According to Becker, tracking your spending can help you determine whether your money is going toward the things you really care about. "It gives you the information you need to make decisions about moving forward," he said. For new parents, "it is often an eye-opening experience."
3. Set up an emergency cash reserve. According to CFP Mary Beth Storjohann, a new mother and founder of Workable Wealth, expectant parents should establish an emergency fund of three to six months' worth of living expenses. The fund will come in handy if, for instance, there are unforeseen medical costs not covered by insurance or if the new mom must stay out of work longer than anticipated due to health-related complications.
4. Automate your savings and/or debt payments. Once you've identified your financial goals, you are more likely to make steady progress toward your goals if you set up automatic payments and/or deposits, said Becker. "By automating your savings or debt payments, you are prioritizing your goals and forcing the rest of your life to fit around them," he said.