Farm Finances: When Creating 2021 Budgets, Don't Forget Family Living Costs
By Bradley Zwilling, University of Illinois Ag Economist
In 2019, the total noncapital living expenses of 1,257 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $78,894–or about $6,600 a month for each family (Figure 1).
This average was about 1.1 percent higher than in 2018. Another $5,446 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment.