Episode Details

Homestead Budgeting for the Year E47 Introduction: -

Well, homesteading is definitely a way of life we also have to consider the fact that if we intend to do it full time and not work in a paid wage job during the day we need to earn an income. many years ago I used to be very embarrassed and very nervous about asking people for money for goods that I was supplying off.

I no longer have that problem and I now realise that it's very important for people to pay for what an item is worth I think that gives them a sense of exactly what they're out laying for their health or for good quality food but it also shows them what a cost to produce a product. we live in a completely disposable society and it really is important that people pay what something is worth.

And that sometimes means that it's a little bit more expensive than what you would get at the supermarket but you're paying to have that item produced on a farm that you can go and speak to the producer and know exactly what went into it.

1. Assessing Livestock Needs: - Breakdown of different livestock categories and their associated costs. Make sure to include medical expenses in your calculations, As well as feeding costs betting costs shelter costs and any other items that you might need - Considerations for feed, veterinary care, and breeding expenses. I find it easier to put aside an allocated amount each week or each fortnight depending on your pay cycle for feed and veterinary care. - Discuss the impact of animal numbers on resource allocation. At some point in your homesteading journey, you need to make considerations about what animals will be staying on the farm for their entire life and which ones will be going for food sources. Many people don't like to think about this but unless you have unlimited funds there are only so many mouths you can feed. therefore you need to consider if you are going to sell animals for meat or butcher them on the farm for yourself for me and that way you will reduce feed costs

2. Income Streams and Diversification: - Identify primary income sources from the homestead (e.g., livestock sales, produce). Do you have an off-farm income that you earn and if so are you going to use all of your off-farm income to supply things on your farm. if not then you need to consider what things you can do on the farm to sell or make or use to generate an income. - Discuss the potential for diversifying income streams (e.g., value-added products, workshops, agritourism). diversifying income streams is vital on farms and the reason for that is because of seasonal fluctuations. you can't earn an income of the same source continuously there will always be some seasonal changes for that income source. even without egg production during the period where our chickens are going through their seasonal molt the egg production drops down. so we need to build in either contingency plans for other incomes during that period or building some sustainability as far having chickens that are malting it different times of the year. This year I'm also looking at adding to our income streams microgreens if I can get them up and going given that I'm not the handiest of gardeners I'm also looking at selling some of our Angora wool as just raw wool on Etsy or somewhere like that for crafty types to to buy if they need raw. We were also like to get into supplying pasture-raised meat chicken meat however there are some stipulations and regulations around that and I need to work out whether or not it's going to be cost effective for us. - Consider the seasonality of income sources and planning for fluctuations. It's important to plan for these fluctuations and income because that could affect when you have the money to do things that you need to do on the farm

3. Planning for Off Seasons: - Discuss strategies for managing the financial challenges of off seasons. Like income expenses can also be seasonal. And that's another reason why