5 ways to spend your Basic Payment Scheme money

Irish farmers are in for a major windfall this week when the 70% advancement of Basic Payment Scheme payments begin to hit their bank accounts.

Payments of over €700m are expected to hit over 100,000 bank accounts, with farmers set to receive an average payment of close to €6,500 each.

But how can you make the most of this payment?

1.A new set of wet gear

Given the inclement weather and the fast approaching winter, a new set of wet gear would do the world of good for every farmer.

Although it is not a lavish purchase, you will be thankful that you decided to invest on a cold and wet December evening!

You can get yourself winter ready from just over €155 with a new set of Bekina Steplite wellies, Hoggs and Fife jacket and over trousers from Agriretailer.

wet-gear

2.A day at the mart

Whether you are a beef or sheep farmer, the attendance at your local mart is bound to rocket when payments begin to hit back accounts.

Older farmers have often cited the ‘week following the brown envelope as the best time to sell’, but don’t go in blind, do your calculations and make sure it is worth your while buying that ‘lovely pen of stores.’

beef marts

3.A deposit on a new tractor

Farming is a tough business, but it is made all the easier when you have a reliable tractor in your yard.

Are you fed up of having to wait until midday to start your tractor on a frosty day, well then it may be worth looking at a new model. You never know, you might be lucky and find a model with a radio!

Visitors to this year’s ploughing were treated to some of the biggest tractors available on the market, and although we are not condoning blowing your entire payment on a new tractor some of the models on offer could make you think twice.

The black Massey Ferguson 8737 has a retail price in the region of €250,000 plus VAT.
The black Massey Ferguson 8737 has a retail price in the region of €250,000 plus VAT.

4.Farm staff

Anyone that has grown up on a family farm will be fully aware of the ‘jobeens’ farmer’s children are expected to carry out on the weekend or days home from school.

The ‘will ya stand in the gap for minute’ often translates to four hours of dosing, dagging and moving sheep.

So in the interest of family unity and in some cases sanity, it may be worth your while looking to bring in a little bit of casual labour.

And with farmer’s bank accounts likely to switch from being in the red to black over the coming days, now is a good as time as any to look for a little bit of help.

transfer the family farm farm partnerships

5.A week at the Galway races

Although a long way off, the Galway races is often seen by many farmers as a perfect getaway from the day-to-day practice of running a farm.

You never know, you may strike it lucky and find a big priced winner of the Galway Plate and just think of all the mugs of tae and pink snacks you could purchase on the way home!

horse-racing agriland

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