A budget comprises three categories: how much income you have, how much money you need, and how much money you have saved. Understanding the details of each of these categories and staying on top of them allows you to not only feel in control of your financial situation, it puts you in control of the situation. Having a complete financial plan will help you afford the things your baby needs as she grows and will help you and your partner plan for your future as a family.

You can use the below budget to keep track of a week's spending or a month's (photocopy it to use it as much as you want). You simply need to fill in the appropriate numbers in each space and then add up the columns. You'll be able to see if you have enough money and, if you don't, where you are spending too much. Don't fill in the numbers you want to spend each month (or week). Keep close track of your income and spending for a week or two and make educated estimates.

Family Budget Worksheet

According to the Economic Policy Institute, the range of basic annual family budgets for a two-parent, two-child family is $31,080 (rural Nebraska) to $64,656 (Boston, Massachusetts). These amounts do not include vacations, education, or other expenses that go beyond basic clothing, housing, and food.