08/20/2014 04:44 pm ET Updated Oct 20, 2014

10 Ways You Can Save to Have a Baby Without Going Broke

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Have you always thought about having a baby? If you're like most women, you may have dreamed about getting married and having kids; maybe you and your partner would buy a house in the country with a white picket fence. While this is a nice dream to have, children cost money. When you go to the hospital to have your baby, hospital administrators won't say, "Congratulations! It's a girl. It's a boy. Aren't you overjoyed? Here's $500,000, holler!" While it's a nice fantasy, it's not many couples' reality.

Keep in mind that there's a good chance you may not be able to have children and will seek medical treatment like IVF (in vitro fertilization). But this comes with a hefty price tag. Furthermore, you may need to have a surrogate carry your child. However, you'll have to cover costs, such as medical, insurance and more. On the high end, surrogacy may cost $100,000 or more. On the low end, it may cost $10,000-$20,000.

If you are or have considered having children, start saving now because you'll need to cover costs, such as:

• Formula
• Baby food
• Diapers
• Medical
• Clothing
• Daycare
• Toys

There are many financial factors to consider with regards to having children. Read on to discover 10 ways you can save to have a baby without going broke.

10 Ways You Can Save to Have a Baby Without Going Broke

Open a baby savings account: If you want to have kids, open a savings account specifically for children. Set an amount to be direct depositing into the account each month.

Save a portion of your 401(k) for having kids: Most employers' still offer 401(k) plans. If you're not contributing the maximum amount, which may be matched by your employer, consider revising the percentage that you are contributing.

Open a CD (certificates of deposit) account: You may consider opening a non-breakable CD. This way you won't be tempted to withdraw the funds early because you may be hit with a penalty fee.

Save all of the money you receive: Deposit money that you receive, such as tax refund, birthday, holiday, inheritance and other funds, into your baby savings account.

Create a budget: If you don't use a budget, how do you know how much you spend each month and bring home as a monthly income? Review your income and expenses. If you're not bringing in as much income as you thought, consider getting a second job or freelancing on the side.

Cut expenses: Review your monthly expenses and cut back. Get rid of items that you may not need such as cable, land line, meals and entertainment, subscriptions you don't read and other expenses. You may as well get used to this because once you have a baby; you may not feel like going out or will want to save for your child's college fund.

Start a crowdfund: While this seems out-of-the-box, your child may be a genius who can solve the world's greatest problems like deadly diseases, climate and more. Depending on the crowdfund you use, you may have to give donors perks, like a promise to name your baby after the highest donor.

Buy a piggy bank and deposit your change: Loose change adds up! Instead of having it weighs down your purse or man-bag, buy a piggy bank and empty your change at the end of each week.

Hold a fundraiser: Again, this may seem out-of-the-box, but you may consider holding a fundraiser. If your family expects you to give them grandchildren or is adamant that the family name live on, they may as well help you pay to have a baby.

Sell your stuff: Hold a garage sale or sell your stuff online. Remember the rule, when it doubt, toss it out. If it's been one year or more since you've worn clothing, sell them. If you haven't used the home gym in a while, sell it. You'll need to make room anyway for when your baby arrives!

The earlier you start thinking about having a baby the better. This way you can create a savings plan that will work for you, your partner and baby or for you and your baby (you may choose to be a single mom). While you don't need to have One Million Dollars (it would be nice), you want to have at least $10,000 or more saved. Think of it like an emergency fund. If something happens and you lose your job, you want to have at least two-years-worth of pay. It's the same with having a baby. The more you have saved, the more you'll have peace of mind that you can pay the bills and give your child everything he or she needs. Plus, you can later prepare your child for their financial future.

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