Dollars Stretch Your
What do you do when your new side hustle starts bringing in the bucks? Stretch them as far as they’ll go, of course.
FORM A TOOL SHARE: before buying that new weed wrench or pallet buster, consider how often you’ll actually use them and whether your neighbors could also benefit. Certified organic inspector Gary Ogle works on variety selection and catalog production for Veseys in Canada’s Atlantic region. “A lot of our growers use plastic mulch when planting vine crops,” Ogle says. “but not everybody can afford the equipment that lays down that plastic mulch — equipment they’re only going to use once a year. Having a piece of equipment that a community can share is a great way to save money.”
You can split the cost of seldom-used tools with fellow farmers and store them in an area you can all access. “Join your local growers’ co-op or talk to other farmers in your area,” Ogle says. “Get to know each other. That way, you can share equipment, find out what other people are growing and not get into their market if it’s already [too] competitive.”
MAKE IT RAIN: Install a rain barrel or cistern to save on your water bill. A single 55-gallon drum can collect hundreds of gallons of (free!) water during the summer months. And some counties offer free or deeply discounted rain barrel systems.
EYEBALL YOUR INSURANCE: Examining the insurance you’re carrying for your farm, vehicles, liability and so on isn’t exciting, but it can pay dividends. Have you added any new product lines or equipment lately? make sure you still have all of the coverage you need, and take the time to comparison shop along the way.
SOLVE RECURRING MYSTERIES: “Free” trials are only free for so long. Check your credit card and bank statements to be sure you’re not paying for services or subscriptions you don’t use.
PINCH PENNIES — LITERALLY: Scattering coins in the truck’s cup holder or in random pockets is no way to save. Instead, put your change in one place and regularly take it to the bank. You’ll soon notice that even small amounts of money can grow.
DITCH YOUR PMI: Have you checked your mortgage statement lately? You might be paying private mortgage insurance unnecessarily. On a conventional 30-year mortgage, if you’ve reached year 15 or your remaining balance equals 80% of your home’s value, you might be able to kiss that PmI goodbye.
PLAN AHEAD: Holidays, anniversaries, and birthdays happen like clockwork, but it’s still easy to be caught off guard. Rather than panic buying expensive last-minute gifts, plan gift-giving in advance. Record a year’s worth of special occasions on a gift-giving calendar and you’ll have time to give more thoughtful, creative — and frugal — gifts.
GRAB THOSE FREEBIES: Take advantage of any free energy audits your local utilities or rural electric cooperatives may offer. You just might have some hidden energy “leaks” to plug.
GO BIGGER: As with buying in bulk, group-purchasing a pallet of product and divvying it up yourself can save you and your neighbors big. Think of it as creating a hyper-local farm co-op. Do you all buy similar kinds of chicken feed, canning supplies or potting mix? Pool your money for extra-deep discounts.