2 reasons why you should be living on a 'baby budget' long before your due date

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For first-time parents, the cost of a new baby — from hospital bills to expensive diapers, clothes, and gear — can be jarring. Considering the fact that raising the average child from birth to adulthood costs nearly $245,000, re-budgeting is something parents should make time for well before the baby arrives.

Matt Becker — financial planner, founder of Mom and Dad Money, and father of two — told Business Insider that the "best thing you can do" to prepare "is start living on your baby budget ahead of time."

Becker suggests using a baby costs calculator to estimate costs and plan for any change in income during work leave and promptly start living on your new budget during the pregnancy. The benefits of this practice are twofold, according to Becker.

First, it gives you and your partner time to adjust to living on a new budget, without the "pressure of being forced to live on it," he says.

"[This] means you can make mistakes and work out the kinks without there being significant consequences. Then, when the baby gets here, you will have that part of your life relatively solidified, freeing up more of your time and energy for actually taking care of your baby instead of worrying about money."

Second, by putting your baby budget in place before the arrival, you can stash the extra money in a savings account or your emergency fund, he says. "That should allow you to build up a cushion that will make it easier to ride the financial ups and downs that come with having a baby," Becker said.

Ultimately, he says, "It will take time to adjust, and the more time you have the more likely you are to feel comfortable in your new financial reality when the baby is born."

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