With pregnancy comes joy, excitement, nerves—a whole range of emotions—and bills. What hopeful parents may not think about is how expensive the endeavor will be. With nine months of pregnancy come costly medications, new clothes, nursery prep and more. And then there’s labor itself: a price tag you can’t really plan for as everything can change in a flash.

When the difficult hours of labor end, you will finally hold your newborn for the first time. And you will love that child and provide for them, all of which comes at a financial cost. The first year of parenthood is expensive. All of that to say, having a child in the United States is a costly venture.

We’ll take a look at just exactly how costly it can be, breaking down the specifics of pregnancy, labor and delivery and early childhood. We’ll also examine what can be done about it. With birth rates falling, and the younger generations having fewer children, the system as is may be untenable.

Let’s dive into the true cost of pregnancy.