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Budgeting for that new baby

You're going to have a baby. Congratulations!

Do you have any idea how much your new bundle of joy is going to cost you the first year?

You can figure about $10,000, according to a survey of new mothers by BabyCenter. Forty percent of the moms said having a baby cost a lot more than they expected. And, they said, it was those unexpected expenses that hurt their budget the most.

While there's no way to anticipate every expense, expectant parents would be smart to do a bit of pre-baby budgeting to help cushion the financial blow.

You need to calculate your family income and expenses – and the sooner you do it, the sooner you can adjust your spending before the baby arrives.

You may find that in order to cover the added costs you need to cut back on some things you can live without – maybe that premium cable service, those daily lattes or going out to lunch every day.

The key is to know where you stand financially, so you can deal with it accordingly. BabyCenter has a First-Year Baby Costs Calculator that can help you get started.

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