There are a lot of “firsts” for new parents — and measures to shore up household finances are among them.

Financial advisors say that parents often pay more for their baby than they expect.

According to the most recent estimates, the average married couple with a middle income spends between $12,350 and $13,900 per year to have a child. estimatesPublished by the U.S. Department of Agriculture. The data is for 2015 births and includes cost of housing, food, health care, and child care. The data does not include costs for college and pregnancy.

There are other important considerations than everyday expenses. The following are top suggestions for parents who are new or expecting.

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These costs could include diapers, baby formula and bottles. Roberge suggested that parents consider other expenses, including higher rents or mortgages for larger living areas.

To make sure they have enough money for their baby, expecting parents need to cut down on unneeded expenses and pay off debts (such as student loans or car loans) before their baby is born. Sophia BeraCFP. Founder of Gen Y Planning Austin.

Bera stated that parents should review their health plans to determine if they cover birth costs. They also need to consider whether or not it is possible for them to pay out-of-pocket. They should also review the maternity and paternity benefits and decide how they can be optimized. Are benefits best used by both parents at once or in a staggered fashion? What will parents do with the extra time they get off?

According to CFP, parents need to have sufficient insurance that covers 10-15 times their annual income. Stacy FrancisFrancis Financial’s chief executive in New York.

A $100,000 earner would purchase a policy that has a death benefit of $1,000,000 to $1.5 Million. Francis stated that premiums for someone aged 30 may be less than $1,000 per year, but this is dependent on their health and income.

Consider one important point: A family may be interested in additional insurance to cover a spouse who is a single parent and doesn’t have an income. Francis stated that this would make it more difficult for the remaining spouse to pay child care expenses.

Roberge stated that it is worth looking into insurance through your employer. Although this insurance is usually cheaper than private, it can be costly for parents to carry the policy with them when they move.

Many options are available, but parents should consult this resource. SavingforCollege.comBera indicated that the consolidated information regarding state-sponsored programs is called.

It can be difficult to estimate how much college costs and what savings you will need. Bera stated that it is important for parents to get started as quickly as possible to allow the money to grow. Bera said parents could start by paying $1,000 upfront, and then continue to pay $100 or $200 each month.

Bera stated, “Compound interest is really powerful.”

Roberge stated that parents can request donations to a 529 for physical gifts instead of giving their child physical gifts.

A 529 is not the right approach for every family. He said that clients often put only half of their college-savings in a 529. The rest they either put in a taxable brokerage or used the money to pay for college in cash flows in the future. This is because parents could face penalties for using 529 savings to pay qualified education expenses.

Parents should consider funding tax-advantaged accounts for their children, such as IRAs. flexible spending accountsAdvisors stated that FSAs are offered by the employer for daycare and other dependents.

FSA contributions are pre-tax savings that cover out-of-pocket medical costs like copayments, deductibles and some drugs — which are likely to rise due to more frequent doctor visits. FSAs for dependent care cover expenses like daycare and summer camp as well as before-/after-school programs.

These benefits can be signed up by parents during the annual open enrollment period of their employer. The benefits may not be offered by employers and have a maximum annual contribution.

This is an example of a exampleHealthEquity provides tax savings. Imagine a family that has a 30% effective rate of tax. This means they pay $300/month in daycare fees, $50/month in after-school programs, $500 in summer camps, and $300/month in daycare. The family could save $1,350 annually on taxes by purchasing a Dependent Care FSA to cover the cost of these expenses.