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.

Banking 101

Saving

Sunny skies are the right time to save for a rainy day.

Start an emergency fund with no minimum balance.

Start Saving
Online
Savings

Discover Bank, Member FDIC

Discover Savings Survey: Millennials Out-Saving Older Generations

Career & Education

Spend or Save Graduation Money? How New Grads Can Decide

Cash graduation gifts can get you started off on the right foot financially.

Read Article

Family Finance

How to Plan a Destination Wedding on a Budget

The right location and a finely-tuned budget are key to making a destination wedding work.

Read Article

Grow into your future.

Our fixed rate CDs help you save for what's next.

Start Saving
Certificate
of Deposit

Discover Bank, Member FDIC

Partners in Life and Money: When to Open a Joint Checking Account

Retirement

Don't Want to Give Up Your Avocado Toast? How Millennials Should Save for Retirement

Saving for a comfortable retirement doesn't have to mean a radical lifestyle makeover.

Read Article