It's smart to save for a growing family. It costs about $13,000 each year to care for a child and around $234,000 to raise a child from birth through age 17, according to estimates. Contact your health insurance provider to understand what's covered before and after the baby arrives. Research local childcare costs, which range from about $5,000 to $24,000 annually depending on your location. Factor in projected expenses for diapers and other basics, and you'll have a good idea of how much you should aim to set aside to make sure your baby's needs are met.