There are lots of ways to do that. "It's always easier to start cutting out the little things first. You know, go to a matinee if you go to the movies. Go to a free art fair," DiComo says. "Once you have children you realize there are all kinds of low-cost activities you can find that you never realize existed before you had children."
[Learn how to use college savings for grad school.]
5. Think ahead for future costs: What children need as one-year-olds isn't what they need at 18 months. Parents should plan accordingly.
"As they grow they wear out or grow out of clothes quickly, and they eat a lot!" Law says. "You may also need to plan additional money for lessons, piano, baseball, gymnastics, etc. You also need to plan for a car seat and stroller and depending on how many children you have, a larger vehicle. There will also be costs for doctor visits."
Trying to fund your education? Get tips and more in the U.S. News Paying for Graduate School center.