Children Cost Money, from Conception to Graduation

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What's a tired mom-to-be to do? Buy a Snoozer Pillow

When babyhood ends, you've got clothing, toys, books, preschool or day care tuition, food, medical co-pays, enrichment activities. Then there's elementary school, which may or may not involve tuition, before and after school child care if needed, sports and hobby expenses, birthday party presents (which may not seem like a big expense now, but wait until you're child's at a party almost every weekend), tutoring fees, movies and trips to the mall, all the things children like to do.

Oh, wait, they're going to become teenagers and need even more food and clothing. Now they'll ask for fewer but more expensive toys, like cellular phones, computers, cars. And just when you think you're done, there's college. Sound like a lot of money to spend? That's because it is!

According to Babycenter.com's "What Does it Cost to Raise a Child" calculator, the average American family expecting a baby today will spend close to $500,000 raising that baby to adulthood, before college expenses. Should that child go to college, financial planners say that parents are looking at tuition ranging from $120,000 to over $300,000 for four years of school depending on the school.

Your child will be worth it, no matter the amount, so you need to be sure that you've got the amounts they need...now and in the future. You must be sure your finances are in order, budget your anticipated expenses, save for a rainy day (a rainy month, even), and still have a little left over to live your life. They're worth the expense, but you deserve some indulgence, too. Make budgeting a priority now, to avoid money problems later on when you can least afford them. Being smart about money is...well, it's smart.

How early is too early to start saving for baby's future?
Do you need to rush out an open an education fund the day you learn you're expecting? Not necessarily, but if you feel compelled to, go for it. Good for you and good for your little genius-in-the-making. If you need a month or two to get your financial priorities in order before saving for baby's future, that's fine. Don't feel guilty about not saving from day one; just be sure to actually work on prioritizing so that you are saving early on.

Many couples don't think they need to worry about budgeting for the future...yet. They think time is on their side, that baby's expenses will be manageable and that college savings can be started a few years down the road. They don't think about budgeting until they are feeling a bit a financial squeeze.

That squeeze may come early on, or not until their baby is a child or teenager. The truth is, even the littlest babies can squeeze their families' budgets, so advance planning is always in order. Either they haven't looked to the future, or they only looked to the distant future (like their child's educational future) and were caught by surprise. Children and teens can squeeze their families' budgets even tighter. All the more reason to start saving what you can now. The earlier you save, the better. For everyone's future.

Financial planning should begin during your pregnancy.

There are four areas of planning when looking at expenses. You need to arrange your finances for immediate, impending, and future impact.