Infographic: 5 Money To-Dos Every New Parent Should Do

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Before your baby arrived, you probably couldn’t fathom all the love that new bundle of joy would bring to your life. Something else you likely underestimated? Just how much your baby would pull on your purse strings, too.

Fortunately, new parents can help defray the high costs of raising a kid—from paying for child care to big-ticket to-dos like shelling out for school—using these five key strategies.

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Note: The stated cost of child care comes from the United States Department of Agriculture’s August 2014 report, “Expenditures on Children by Families, 2013.”

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc. that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the people interviewed in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.