Welcoming a child into the world can be one of life’s unique joys, but it certainly brings with it a good deal of anxiety (and sleep deprivation, which can also further fuel that anxiety). Aside from the usual parenting concerns, financial considerations are also palpable—depending on the estimate, the total costs of raising a child to adulthood can be anywhere from $250,000 to $300,000 or more, even before taking the soaring costs of college tuition into account. Of course, not all of that price tag can (or should) be tackled all at once, but some thoughtful planning can at least put you in good position to start things off on the right foot as a parent.

Here are some things to think about before (or just after) welcoming a new baby:

1. Shore up your emergency fund

Even in “normal” times, most advisors recommend maintaining at least 3 to 6 months of expenses in a liquid bank account as emergency savings. When a new child is on the way, it’s best to err on the high side of that range, if not slightly above. There are any number of unexpected expenses that can come up during life with newborns, and you may also need to budget for a temporary dip in income as one (or both) parents considers taking leave from work. Having an extra financial buffer in place can help to provide some much-needed peace of mind.

2. Zero in on the costs of baby gear

As any new parent will tell you, babies come with a lot of “stuff”. From cribs and changing tables to clothes, blankets, car seats, strollers, babyproofing equipment, and more, the “start-up” costs of preparing your home for a new baby’s arrival can easily stretch into the thousands of dollars. Baby showers and generous friends can certainly be a big help, but you’ll need to make sure that you’ve got the big-ticket items covered.

3. Understand the expected medical costs

Health insurance coverage can be a difficult maze to navigate, especially when the direct costs of care are unknown. It’s worth taking time to understand the ins and outs of your insurance plan, in order to understand which medical costs (both throughout the pregnancy and during labor/delivery) are likely to be covered, and at what level. Most of the costs are borne during the delivery process, but some can be moved around somewhat depending on the situation. In some cases, it may be possible to shift certain expenses into a year in which you’ve already met your plan’s deductible, meaning that your out-of-pocket costs could be lower. That’s not always possible, but understanding your options could prove to be a big money-saver.

4. Establish an ongoing budget

Of course, the expenses don’t end when you leave the hospital. Even the most conservative of estimates concede that each child is likely to cost an additional $8,000 to $10,000 per year, just for basic items like food, clothing, and medical care. If you don’t already have a solid day-to-day budget in place, those additional expenses can be hard to manage. If necessary, start cutting other budget items now, in order to make room for the baby’s needs.

5. Purchase life insurance

For childless couples, life insurance may not be purely necessary, unless one spouse is unable (or unwilling) to work in the event of the other's death. But once children are in the picture, obtaining life insurance becomes that much more important, in order to cover the child’s needs in case something happens to a parent. Needs will vary from family to family, but a standard industry recommendation is anywhere from 8 to 10 times your annual income in insurance coverage, typically in a 20-year term policy. Basic life insurance can be surprisingly affordable (especially for young and healthy parents), and there’s high value to be placed on peace of mind.

6. Draft estate planning documents

On a related note, children make it even more important to have estate planning documents in place. Wills, advance medical directives, and power of attorney documents are among the standard recommendations, and in many cases, a trust of some sort can also be appropriate. Identifying an individual who can serve as a guardian for the child (if needed) is another important step in the process. Needs and approaches can vary from state to state, so finding a local attorney who can help is generally a good idea.

7. Consider day care options/expenses

If both parents are working, day care can be an expensive proposition during the years before full-time school begins. In some areas, options are limited and costs are high. Researching the potential options sooner rather than later is a good idea, especially if the local options have long wait lists.

8. Update beneficiaries

This one will usually need to wait until after the baby has arrived, but it’s always a good idea to double-check beneficiary designations on any retirement accounts and insurance policies, in order to make sure that they are in accordance with your wishes. It’s best to list both primary and contingent beneficiaries, in order to keep things as “buttoned up” as possible.

9. Consider college savings options

It’s difficult to imagine a newborn baby suddenly growing into a college student, but time can certainly fly. The sooner you begin to plan for education options, the better, from a variety of different perspectives. 529 plans have long been the preferred option for college savings, and the plans have become increasingly flexible in recent years, allowing for potential benefits even if your little one doesn’t end up attending college in the future. Not all parents wish to help with college tuition costs (and some simply don’t have the financial room), but it’s never too early to have the conversation.

10. Considering the intangibles

The shift to family life can often bring a reconsideration of priorities, as the parents’ lives change to best meet the needs of the children. Career changes may be desired (or required), as can moving to a larger house or relocating to a new area entirely (possibly one with better schools?). Thinking ahead to what your kids may need from you in 3, 5, or even 10 years can help you prioritize different financial needs, and understand what your financial future might look like.

Life as a parent can be a unique blend of gratifying, frustrating, and stressful, but with the proper planning, you can at least be sure that your bank accounts will not suffer unduly. A few hours of work today will pay huge dividends once the baby arrives.