The Wall Street Journal. Financial Guidebook for New Parents

Bringing home your new bouncing baby boy or girl should be an exciting time of celebrationnot cause for worry about how you're going to pay for feeding, clothing, and caring for your new bundle of expenses. The average family will spend between $11,000 and $16,000 during a new baby's first year and more than $200,000 before the kid's 18th birthday. Indulge on pricey items and expenses can easily skyrocket to over $1 million. Unfortunately, a second child only doubles your costs with little economy of scale for each additional baby. Before you start using these statistics as inspiration for birth control, take a deep breath and know that you can have a family and make a comfortable future for your children while saving for your own important goals.The Wall Street Journal. Financial Guidebook for New Parentstells you how, using a simple, flexible 10-step plan to meet your child's needs while also protecting your family's financial security.