The day you find out you are pregnant, a lot of things change. One of those things includes figuring out how you are going to pay for the expenses that accompany a new child.

Every child comes with new costs, but the first one is likely to have the biggest impact. You and your partner will need to stretch your money to cover three people instead of two. Doing so effectively requires deliberate planning.

Step one is understanding how your expenses are likely to change. What new expenses will you have? What will you have to cut from your budget in order to afford it? Read this article for a detailed summary of financial preparations you will need to make.

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