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Page 1: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Budget

Income

Expenses

Page 2: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

WhyBudget?

Thebetteryouunderstandwhatyou’vedoneinthepast…

thebetteryoucanplanforthefuture

Page 3: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

ImportantterminologiesinBUDGETING

Income – Expenses – Savings

ProfitORLoss=

Page 4: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

ü GoodHabits

üSeparatefarmandhomebudgetsüPayyourfarmforvegetablesyoutakehomeasifyouarepayingatmarket

üWritedownexpensesassoonasyoumakepurchases

üWritedownincomeassoonasyouarepaidüPayyourselfforyourtimeworkingüKeepreceiptsüSAVEfornextyear

Page 5: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

TaxesFarmIncomeWhataresomepossiblewaystoearnincomefarming?

Market

HomeFood SalestoFriends

WholesaleCSA

Page 6: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Yousoldfivebunchesofgreenstoarestaurantfor$10.

ThedateisMay22nd

Page 7: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youbringhomevegetablesforyourfamily.Youwouldhavepaid$32inthestoreforthem.

ThedateisMay18th

Page 8: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

FarmExpenses

CarandTruck

Rent/Lease

Seeds&Plants

Supplies

Labor

Taxes

(Savings)

Page 9: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Transportation

MilesDriven(foryourfarm)

$0.56 TotalMileageExpense

X =

Page 10: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Rent/Lease:

Page 11: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youpaidyourlandleasefortheyear.Thetotalwas$350.00

ThedateisFebruary2nd

Page 12: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Seeds&Seedlings

SeedsSeedlings

Page 13: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youboughttomatoanddaikonseedsforyourfarm.Yourtotalwas$6.00.

ThedateisApril3rd

Seeds

Page 14: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youboughtsomeseedlingstartsforyourfarm.Yourtotalwas$55.50

ThedateisMay12th

Page 15: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Supplies

Pesticides Mulch

Stakes

RowCover

FertilizerCompost

Other

Page 16: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youboughtrowcoverforyourbokchoy.Thetotalwas$100.50

ThedateisApril16th

Page 17: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youboughtcompostfor$120.25.

ThedateisApril22nd

Page 18: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Labor(notfortaxes!)

Whatisyourtimeworth?Howmuch(ifanything)doyouneedtopayyourselfforworkingatthefarm?

Page 19: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Whatisyourtimeworthto

you?

1Hour= ?

1Hour= ?

Butalsoremember….

Labor(notfortaxes!)

Page 20: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

“The time you enjoy wasting is NOT WASTED.”

Page 21: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youspent5hoursonyourfarmtheApril22nd.

Youspent3hoursonyourfarmApril27th.

Page 22: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Savings (notfortaxes!)

SavingsforFarm

SavingsforHome

Page 23: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Practice…

Youknowyouwillhavefarmexpensesnextspring,beforeyoucansellanything.Youdecidetosave$90outofyourfirstchecktohelpcoverthem.

ThedateisSeptember10th

Page 24: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM
Page 25: Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record Keeping Created Date: 10/25/2017 5:40:21 PM

Questions?


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