You will need to think about short and long-term expenses that will impact how much you should be saving. Take into account recurring costs, such as:

• Baby food
  • According to Investopedia, parents can count on spending close to $48 per week ($1,260 per year) on baby food and formula.
• Baby bottles
• Diapers
  • The average child can use more than 2,700 diapers in the first year alone, which can add up to more than $550 according to Investopedia.
• Baby clothing

You have a new resident moving in, so you’ll need to include the following items on your checklist:

• Car Seat ($80-$300)
• Crib ($150-$400)
• High Chair ($25-$200)
• Stroller ($50-$600)

If you are purchasing used items, it is important to make sure they still meet the current safety requirements. Did you know car seats can expire? Due to updating regulations, car seats usually need to be new or nearly new.

You will need to baby-proof the home and make areas safe that could be potentially dangerous to a newborn, infant or toddler. This may include installing child safety devices in electrical outlets and on cabinet doors.

Large items, such as televisions, can cause injury if tipped over. Remember to safely secure large pieces of furniture and decor.

According to Daily Finance, only 58 percent of expectant families create a child care budget before their child is born. Whether you are choosing a day care or a nanny, child care is expensive. Childcare Aware of America states that the cost of childcare for two children in a day care center averages $18,000 a year.

Try to lower costs by asking friends about any affordable, but reputable, nanny care they’ve used. You can also look into other alternatives:

• Can you alter your work schedule to work fewer days?
• Do you have family members who could watch the baby a few days a week?

Your friends and family are excited to help celebrate and welcome your little one with a baby shower. This is an opportunity for your loved ones to help cross off items on your baby list.

Plan for expenses in the future such as medical and extracurricular activity expenses to be prepared when these costs come up.

Start saving early for your child's college tuition. Some states offer a specific account to save for college called a 529 plan. 529 plans can offer tax benefits and more as you set aside funds for your child's future.

When you have a baby, you will want to update your will or create one if you haven’t already. A will can outline your wishes for who will take care of your child in the event of your death.

As a parent, your main job is to nurture, protect and provide for your child. There are two types of insurance you might want to consider to better do this: life insurance and legal insurance.