In the early years of a farm, saving money is a challenge. With lots of start-up costs and an endless list of potential improvements, money can disappear quickly. The Journeyperson Course Holistic Financial Planning curriculum and one-on-one financial advisement opportunity helps participants better plan and invest their money in ways that move farmers towards goals. In addition, the practice of regularly putting money aside in savings and investing it mindfully can significantly improve a farm's infrastructure, while also improving the farmer's quality of life.
Developing this savings practice is a central component of LSP's Journeyperson Course. The matched savings account is designed to encourage Journeyperson participants to establish a regular savings practice and make a "wealth-generating" investment in their farm.
Participants set a monthly savings schedule and goal. At the end of the course, the Land Stewardship Project matches 100 percent of the monthly savings up to $100 per month for a total savings of up to $2,400. With combined personal and LSP savings, the Matched Savings Account provides participants with a total of $4,800 at the end of the two-year period to invest in their farm.
The Matched Savings Account is only available to Journeyperson participants, and is offered along with required financial education, completion of a Holistic Financial Plan, and financial advisement.