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Careful budgeting is a big part of preparing for a newborn's arrival. There are a few obvious expenses you'll have to consider, such as the cost of toys, furniture, food, and lots of diapers. Indeed, diapers, food, and formula alone can cost up to $2,500 per year for a newborn. And these are just a few of the expenses that everyone knows about — as you continue to research the cost of having a baby, you'll uncover lots of other things to budget for, from healthcare to life insurance.

Day-to-day costs of raising a baby are high, and you'll also have to account for healthcare. In addition to feedings and diaper changes, watching for and treating things such as diaper rash and cradle cap are important for newborns. You'll need to carefully monitor the baby's health and meet all the doctor's appointments for the baby. The mother's healthcare needs are also vital following a pregnancy. Remember to consider the cost of prenatal care when budgeting for your first year as a parent.

Another area that's easy to overlook is how you should adjust your insurance after having a child. Indeed, childbirth is a major milestone that inspires many people to sign up for life insurance or adjust their policy. Securing a sufficient benefit can ensure that your child and family are protected should anything happen to you. Take this quiz from HealthIQ to learn more about the costs associated with having a baby and how you can access special rates for insurance to help you budget responsibly.