Farming should be considered as a business.A farmer has various expenses .His profit is the difference between his revenue and expense. Imagine running a business without tracking the expense and revenue.Where the business will end up in such situation?. Most of the Indian farmers are doing farming without actually tracking revenue and expenses.This is the main reason for their unawareness about their financial situation and the high debt issues.Many are ending their life unable to overcome the financial crisis.Farmers should start tracking their income and expenses daily in a Diary or any App so that they will have clear idea about what they are doing.
Farmers revenue is not a consistent one.There may be ups and downs.Tracking the revenue is the first step towards the financial planning of their life.Majority of Indian farmers are doing farming for their livelihood.Their whole family is dependent on the income from farming.Hence if he ignore to track his income and expense,the whole family will end up in great financial crisis.
Now a days it is very easy to track income and expenses.We have many Mobile Apps which have great features to analyse financial situation.If you are not that much experienced with mobile apps,you can keep a diary with you.You need to enter each income and expense every time it occurs.At the end of the month,you need to take summery of the income and expense and understand whether you are doing good or heading towards a financial crisis.
This will help you to decide your next course of action.If you are getting profited,plan to expand your profit generating areas.If you are in deep trouble,stop what you are doing right now and take help of experts.You need to understand your situation very well before doing each step. Repeatedly cultivating crops which are loss making is not going to help you to improve your financial situation.Start thinking about your financial well being first.
New year is a great occasion for setting new goals and correct the wrong paths.Every corrective action starts from understanding of the situation.Please start tracking your income and expense daily so that you will be blessed with the understanding of your Financial situation.Make it a habit from this New year onward. Wish you all a very very Happy New Year.
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