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Photo: L. Brian Stauffer, University of Illinois We know that the cost of living differs among cities throughout Illinois. Do farm families also have different costs of living based on what part of Illinois they live in? Using farms enrolled in Illinois Farm Business Farm Management (FBFM) Association, we divided the farms into three regions, North, Central, and South. Farms located in the 22 counties north and northwest of the Illinois River are included in the sample for northern Illinois.
If it isn’t already on your New Years’ Resolution list, improving your financial reporting and improving your understanding of your balance sheet should be on that list. Navigating the challenging financial and economic environment makes it very necessary that you understand the factors affecting your balance sheet. That knowledge and understanding are the keys to surviving and thriving in the current low price environment where margins are thin and cash is tight.
In 2017, the total noncapital living expenses of 1,219 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) average was $79,798–or $6,650 a month for each family. This average was 3.7 percent higher than in 2016. Another $5,744 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment.
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