Cook and crumble the bacon, reserving two tablespoons of bacon grease.
Heat the bacon grease and butter in a large pot over medium temperature. Add the diced carrots and onions. Saute for 2-3 minutes.
Stir in the flour, salt, and black pepper. Cook while stirring for 2 minutes. The mixture will clump together.
Pour in the water and whole milk. Stir until the flour is dissolved.
Add the diced potatoes and half of the crumbled bacon (reserve the remaining bacon for garnish). Bring the soup to a boil. Reduce heat and simmer for 12-15 minutes until the potatoes are tender, stirring occasionally.
Add the white beans and tomato paste. Cook for 5-7 minutes, until heated through, stirring periodically.
Top bowls of soup with shredded cheddar cheese and reserved crumbled bacon.
Video
Notes
Toppings:
The sky is the limit when it comes to soup toppings! We love saltines, or you can make homemade crackers with this recipe. Other toppings include croutons, sliced green onions, sour cream, and French fried onions.