UNDATED -- A baby changes a couple's life forever. And for first time parents, who don't have a royal title like William and Kate, good financial planning is key.
CNN has compiled a check list of some money must-haves when you're expecting.
A little bundle of joy means a big shift in the way a couple spends, saves, and plans for the future.
The most recent government figures find the average cost of raising a child from infancy through young adulthood in the U.S. adds up to about $235,000. That's not including college.
Those added expenses begin immediately, from the car seat parents need to take a child from the hospital, to the crib where baby will sleep.
The time to adjust a household budget, is before baby's arrival, especially if one parent will be taking time away from work for child care.
Expecting parents need to reassess their insurance needs.
In addition to having health coverage for pregnancy and delivery, make sure a little one is covered from birth for visits to the pediatrician and prescriptions.
New parents may also consider disability or life insurance policies, to keep a family financially secure in the event of something unexpected.
And estate planning is another must-do -- a will or trust appointing a guardian in case of a tragedy.
And start saving for college. The cost of college only keeps climbing. Starting a tuition fund now puts money in the bank that can also earn interest.
Consider asking family and friends, who'd like to give gifts upon a little one's arrival, to skip the teddy bears, and instead contribute to an account.