How to Budget When Having a Baby

Becoming a parent for the first time is thrilling and terrifying on several fronts, not the least of which is budgeting. You know having a baby is going to cost you dearly in the wallet, but how much? Should you set aside $50 per month for diapers and other regular expenses? Should you anticipate dropping $10,000 on setting up the nursery for the new addition? The answer for most people will fall somewhere in the middle. Exactly how much you need to spend on having a baby depends on your need...