Financial Planning for a Baby: The Costs of Raising a Child

This infographic breaks down some of the expected—and not-so-expected—costs for your budget.

Babies are one of the miracles of life. Also miraculous is the growing cost of raising a child, which is why financial planning for a baby can be so important. From birth, through childhood, to adolescence (oh, the fun times) and into young adulthood, having children means a range of expenses. New expenses. This is where financial planning for new parents comes in.

If you’re planning for a child or about to welcome a new addition to the family (congrats!) and you want to prepare for a baby financially, here’s a breakdown of the expected—and some of the not-so-expected—costs to consider for your budget:

Financial Planning for a Baby Infographic

Although the numbers associated with raising a child can be eye-opening, and perhaps intimidating, it’s not that difficult to prepare for a baby financially. It just takes some organization, forward thinking and careful financial planning for a baby. That means spending less while raising a family and saving wisely with your online savings account. By planning ahead and being prepared, you’ll make financial planning for new parents look like a breeze and enjoy the ride of parenting.

Saving

How Should I Save If the Fed Cuts Rates?

It's not all bad news for savers in a lower interest rate environment. Here's why.*

Read Article
3 Things to Do With Your Tax Refund

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving
Online
Savings

Discover Bank, Member FDIC

Family Finance

4 Considerations for Opening Your Child's First Checking Account

Would your child benefit from a checking account? Check out these 4 tips to start them off on the right financial foot.

Read Article
What You Need to Know About Budgeting for Maternity Leave

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

Retirement

IRAs: Save for a Secure Future

A simple way to reach your goals.

Watch your savings grow with a CD.

Lock in Your Rate
Certificate
of Deposit

Discover Bank, Member FDIC