After all, you now have someone depending on you to keep the family financial matters in order. A well-thought-out budget will be your most valuable tool in managing the family money.

If you already have a budget, you'll need to revise it to fit your new, expanded circumstances. (If you don't have a budget, create one right now. Click here to create a budget.) But don't throw away your old budget. You can use it as a starting point for a new one. Go through each of your expenses to see if they will change with your new baby. For example, your rent or mortgage will probably stay the same. But electric bills might increase if one person is planning to stay at home every day.

Add all the extra costs of raising a child into your budget. Another parent can help you identify what extra expenses might come up on a regular basis and how much you can expect to spend on them.

Make sure your income is accurately reflected in your budget. If you're going to have only one income and you are used to two incomes, this will significantly affect your budget. If you've been receiving financial assistance, check to see if this will increase with the birth of your child.

It will be important to add even more savings into your budget. Many experts suggest that you try to maintain three months of expenses in savings in case of emergency. If you're planning to save for a university fund, make space in your budget right away. It won't get any easier. Saving for your Child's Future has more information about starting a fund for your future scholar's education.