Special Report: Million dollar baby

A year's worth of diapers... $1,000. College tuition... $50,000 to $250,000. Having a kid... priceless. Priceless yes, but not cost free.if you have kids or you're planning to, it could break the bank.

Melissa Reimers, Parent
"Well with five children it can be very expensive."

Melissa Reimers is mom to Molly, Jacob, Jordan, Jay and Lucy. She knows what it means to stretch a dollar.

Maria Bailey, Marketing Expert
"They wear a hand me down t-shirt rather than a $50 brand new polo shirt or something. you have to weigh it."

Marketing expert and mom of four Maria Bailey agrees. She says with the right planning, your little one doesn't have to be a million dollar baby.

Maria Bailey, Marketing Expert
"It is so hard when you look in that baby's face and not to spend on them, but if you can resist the urge, the savings in the long run, you can invest later."

That's why Maria says don't go overboard on baby gear. Instead of a decked out baby stroller...

Maria Bailey, Marketing Expert
"Pick one or two items that you definitely need to buy new, for instance the car seat and the crib mattress."

She also suggests joining baby clubs. They'll not only send you coupons, but free samples. plus you should buy generic and stock up on big items, like diapers. If possible, breast-feed -- a year's worth of formula can run you more then $2,000. You can also sign up for free money -- well sort of. Program's like U-Promise put a portion of your purchases towards your child's college fund.

You should search the internet before making large purchases. Sites like bizrate.com show the lowest prices out there. And then there are sites like mommysavers.com, it provides coupons, bargains, and other money saving ideas to over 30,000 subscribers.

Maria Bailey, Marketing Expert
"It's definitely a sharing of information. it's not just me putting tips and ideas. it's all these women that come together that support one another supporting one another and saving for the future."

Julie Auclair 7News.

Experts suggest you also network with moms who have children about six months older than your's -- that way they can hand me down clothes and old toys.