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August 1, 2023

Unraveling the Hidden Expenses of Raising a Family 

At Citizens First Bank, we know that becoming a parent is one of the most thrilling and rewarding experiences in life. The journey of bringing a new life into the world is filled with joy, love, and endless possibilities. Along with this exciting adventure, there comes the reality of financial responsibilities, which can sometimes feel overwhelming. When we think about the costs of raising a family, the obvious expenses come to mind: diapers, clothing, food, childcare, etc., but there are numerous hidden costs that many parents might not anticipate.  

Healthcare Expenses 

One of the biggest hidden costs of raising a family is healthcare expenses. From prenatal care to doctors’ visits, regular vaccinations, and unexpected medical emergencies, the cost of keeping your family healthy can quickly add up.  Even with insurance, co-payments, deductibles, and out-of-pocket expenses can quickly add up. Many families are now facing higher insurance premiums, which can significantly impact their budgets. If you don’t have an emergency fund or savings to cover such expenses, you could end up in financial trouble. Contact us today to discuss options to get you prepared in case of an emergency. 

Childcare Expenses 

Childcare costs are another significant expense when raising a family. In many cases, daycare expenses can be unreasonable, and one of the most considerable expenses for families with young children. Depending on the age of the child and where you live, the average cost can range from a few hundred dollars to thousands of dollars monthly. This added expense can make it challenging for families to make ends meet, especially when it comes to saving for other essential financial obligations.  


Education is an essential aspect of raising a family, but it can also be costly. From preschool to college, the cost of education can be overwhelming. Public universities are becoming more expensive, and many private ones are out of reach for many families. Hidden expenses associated with education, such as tuition fees, books, extracurricular activities, and other educational resources, can be considerable. Saving for your child’s education early on can help alleviate some of these costs. At Citizens First Bank, we want to help. Give us a call today to set up a savings account for your child’s future education.  

Home Expenses 

When raising a family, home ownership is often a priority for many parents. However, owning a home comes with its own set of hidden expenses. From property taxes, homeowners’ association fees, and home maintenance costs, being a homeowner can become an added expense on top of other monthly obligations. It is crucial to include these costs when budgeting for your family’s future and making major financial decisions. 


Transportation expenses are yet another financial detail that parents need to consider. As your family grows, you might find yourself needing a larger vehicle to accommodate everyone comfortably. In addition, travel expenses, especially during family vacations, can be a significant part of your budget, but these experiences also provide opportunities for family time and the chance to create lasting memories. 

Extracurricular Activity Expenses 

Extracurricular activities, such as music lessons, sports teams, and more, can provide many benefits to children. However, these activities also come with added expenses. The cost of uniforms, equipment, and participation fees can add up quickly. In some cases, extracurricular activities costs can be as expensive as a mortgage payment. These costs are often overlooked when budgeting for your family’s financial future, so it is essential to consider them when planning. Encouraging your child’s passions and talents might come with a price tag. 

With careful planning, budgeting, and support from various resources, you can embrace parenthood confidently and provide your family with a fulfilling and financially secure life. Government assistance programs, such as tax credits, healthcare subsidies, and education grants, can also be valuable resources to explore. Additionally, seeking advice from financial planners or family counselors can provide insights on how to navigate the challenges and opportunities of parenthood effectively. So, if you are considering starting a family or are already on this beautiful journey, take the time to prepare and embrace the adventure of parenthood with all its joys and financial responsibilities.  


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Centerville, WI 54661 
Phone: (608) 539-5900 


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Holmen, WI 54636 
Phone: (608) 394-3340 


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Sparta, WI 54656 
Phone: (608) 269-2126 


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Trempealeau, WI 54661 
Phone: (608) 534-6335 


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Viola, WI 54664 
Phone: (608) 627-1491 


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Viroqua, WI 54665 
Phone: (608) 637-3133