Your lifestyle has likely taught you a great deal about resource management. You can’t maintain a homestead or operate a farm without learning how to schedule your time, avoid waste and make the most of what you have. Naturally, your money is another resource, and you have to manage it just as thoughtfully.
Then again, there are always more money moves to make for your homestead. Generating an income — and investing that money in the right places — can seem like a challenge.
If you feel like your financial skills could use improvement, you’re not alone. Other homesteaders and farmers have found themselves in the same position. Luckily, there are great strategies out there to help you change that. Here are five killer money moves to make for your homestead:
1. Prioritize Your Debt Payments
Your debt is like a heavy weight holding you back from reaching your financial goals. As soon as you free yourself from that burden, you’ll feel far better as you save your money. With each payment, you’ll reduce your debt and move closer to the objectives you’ve set, little by little.
Take a look at how much you spend, save and put toward debt. Can you cut out any of your general savings and use them to get debt-free faster? Once you’ve paid it off, you can start saving again, but until it’s out of the way, it’s sometimes best to make your debt payments a top priority.
Of course, this advice doesn’t work for every homesteader. If you feel your emergency fund needs a boost, then prioritize those savings to keep your head above the water.
2. Keep Consistent With Budgeting
On the subject of budgeting, it’s occasionally difficult to follow the rules you’ve made for yourself. While this is common, remember that consistency is key, and you should do everything within your power to stay within the guidelines of your budget. A small misstep could lead to issues later on.
Fortunately, you have resources to simplify budgeting, improving the chances of your long-term success. You can employ techniques that account for problems like overspending on credit, such as the envelope method. Otherwise, you can revise your budget to accommodate your current situation.
3. Earn an Extra Source of Income
Aspects of homesteading you’ve grown familiar with are novel to other people. Whether you’ve mastered the art of making soap, candles, cheese or even beekeeping, you’ll likely find a small group in your area willing to pay money to learn more about these skills.
With this in mind, look at your schedule and see if you can’t set aside some time every week to lead a class. If you have a free hour, you should consider the financial benefits of teaching. It’s an excellent opportunity to make money from homesteading while giving back to your local community.
Here are alternative methods which can earn you another source of income.
- Sell homemade goods like soaps, lotions and balms.
- Rent out your land for weddings, parties and other events.
- Self-publish a book about your lifestyle and experiences.
- Sell extra firewood from land you’ve cleared.
- Grow a pumpkin patch for October.
4. Refine Your Homestead’s Appearance
If you’ve arranged your homestead as a business, you need it to look its best. You don’t want someone to drive up to purchase eggs, only to find you have no cartons and your coop is falling apart. It leaves a poor impression and has the potential to harm your reputation.
Of course, this suggestion may or may not seem relevant, depending on where you sell your goods. But it’s generally a smart idea to survey your property and search for areas that could use improvement. This is especially useful if you’re looking to earn extra income from classes or hosting events.
5. Improve Your Marketing Strategy
Marketing is one of the best money moves to make for your homestead because it can win you more customers — with little investment. It starts with a basic business card, something simple you can give to strangers, so they have your name and number if they need them. You can also invest in a nice sign or banner for your homestead business, to up your presence in person.
Once you’ve printed cards, you should take the next step and create accounts on social media sites. As you expand your web presence, you’ll enjoy greater demand for your goods. On that point, you can also build a website, another effective way to monetize your homestead or farm.
Money Moves to Make for Your Homestead
As you move forward, consider the five strategies in this article. You’ll find it’s easy — and even fun — to manage your money and earn extra income. Whether you plan to review your budget, organize a class or work on your marketing, take a step in the right direction and get in better financial shape!