Baby on a budget - The Washington Post This is the first in a four-part series on life milestones. Deal Hunter will talk to experts about ways to plan and pay for some of life's biggest moments: a new baby, a significant birthday, a wedding and alas, yes, a funeral. Babies are an expense that grows and grows, and all babies (and new moms) are different. "One big mistake new moms make is to assume that they'll need and use everything that everyone tells them they need," said Dana Points, editor-in-chief of Parents and American Baby magazines. Start with the minimum and branch out. (istockphoto) - Mother Nature is wise to give you a nine-month buffer to prepare for the arrival of that tiny human. Mother Nature is wise to give you a nine-month buffer to prepare for the arrival of that tiny human. You're compelled to provide him or her with life's essentials: food, clothing, medicines and diapers. Then there are expensive extras: cribs and car seats, plus all the things that are just too cute to pass up. Luckily, you're not the first mother to give birth (or new dad to freak out when it's happening.) These tips will help you save massive amounts of cash, which you can place in the college fund. Health insurance Before you even think about pregnancy, assess your health insurance options. If you work for an employer that offers a health-care saving fund or a flexible spending account, Points recommends you join. "You can save money out of paycheck up to certain amount . . . it's also taken out of your paycheck before taxes" and will save money in the long run. Linda Murray, global editor-in-chief of BabyCenter.com, agrees. Make sure you're picking the option best for your family before the baby is born. In the hospital A hospital bill is a hidden expense you should plan for. "You need to ask yourself, "Do I want a private room or to share a room?" The extra fee can vary according to the hospital," Points said. If there are complications, you might be there for more than 48 hours. Urban areas tend to charge more, so before delivery, decide whether privacy is the worth the fee. The free stuff The best things in life are free, and babies are welcomed with loads of free stuff. "Pregnant women are very fortunate because [companies] want to give them free samples or discounted products," Points said. Parents.com has a "Free Stuff" section, which offers discounted items for new moms. Also, "Like" companies on Facebook to get free products, and ask hospitals for the freebies they have on hand. They have swaddling blankets, baby thermometers. Hospitals will give it all away, so bring an extra bag," Points said. Long-term planning It's never too early to start planning for the biggest investment of your baby's future: college. "The overall cost of a child until age 22, on average, is $260,000 without college factored in," Murray said. So start setting aside now in the form of a rebate. Sign up for YouPromise Account, a 529 plan that gives you cash back when you spend money at certain retailers. "The amount of money you spend over 18 years can add up," Points said. And get the grandparents to sign up, too. The registry