While you're planning to start a family and before you have a baby, first, keep your savings rate as high as you can right now before the added financial pressure of a bigger family comes your way. Birth center and home births are typically less expensive than hospital births because there are no high-risk procedures done but nly low-risk parents are eligible. 

Parents can count on spending close to $50 per week ($2,448 per year) on diapers, formula and baby food alone. Then toss in such big-ticket items as furniture, equipment, clothes, childcare if you're returning to work, medical expenses, and well, you get the idea.

Some studies show numbers ranging from $20,000 to $50,000 for the child's first year of life, depending on location and household income. The basic baby gear you'll need during your baby's first year includes a crib (with mattress) or play yard, a stroller, a car seat, bottles and/or breastfeeding accessories, a baby bathtub, toiletries such as a hairbrush and first aid kit, and toys. Diapers also vary in cost, but experts advise that you should budget at least $1000 for diapers and $450 for wipes for the first year alone. That's approximately $120 a month.

5 Signs You're Financially Ready to Have a Baby:

1. Budget for New Expenses.
2. Prepare for Child Care Costs.
3. Review Employer Policies.
4. Get Adequate Insurance Coverage.
5. Balance Long-Term Savings Goals.

Ways to Save Up for Baby:

1. Buy secondhand gear and clothes
2. Borrow a bassinet (or skip it altogether)
3. Hold off
4. Limit the tests
5. Go easy on the starter diapers

Gear Up for Less: Look for furniture and accessories that do double duty. Return unwanted gifts promptly. Don't buy crib pillows. Buy just one or two bottles before your baby is born. When it comes to diapers, think big. Test-drive a stroller before you buy it. Turn to your local library for classes and games.

Tips on raising children on a tight budget:

1. Spend on what's important and ignore the rest.
2. Find free or inexpensive entertainment.
3. Plan for large expenses.
4. Earn extra income.
5. Instill non-materialistic values in kids.
6. Rely on (and use) your savings.
7. Accept others' generosity.
8. Adjust your work schedules.

In the beginning all they need is food, diapers and love. Feed babies inexpensively. Give cloth diapers a try. Forget the expensive nursery. Buy secondhand to save. Skip blowout birthday parties. Carefully consider child care.

4 Ways to Start a Savings Plan for Your Baby's Future:

• 529 Plan
• Coverdell Education Savings Account (ESA)
• Custodial Accounts
• U.S. Treasury Bonds

You can easily buy savings bonds online at TreasuryDirect.gov. They can be put in your own name or the name of the child for which they're being purchased. If the savings bond is to be a gift, be prepared to provide the child's full name and Social Security number

Don't sweat it . Not everyone's a natural-born money saver.