A new member of the family means new expenses. On top of the initial cost of having the baby, be sure to factor in these necessary expenses:

• Daily essentials like diapers, formula and clothing
• When and how much childcare you'll need
• Increased medical premiums and potential out-of-pocket costs for doctor visits

If you don't already have a budget, take the time now to create one. Our monthly budget planner can help you calculate your new expenses and allocate your income to handle them.

If you're coming up short, you may need to review your spending patterns to see how you might cut back.

When you have a new baby, don't forget to update your W-4. Increasing your personal allowances will keep you from having too much withheld from your paycheck—and put a few more dollars in your pocket each month.