Little bundles of joy come with great big sticker prices.
"It costs more than $300 thousand to raise a child up until age 18, so that doesn't even include college," says David Sparrow, Senior Editor at Parents Magazine.
It's no wonder money concerns are part of what's keeping parents up at night. Parents Magazine teamed with the National Endowment for Financial Education to look specifically at millennial with kids.
"51 percent of the survey respondents said they would trade a year off their life for better financial security. That's a pretty significant concession," says NEFE spokesperson Paul Golden.
While parents listed a number of money worries, topping the list was not saving enough.
"You need to have the emergency savings but people also want to be saving for their retirement, they also want to be saving for their kids' college," Golden says.
The key here is to prioritize. Having an emergency fund will ease your mind and the impact on your bank account should something unexpected occur.
"Your boiler is going to break, you're going to need a new transmission for your car and you have to have money set aside that you can pay for those kinds of unexpected expenses," Sparrow says.
As for long-term savings, Golden says retirement needs to come first.
"There's not a loan that's going to help us through retirement," he says. "You've got to take care of yourself and your savings before you worry about your kids' education."
Also when it comes to savings, automate as much as possible. Do not rely on yourself to write a check or make a transfer
"That's a lot harder to do than to have 10 percent taken out of your paycheck toward retirement or toward your emergency fund," Sparrow says. "It's a lot of buckets that you are trying to fill but think it is a manageable process if you, sort of, keep it focused."