Money stress weighs heavily on farmers — especially hay farmers. Fluctuating hay prices, a pile of bills, and equipment breakdowns are all cause for worry. Add in weather you can’t control, and it can feel like you’re constantly reacting but never quite ahead of the curve.

Most hay producers know the pressure, and uncertainty makes stress worse. When you don’t know exactly what you own, what it’s worth, or how much debt is attached to it, your mind can fill in the blanks with fear. But there’s a practical, simple way to push back against that stress: Keep an asset inventory. And the more stressed you are about money, the more often you should update it.

Create a list

At its core, an asset inventory is just a written list of what you own that makes the farm run — land and hay barns, the hay in those barns, equipment, livestock, and other supplies in the tank or shed. You can build an asset inventory with nothing more than a notebook, a spreadsheet, or even a piece of scrap paper taped to the shop wall.

That list becomes more than just words on paper, though. It replaces uncertainty with facts; it builds credibility with lenders and landlords, and it supports decisions about whether to trade, expand, or hold back. Farmers who keep an inventory often say they feel more in control, and that’s no small thing.

The first list feels like the hardest because it takes effort to gather numbers, recall years and models, and think through acres or bale counts. But once everything is written down, you’ve crossed the biggest hurdle and every update after that is easier. That’s why the payoff grows with time. The first list clears the fog. The next updates are quick tune-ups that keep you steady.

Think of your asset list as a snapshot of the farm’s backbone. Include the acres you farm and whether they’re owned or rented; the hay barns, shops, or irrigation pivots that make those acres productive; and the machinery and vehicles that keep hay harvests moving. Don’t forget livestock or the inputs that often go unnoticed, like seed in the shed, fertilizer in the bin, or diesel in the tank, either.

Put it to work

An asset inventory isn’t just for bankers — it’s also a powerful insurance tool. Once it’s built, send a copy to your agent and check your coverage. Make sure your limits reflect current market value. Schedule big-ticket items like tractors, balers, and pivots so they’re clearly covered. Ask about hay in storage, fences, and improvements — these are often underinsured or overlooked. A short review with your agent can prevent painful surprises later.

The higher your stress, the more often you should update your list. When things feel stable, updating twice a year — perhaps at tax time and after harvest — may be enough. If you feel a little uneasy, check in quarterly to see progress and catch problems before they grow. If you’re lying awake at night, worried about bills and wondering what’s left in the bank, update monthly until the fog lifts.

Frequent updates aren’t busywork — they are a mental reset. Each time you sit down and change a few numbers, you’re reminding yourself that you’ve got resources, you’ve got value, and you’ve got something to work with. Stress thrives in the unknown, but an updated list puts real numbers in front of you. Watching a loan balance shrink or seeing the equity in your equipment grow can remind you that you are making progress, even in a tough season. Conversations get easier, too. When your banker, spouse, or landlord sees a current list, they will know you’re working with facts.

Think about it: A banker doesn’t just want to know if you’ve had a rough season. They want to see how you’re positioned overall. Walking into that meeting with an updated list changes the tone completely. Instead of pleading for understanding, you’re showing you know your numbers and are prepared to make a plan. That alone lowers stress.

Make it a habit

The key to tracking assets is not perfection — it’s consistency. Keep the list simple enough that you’ll actually use it. If you’re a pen-and-paper person, dedicate a notebook to it. If you’re more comfortable on a computer, build a simple spreadsheet. Tie these updates to something you already do, like paying bills, so it becomes part of the routine instead of another chore. Then, share the list with your spouse, family, or business partner(s). Letting others see the numbers spreads the weight and opens the door to making better decisions together.

Most importantly, remember that the hardest part is behind you once the first asset inventory is built. Every update afterward is faster, easier, and less stressful. What once felt like a big chore quickly becomes a five-minute check-in.

Of course, an asset inventory won’t change the weather or shift hay prices. But it will change the way you face those challenges. Each time you update your list, you’re reclaiming a little ground from stress. You’re moving from uncertainty to clarity.

Grab a notebook today and start with the basics: acres, tractors, and hay stacks. Don’t worry about getting every number perfect. The act of writing it down is the breakthrough. Then, make yourself a promise: The more stressed you feel about money, the more often you’ll update the list. With every update, it gets easier. The first list takes the most effort. After that, you’re just keeping it current.

Financial stress won’t disappear overnight. But you can fight back with simple tools that give you control. Two inventories — one for assets and one for products — are among the most powerful. They cost nothing but a little time, and the payoff is clarity, credibility, and confidence.

This article appeared in the January 2026 issue of Hay & Forage Grower on page 26 and 27.

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