Hi friends I'm Laura Adams and you're listening to the Money Girl

podcast. Having a baby can be an exciting time for a couple, but it can also leave you worried

and stressed out about your finances. Since I'm not a parent, I asked a special guest to share

her sage advice in today's episode. It's Cheryl Butler, the host of the

Mighty Mommy podcast. She'll give you seven financial tips to plan for a new family

member so you'll be as prepared as possible.

Thanks Laura.

Starting a family is one of the most exciting and important decisions a couple will ever make.

There is so much to consider. What will the sex be? Can you decide on a name you both like? How will you decorate the nursery? Who will stay home with the baby?

And perhaps the most overwhelming question, how are you going to pay for all that comes with this bundle of joy?

Take a breath and relax. I've been down this path eight times.

Don't worry. You don't have to be extreme like I was.

And believe it or not, once you take the time to

figure out what expenses go hand in hand with a new baby you'll be able to plan your life

and your budget much more efficiently.

According to the Department of Agriculture's latest estimates,

raising a child to age 17 in the United States costs about $235,000. This figure includes just the basics like food, housing, transportation, and

child care. Add college into the mix and the cost of a child can run much higher.

Here are some key expenses to keep in mind before and after the stork arrives.

Number one, maternity leave.

You will need to consider how you'll manage on one income during maternity leave and a possibly

reduced income during the pregnancy.

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