West of Lincoln a little bit | Not sure how disciplined you are with money, but we pay ourselves a small salary twice a month out of the farm operating note. We have a seperate budget for living expenses vs farm expenses (and seperate checkbooks), but the salary and input money all comes from the same note. It is important not to use the farm checkbook for personal use, it's so hard to keep track of how well you're staying on budget that way. Having seperate accounts for personal and business is important. Whether you pay yourself a salary out of savings or the operating note is up to you, but paying a fixed salary based on a solid budget is a good way to be sure you don't get out of control. I think some farmers get into trouble with operating notes and don't realize where they are financially once they start mixing the two sets of expenses. |