Here we take a look at some practical ways you can manage your farm income and cash flow.
1.Control cost
Determine which inputs produce sufficient revenue to cover their cost. Most farmers have done a good job in the last 10 years of keeping costs under control, but you should consider all strategies and options.

2.Renegotiate cash rents
Rental rates have risen significantly over the past seven to 10 years and are one of the largest cost items in crop farming. There may be some flexibility, since rates are often negotiated on an annual basis.

3.Reduce capital spending
Take a more cautious approach toward machinery grain thresher machine and equipment purchases. This may be the year to repair rather than replace. And if you do replace, this may not be the best time to buy additional capacity, or to upgrade.

4.Reduce family expenditures
Family expenses are often difficult to cut, but you may be able to make adjustments in your discretionary spending, such as vacations, and postpone capital items such as a new car. Be careful not to cut essential services, however, like health and medical insurance.

5.Increase revenue
Do you have assets that are not generating as much revenue as they could? Can you rent out your storage facilities or your hog buildings to generate additional revenue? Under-utilized assets can be particularly costly during times of financial stress.You can rent your wheat harvester machine and irrigation machine to other farmers.

6.Increase non-farm income
In addition to your farming operation, you may want to look at the potential for non-farm income. An off-farm job may not seem attractive, but should at least be a consideration.