Any life change can be hard on a family budget, even if it is a happy event like the birth of a child. In fact, members of MMI’s Advice Team regularly receive questions about family and finances. In case you have similar questions, I wanted to share few frequently asked questions and answers.

Dear Advice Team: We recently adopted a son. We are all doing very well, but my concern is that at the end of every month we are broke! I am just buying things for our son. My husband doesn’t seem to understand how much a little baby can cost. Help! -Julie, Colorado

Julie: The not-so-good news is that you can plan on spending many thousands of dollars each year to raise your child until they reach age 18; and this doesn’t include college. If the amount seems overwhelming, you take comfort in the fact that many new parents worry about money. However, most adjust quickly and find that it is definitely worth every penny! Developing short-term and long-term goals can help you to stay focused. Make sure that your will and insurance policies are updated to meet the needs of your new family. Finally, keep the lines of communication open. Communication can be the key to a financially successful family life.

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Dear Advice Team: We just had our third daughter. On top of college costs, the idea of paying for three weddings is totally overwhelming. What is the best way to go about preparing for these upcoming costs? -Jeri, Arizona

Jeri: Cars, college, and weddings are just a few of the high-ticket items you may fund in the future. Fortunately, time is on your side. If you started saving $200 per month now in a money market account (5%), by the time your youngest child is age 18; you will have $69,840 and could avoid borrowing. Also, it is important to realize that having girls does not necessarily mean that have to shoulder the financial burden of their weddings. Today’s rules are not so hard and fast.

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Dear Advice Team: We are pregnant with our first child. My wife and I enjoy nice things. I worry that our budget will not accommodate our lifestyle and the baby’s expenses. Do you have a sample budget we can use? -Sean, North Carolina

Sean: The costs of raising a child can vary greatly based on the choices you make so this is not a case where one budget fits all. Keep in mind that becoming parents usually means changes in the lifestyles of both parents. If you think about it, people who don’t have children waste a lot of money filling time and avoiding boredom. Rest assured: you’ll have no problem filling your schedules once the baby arrives.

My neighbor’s daughter is graduating from her dorm room to her first apartment. During a recent conversation with her, I realized just how much I learned about budget decorating during my college years. So, what could bean bags, icky carpet, and a severe lack of space possibly have taught me about decorating?

Function is as important as form. Before you buy something beautiful, ask yourself if it is going to work in the space. In college, you may have had to buy a futon instead of a couch just so you have a place to sleep. Kids and/or pets later, you might opt for an easy-to-clean chair over the upholstered white settee.

Lighting makes all the difference. Great lighting makes everything look better (even you!) Instead of dusting off your lava lamp, you might consider illuminating a favorite picture instead. Fairy lights are a timeless budget-friendly choice for setting a festive mood both indoors and out.

You don’t have to go it alone. In a dorm, there is never a shortage of people to offer their opinions. Don’t let distance keep you from turning to a friend for advice today—photos and videos are a great way to stay in touch if an in-person visit isn’t practical. Sometimes a fresh set of eyes can help you see things more clearly.

Don’t be afraid of change. Constant moves during the college years were hard, but they also were an excuse to change things up a bit. Today, instead of uprooting, consider some low-cost home improvement ideas to spruce up your space. For example, painting a room is an inexpensive way to make a dramatic change.

Borrow before you buy. Dorm residents are constantly borrowing from, lending to, and trading with each other. While you might not feel comfortable borrowing furniture from your neighbor today, you should be sure to always ask about a store’s return policy in case your new purchase looks better in the showroom than in your home.

Take care of your things. During the college years, you can’t always afford to replace something that gets broken or stained so trying to minimize damage was a smart strategy. Today this might translate into something like changing your air filter regularly to improve the quality of your air and the efficiency of your heating and cooling system.

Express your creativity. Finding yourself is hard to do if you simply copy a style you saw in a magazine. Try to focus on a few key elements that reflect your personality. Remember that displaying photos is a quick low-cost way to personalize a space.

What did you learn about budget decorating during your inflatable furniture years?

Of course, the earlier you start saving the better. However, I believe that some periods of life are better suited for saving than are others. The ideal time is not based on your age, but the age of your children (if you don’t have children, you are probably better rested than I am and this blog post probably won’t mean much to you).

A 2007 report by the US Department of Agriculture claims that the amount of money it takes to raise a child from birth to age 17 doesn’t fluctuate much per year. They estimate that families earning between $45,800 and $77,100 annually will spend $11,000 to $12,000 per year until age 17 for a total of $204,060. I am sure this type of information plays an important role in determining child support and foster care payments. However, as a practical family budgeter, I don’t buy it.

As all parents know, babies are expensive. Medical bills, childcare costs, time off work and baby supplies all add up. This is especially true if one spouse decides to leave their job to care for the children. Older children are also costly. Cars, college, and weddings are some of the larger ticket items you can look forward to. And this is assuming they don’t move back in with you!

Fortunately, I have discovered that there is a period of time between where the childcare costs end and the college tuition begins. This is your big chance! According to the National Association of Child Care Resource and Referral Agencies, parents of school-age children pay up to $8,600 a year for part-time care. When this ends or at least diminishes, start saving the amount you were paying in childcare into a savings account to prepare for retirement or the gobs of tuition that is looming on the horizon.

Don’t let this time pass you by or you’ll find yourself playing catch-up in your golden years.

We are so exicted to one of the sponsors for the upcoming Mom 2.0 Summit in Houston. In honor of the event, this week’s Blogging For Change posts will be by moms and for moms (& dads too)!