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When Creating 2018 Budgets, Keep In Mind Family Living Costs

Dwight Raab, Brandy Krapf, Bradley Zwilling and, Bailey Fletcher (October, 2017)

Summary

In 2016, the total noncapital living expenses of 1,333 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) average was $76,916--or $6,410 a month for each family. This average was 2.1 percent lower than in 2015. Another $5,344 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $82,260 for 2016 compared with $84,779 for 2015, or a $2,519 decrease per family.