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A baby can bring joy, wonder—and a substantial expense. According to US Department of Agriculture figures, annual costs for raising a child born in 2015 through age 17 is $233,610 (in 2015 dollars) for a married couple with a before–tax income between $59,200 and $107,400. As you prepare for your baby, consider the expenses you may face. There are the health–care costs not covered by insurance. You might need a larger home, car, and more life insurance, and you may want to start an education fund. And, of course, there is baby food, clothing, diapers, and daily necessities.
Consider taking the following steps before and after the baby arrives to make the financial side of parenting a little easier:
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