A mother of four children from Illinois has mastered the art of managing a household budget, sustaining a family of six on just one income. She shared her insights.
26-year-old Avery Farrell and her 30-year-old husband, Eric Farrell, work in transportation. They have embraced a trend among young couples to raise children in a traditional manner. Integral to their lifestyle is the careful management of money through strict budgeting. Farrell believes that creating a “zero-based” budget is almost as effective as earning a second income.
“By assessing our expenses and cutting costs, I’ve been able to save hundreds of extra dollars from our tight income,” Farrell told Epoch Times, adding that the $500 saved is more than her earnings after paying for daycare.
Farrell emphasizes that while she doesn’t see anything wrong with mothers working to earn income, she wants to show that “it’s not the only way to contribute financially to a family,” and that “taking care of children and managing household responsibilities is enough to keep you busy.”
The Farrells first met in college and married in their early twenties. They currently live in Morris with their four children: two boys and two girls, ranging in age from 3 months to 4 years old.
At the beginning of their marriage, Farrell admits she had no formal financial education. However, after having children and wanting to be with them during their early years, she underwent a steep learning curve in controlling household expenses.
“While we thought we were already frugal and spending wisely, I realized budgeting is crucial in ensuring a family lives within its means,” she said.
Witnessing money being wasted on unnecessary expenditures, Farrell began cutting costs. She reduced phone bills by switching companies, started cooking with whole ingredients instead of packaged foods, and changed many other consumption habits.
“We don’t buy things that others spend money on,” she said. “I learned early on that I would cut hair. I cut the hair for our whole family; I learned from YouTube videos.”
She avoids malls and thrift stores to prevent impulse shopping.
Most importantly, living in an affordable area is a key factor in reducing expenses.
“I’m not talking about suburbs outside big cities. I mean rural areas,” she said. “Finding housing in such places enables us to afford the cost of me not working, even if it means no Target or Costco within an hour’s drive.”
Farrell learned about the “zero-based” budget technique from financial advice radio host Dave Ramsey. Advocates of this budgeting method allocate all their income only toward essential expenses until their income equals their expenses.
At the start of the pandemic, Farrell began implementing this budget with her family. During that time, she became pregnant with their second child. Feeling the need to control her financial situation due to the uncertainties, she found the method simple and straightforward.
“It’s a simple method,” she said. “I highly recommend it because there’s no ambiguity in this approach.”
Farrell shared more information on how she employs this method, saying she uses a Google Sheets template. However, she mentioned that simple budgeting on paper works fine as well.
“I also suggest budgeting every payday, not just per month, so you have the most detailed record,” she said.
Considering money a “taboo” topic, Farrell believes many people lack sufficient education and guidance in this area. Hence, she views Mr. Ramsey as the first person to provide her with practical knowledge on the subject.
“Many think Dave Ramsey’s ideas are too old-fashioned, but I’m grateful he provides clear steps for people,” she said.
Since they started conscientiously maintaining low expenses, the couple hasn’t had any difficulty with bill payment. They aim not just to break even but to keep spending lower than their income, saving 20% to 25% of their income as a buffer for other expenses like dining out, personal spending, leisure activities, savings, and debt repayment.
“Our budget and emergency fund (even if it’s only $1000) have a surplus, and that kind of saving can work miracles, enabling us to avoid using credit cards for emergencies,” Farrell said.
Farrell shares her financial ideas on her personal blog and Instagram account. She acknowledged that many women today aspire to be stay-at-home moms but are unsure how to make their ideas financially viable.
“The way our world operates today, women are steered toward college and careers, and when they realize staying at home is what they want, they are in a position where they can’t easily give up income to stay at home,” she said.
For Farrell, balancing her career and motherhood has been easy as she had children early in life. Thus, she didn’t face the challenge of transitioning from an established career to full-time homemaking.
Farrell aims to provide encouragement and practical tips for other moms desiring to stay at home. She has received supportive comments from women related to her blog content. However, she has also faced opposition.
“These people usually tell me either I’m privileged, too poor, or it’s impossible where they live,” she said.
For the popular content creator, her situation aligns with her faith.
“The Bible tells us not to store up treasures on Earth, to keep our focus on what truly matters, not material things,” she said. “One way I do this is by prioritizing my children. I also hope to manage money and other resources given to us by God very mindfully.”
Managing a household with four young children may not always be easy.
“No task is simple when you live with children, but everything has a purpose,” she said. “I find living with family very enjoyable.”
She added that without her husband’s support, she couldn’t achieve this goal.
When sharing her advice on changing consumption habits within families, Farrell stressed budgeting each payday and eliminating all unnecessary expenses.
“All those small, insignificant expenses add up to a significant amount of money,” she said. While cutting costs may not always yield the expected results, in such cases families may need to work harder to find additional income sources or relocate to maintain spending within the budget.
In sharing her family’s story, Farrell hopes to demonstrate that it’s not only possible but also fulfilling for mothers who want to spend time with their children to do so well despite economic and social pressures.
Additionally, she mentioned that budgeting isn’t only for those with limited income.
“Budgeting is a tool that can serve you for your entire life, regardless of your income level. Budgeting is very adaptable to you,” she said.
(Provided by Avery Farrell)