Ah, the ups and downs of becoming a parent! The adventure, the new opportunities for loving another human being, the apparently never-ending feeling that you’re spending money like it’s going out of style.

Yes, spending money is one of the essential pieces of the parenthood puzzle - and being a parent is as expensive as it is expansive!

When you first thought about having a baby, you probably figured that, with your health insurance and the grandparents' help with the furniture, stroller, crib and other accessories, everything would be taken care of. But then you started adding in those other financial obligations, and the sweat beads multiplied.

The Bank Drain

Here’s how the nightmare plays out: You realize that your wife's salary will be gone, at least for a while. Then there’s the problem of having two small cars with no room for a car seat. The house is okay for the two of you, but now your home office is being turned into a nursery; where will your computer and files go? Then there will be daycare when your wife goes back to work. Let's see... plus this, minus that, plus the other. Hmm!

Panic begins to set in, but you stop yourself before your thoughts get any darker: I make a decent salary, you tell yourself. And if you cut out the two lattes you drink every day and start taking your lunch instead of going out with the gang from the office, well, you can make it. Or can you? That old worry keeps nagging you.

It’s time for a spreadsheet. Instead of worrying in the dark, if you can clarify for yourselves exactly what it’s going to take to stay in the black, you should be fine.

Balancing the Books

First of all, you can cut out some luxuries. You and your partner can start planning now what you will cut from the budget and what will stay. On the positive side of the ledger are all those things that you’ll be sure to drop when the baby arrives - most restaurant visits, movie tickets and that new sport coat, for starters.

The bottom line? In most cases, with a little planning and corner cutting, you should be able to make it financially. Just involve your partner and keep your eye on the ball - and the baby. The new baby is going to enrich your life so much that you'd be willing to live in a one-room apartment just to be in this tiny person’s life. The love and wonder you'll feel will keep you warm and comfortable for a long time, so just kick back and enjoy this new addition to your family.

This information is not a substitute for personal medical, psychiatric or psychological advice.