Do you want to take control of your finances? We are looking for five new families to take part in OP€RATION CASHFLOW for 2014. These families have to want to set financial goals for the future. As part of OP€RATION CASHFLOW, I will again work with families in different financial situations.

This will be done on a strict basis of anonymity. In all situations I change the names and details of the people. Each of the five families that participated in 2013 was very happy with this and they said no one recognised them. It means that the people involved are comfortable to give more details and our readers get better solutions.

I will work with the families and take them through the financial health check-up and put in place a cashflow budget and farm plan. I will also help each person set targets for the year. I wouldn’t be doing all the work, however. Each family/person will be expected to update the cashflow budget at the end of each month and keep on top of their finances.

I will keep in contact and give regular updates of their progress and help them make changes where necessary. I will also bring in specialists if they want to look at different financial options.

To be one of the families taking part, simply send me an email or letter explaining why you need to improve you financial health. You don’t have to be in real financial difficulty to take part. You could just want to feel you are in control of your financial situation. And, as I said, it is totally anonymous.

2013 FAMILIES

In 2013 we looked at a number of different situations:

Succession planning: Identify how the old are going to be looked after and how the young will fare. Our participants found that it was more difficult than they thought as they got conflicting advice from their accountant and solicitor.

Young family with children starting off: They have to look at education costs as well as developing the farm. The key issue that arose was that lifestyle was important as they wanted to spend time with their young family.

Larger suckler and tillage farmer: Major challenge with the demise of schemes like REPS and the suckler cow welfare scheme is putting a big question mark over sucklers. One option looked at is a partnership with a neighbouring farmer. This is still being progressed.

A dairy farmer who has expanded cow numbers but has run into cashflow difficulties. While a profitable business is there, he admits he has to manage it differently and set out exactly what he wants from expansion. With a lot of investment, the lesson to learn is that more milk does not always mean more money. There are messages here for all dairy farmers who are thinking of expanding in the light of quotas going in 2015.

A widow who suffered a great shock after her husband died suddenly. We looked closely at the key of balancing risk when investing. She is also looking at the longer-term future for the farm.

I will be revisiting these families in early February to see how they have progressed in 2013 and the goals they will set for 2014 and beyond. I want to visit the new families for 2014 at the same time.

With CAP reforms and the milk quota going, there is massive need to educate ourselves in the area of financial planning – on and off the farm. The Irish Farmers Journal and Country Living is helping farmers to do this.

A new Planning For Profit initiative supported by AIB, Teagasc and ACA was launched in the Irish Farmers Journal before Christmas. It focuses mainly on the farm cashflow. OP€RATION CASHFLOW runs in parallel and looks at overall income and goals for the family.

So, if you are interested in getting to grips with your finances, you want to set and achieve financial goals for the future, send your 200 words as to why you should be chosen to take part in OP€RATION CASHFLOW 2014 by email to pyoung@farmersjournal.ie or to OP€RATION CASHFLOW, Money Mentor, Irish Farmers Journal, Bluebell, Dublin 12.

The deadline is Friday 24 January 2014 and I look forward to hearing from you.