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see if there are ways to cut back. In many families, this could mean less hot water use, not leaving lights on that are not needed (in the house or in the barn), etc.


There are many ways to save money on a ranch. Things like filling up the fuel tank when prices are lowest, or buying baling twine or other farming/haying supplies off season when items are cheaper can help. Stocking up on basic supplies (household or other) when they are on sale saves money over the long haul. Grocery stores often have case goods sales. Parts houses or implement dealers sometimes have sales on oil and oil filters, etc. Make everything count. If you have to go out of town for some reason, use that opportunity to buy supplies at a wholesale or discount market—especially the things that might not be available locally.


Other ways to save might include buying online instead of making a trip to town to shop. This might save money on prices, the gas it takes to drive to town, and the time spent. Consider dropping the expensive TV package in summer when not inside as much to watch programs or movies. Switching to a pre-paid phone plans or a cheaper one can also help. Little expenses add up. Closely evaluate everything bought on a regular basis or any subscriptions in order to evaluate which ones can be cut, eliminated, or picked up at a different time.


Evaluate quantity/quality and substitutions. Sometimes a less expensive item will work just as well, whereas in other cases cheaper is a false economy if it is something that will not last very long or needs more maintenance. Weigh all the options and the pros and cons of every purchase (is it necessary?) and the expense—whether it is something for household use or farm/ ranch supplies. An example might be fencing materials or hay tarps. Spending a little more today on something that will last more years can save money next year or in the years to come.


STRETCHING THE MONEY


Make your money stretch as far as you can. In some situations, you might be able to make a year’s worth of payments when you sell cattle, and save interest. Compare interest rates if you have to borrow money. Sometimes you can use an alternative lender and get some better deals than your local bank or your traditional operating loan.


Some ranchers have survived a tough time by utilizing a low-interest credit card for operating money (sometimes zero percent interest for a year, with a processing fee that equates to less money than the interest they would have paid through a bank loan) until they could sell their next calf crop, or have their next stock sale, and pay it back. The secret is to keep track of the time frame, and be able to pay it off before the zero percent interest rate changes to a higher rate. Be smart in any money you borrow—looking ahead to make sure you don’t get caught having a hard time paying it back.


30 TEXAS LONGHORN JOURNAL i AUGUST 2017


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