, farm equipment, or household items that are in good condition but no longer used. Extra garden produce, seedlings, or equipment are also seasonal items that can help fill budget gaps.
Action Step:
- Hold a garage sale or list items on online marketplaces like Facebook Marketplace or eBay.
Reevaluate Insurance
Insurance is essential, but it's also worth checking if you could get better rates elsewhere. Combining policies can also save money with some companies.
What to Look For:
- Compare quotes from different providers to see if you can get the same coverage for less.
Action Step:
- Reach out to multiple insurance companies and request quotes to ensure you're getting the best deal.
Consider Your Vehicle
A newer vehicle with a payment can be a significant financial burden. If feasible, selling it and purchasing a reliable older model without a payment can free up a substantial portion of your budget.
Benefits of an Older Vehicle:
- Lower insurance costs, no monthly payments, and less depreciation. One thing to keep in mind is to have money set aside, more than with a new vehicle, as things will break down or wear out with older vehicles.
Action Step:
- Assess the market value of your current vehicle and explore older, reliable models that fit your needs. Be sure the older model is mechanically sound.
Managing home expenses on a tight budget, especially as a farm wife, is no easy feat. But with careful planning and a few strategic changes, you can create a more stable financial environment for your family and farm. Remember, every small step towards better budgeting helps you move closer to a thriving, peaceful life.
Wanting more? Join the Thriving Through Farm Life group on Facebook. There you will find like minded women who are working towards a more stable, peaceful, and resilient life on the farm.
Wanting a community to lean into? Join the FREE Thriving Through Farm Distress: Wife’s Support Network! In our community, we embrace the challenges of farm life and provide a supportive space for wives facing the complexities of managing a family farm. Whether you're navigating financial pressures, day-to-day operations, or seeking ways to create a thriving home, we're here for you. Explore gardening and preserving tips for cultivating your own oasis, share insights on animal care, and discover practical family budgeting strategies. Together, let's grow through challenges, flourish authentically, and sow the seeds for a resilient and thriving farm life. Join us on this journey of resilience and abundance!
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