Resources
Resources
Explore our newest resources and information, as well as archived articles.
Family Living & Net Farm Income
The average family living costs for the 119 KFBM farm families whose 2023 living expenses were included in the family living study was $88,522, or $7,375 per month. Their average Net Farm Income was $123,618. The average family living costs over the past five years have been $85,409, and the average over the last 10 years has been $79,023.
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What to Think about Going into Harvest
As we are moving into harvest there are couple of things to think about in terms of farm finances. This year, net farm income is expected to decline and many farmers are worried about how they will cash flow the rest of the 2024 crop year. Now is the time to think about what can be done to help from seeing a significant decrease this year.
Read MoreMore Articles
- Avoid Costly Fines: What You Need to Know about New Beneficial Ownership Reporting Rules
- Interest Rates and Refinancing
- Should You Pay Your Kids to Work on the Farm?
- Spring 2024 Farm Observations across Kentucky
- Weathering the Storm
- Secrets of Successful Farm Managers
- What to Consider when Renting Out Your Farm
- Depreciation Changes 2023
- Can I Afford to Buy a Farm?
- What Do Higher Profit Farms in Kentucky have in Common?
- Land Rental Agreements
- H-2A Guest Worker Program for Agricultural Employers
- Does the IRS Consider my Farming Operation a Hobby Farm?
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External Resources
The following programs are not directly affiliate with the University of Kentucky.
Farm Aid’s Farmer Hotline:
1-800-FARM-AID (1-800-327-6243)
From their website: "If you need to talk to someone directly, we are here to listen. Whether you have been farming for a few years or decades we welcome your call, our team will listen and point you in the right direction. Our Farm Aid staff answer the hotline Monday through Friday from 9am to 10pm ET/6am to 7pm PT."
Don’t want to call the Hotline? You can also request assistance online. The Hotline Team responds to each request within 24-48 hours.
Southern Ag Exchange (SAgE) Farm Stress Hotline:
833-381-SAGE (833-381-7243) Call or text 24/7
The Southern Ag Exchange Network (SAgE) offers a farmer support hotline to connect callers to someone who will listen and provide resources. The hotline is for farmers, ranchers, and other ag professionals in the South, Puerto Rico, and the U.S. Virgin Islands. Farm stress specialists can help farmers take control of their stress and provide regional farm advocates. The service is free and confidential.
Resources Available to Farmers Struggling with Farm Financial Stress (PDF)
Farmers have been facing many financial stress issues related to commodity prices and the overall farm economy. The University of Kentucky Department of Agricultural Economics recognizes these challenges and wants to connect producers, as well as agents, lenders and others who support the industry, to resources that may be useful as they work through their current situation and/or potentially consider changes to their operation. Compiled by the Agricultural Economics Extension Committee (published April 2019).
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Access the full pdf publication to read, download, print, etc.
