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Knowledge First Step In Managing Family Farm Expenses

Farmers needing to wrap their arms around their operation’s expenses, as well as that of their family’s home, might find the task daunting.  David Widmar of Agricultural Economic Insights says one step farmers can take to track expenses is to use separate banking accounts for the farm and the home.

Widmar cautions that while it’s a goal of many to trim costs, attempts to do so in the short term may prove costly years later.

Widmar reminds producers to consult with a trusted financial adviser when devising their budgets and financial plans.