Having kids can be exciting, but it requires a lot of financial planning.

Estimates show families spend between $12,000 and $14,000 a year to raise a child until they turn 18.

In today’s, ‘Save more, worry less,” here are some smart money moves for new and expecting parents:

1. Draft a baby budget that includes pre-baby and post-baby costs from doctor visits, baby gear, and the delivery itself. As they grow, factor in ongoing expenses like childcare, diapers, and food. And then allocate at least $150 a month in additional costs.
2. Make a plan with your partner. Do you and your partner have maternity or paternity leave? Financial experts say to have a serious talk with your partner and decide who will stay at home or work. You’ll know how much cash you’ll have to work with those first few months.
3. Re-evaluate your health insurance. Find out what your health insurance will cover for labor and delivery, copays, deductibles, and what visits will be covered. Experts say it may benefit you to switch to a high-deductible plan so you can start contributing to a health savings account. That’s pre-taxed dollars you can use toward your deductible.
4. Start a 529 Savings Plan. It’s never too early to start saving for college. A 529 College Savings Plan is a tax-advantaged investment account. Think of it like a 401K plan for education instead of retirement savings.