The Farm Finance Podcast: What you need to know about managing costs and outgoings
In this episode of Agriland’s Farm Finance Podcast limited series Francess McDonnell chats to Bill O’ Keeffe chair of the Irish Farmers’ Association (IFA) Farm Business Committee about managing costs and outgoings.
According to Bill O’Keeffe costs on farm have risen about 46% over the last five years and they are not coming back down – from fuel to labour and also family costs – the margin has tightened for many farmers.
The chair of the IFA Farm Business Committee said it is “very difficult” for some farm families to “make a living at the moment”.
He also warned that it is very difficult for farmers to manage costs at the moment because farmers are “price takers” – they have very little control because they have to “take what they get”.
Bill O’Keeffe said that budgeting is very important for farmers to get on top of because he said this is key to “being in control” when it comes to farm finances.
“If things are not adding up then take action as needed,” he advises.
The podcast also examines why it is important to remember that “farms cross over with family a lot” and to realise that “lines can get blurred a little bit” which why it is important to get ahead of potential problems if you can.
The information in the podcast is intended as a general guide only. While every care is taken to ensure accuracy of information provided, Agriland will not accept responsibility for errors or omission howsoever arising. You should seek professional advice in relation to your particular circumstances at the earliest possible time.