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When you have a family, there are so many extra things you need to pay for. Diapers, bottles, and baby food are followed by school supplies and extracurriculars that all add up. However, some expenses are bigger than others. These are just a few of the top expenses you can expect for your family.


Most families’ greatest expense every month is their housing costs. Mortgage and housing payments can cost over $21,000 every year. It’s best to find an affordable housing option for you and your family that is well within your price range. However, with the housing market becoming ever more competitive and expensive, many families struggle to make their housing payments every month. As a general rule, your housing payment should be at or under 30% of your monthly income. Anything higher than that can make fulfilling your other expenses difficult. 

Medical Expenses

Another big expense families have to pay for is medical costs. Doctor’s appointments, dentist visits, broken bones, and more all add up to be very expensive. However, the most expensive medical service families have to pay for is often health insurance. Private health insurance can cost thousands of dollars per month. Health insurance is essential for families to be able to receive medical care, and in case of emergency. For example, dental discount plans can help you pay for orthodontic treatment. But these plans don’t usually cover everything, so many families need to pay out of pocket for many medical services. 


One of the most expensive things families need to pay for is transportation. Wherever you live, there are costs that are associated with traveling to and from work, school, and more. If you own a car, you have to pay your car payment, car insurance, and gas prices every month. These alone can cost you several thousand dollars per year. If you live in a more urban area, you will need to pay for public transport for you and your family. In New York, up to 3 children under 44 inches tall can ride the subway with a paying adult. A 30-day unlimited subway pass costs $127. No matter which option makes the most sense for you, transportation can be a big expense for you and your family.

There are many expenses that come with having a family. It can be difficult to navigate your finances with so many things you need to pay for. It’s important to budget out your income so you know how much you should be spending on each of these expenses.

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