If you have a family, you may be concerned about money and its ability to influence their career  and life goals and dreams.  It may seem with all of the expenses that come with feeding, clothing, educating and caring for your children, that travel, career changes and other luxuries that you’ve always wanted are now impossible.

If you are one of these women, it’s the perfect time to take another look at your finances with a different way of thinking. Analyzing and getting super focused on every single expense you make. Unless you are already religiously practicing a minimalist lifestyle, the most important first step is to reconsider what expenses are absolutely necessary. We’ve compiled a list of the top five costs that when considered next to the well-being of your kids, may be areas that you can cut back in your budget.

The Top 5 Overlooked Expenses for Small Families

Expense #1: Beverages

Whether it is a four dollar coffee, five dollar milkshake, or three dollar bottle of water, beverages are a silent bank account killer. Personal financial advisors often discover that this can total upwards of $300 per month for families of three to four. Water is truly the only beverage you and your kids need and we think that your wallet will agree.

Expense #2: Eating Out

While most families seem to spend wisely on cheap breakfast options, many opt to take their children out to lunch and dinner multiple times a week. While restaurants can be fun and worthwhile, ask yourself whether that weekly total of $200 is worth it when you could have purchased as much food for $50 at a grocery store. Having more quality down time with your kids around the family dinner table never hurt anyone. Plus, you may even eat healthier when you are cooking at home.

Expense #3: Home Layout

Many people from less fortunate parts of the world would tell you the need for each of your two children to have their own rooms is a bit luxurious. How much is that extra room raising the price of your house? Consider comparing the price of your home to other homes with just one room for your children. You may just find that your children enjoy their new bunk-bed anyways and build a better relationship living in the same room instead.

Expense #4: Electronic Entertainment

Cable television has somehow become a necessity in the eyes of many of us in America. In reality, cable TV has been in existence for just 60 years. Not to mention if educating a smart child is one of your dreams, it can’t hurt to encourage reading while discontinuing that expensive cable subscription. Turns out, books are relatively less expensive and much more enriching.

Expense #5: The Phone Bill

The smart phone has taken the U.S by storm. Where would we be without it? Turns out, you would probably remain where you are, except a bit more financially comfortable. That extra $400 per year could easily cover a truly necessary cost such as dental insurance and health insurance. When compared with the importance of your child’s healthy smile, the latest phone application becomes obsolete. Aside from the expenses on the actual phone, also consider the monthly bill for service that you pay.

What expenses are you going to try to decrease? Let us know in the comments below!