It's often said that a baby changes everything. This is especially true financially. When preparing for a new baby, prospective parents need to consider many different financial concerns and plan accordingly. Here are a few examples:

• Immediate expenses, especially for a first child, may include a car seat, stroller and nursery items, such as a crib, dresser and changing table. Parents may also need to factor in non-reimbursed medical expenses and unpaid maternity leave.

• Ongoing expenses, such as diapers, clothing, formula, food and daycare.

• Big-ticket items may include a family-friendly car, a larger home, home improvements and college tuition.

Where to begin?
"As soon as people start thinking about having a family, I encourage them to start planning and saving," says Vineeta Jindal, a financial center manager with Fifth Third Bank. She recommends customers come in for a "financial-needs assessment." "We use this tool for helping customers determine short- and long-term goals and then devise strategies for meeting those goals."

Jindal says a financial-needs assessment can take place any time. "Sometimes, we perform this assessment shortly after a couple gets married, when they open a joint banking account or make name changes or address changes on existing accounts. Other times, we do an assessment when people ask about buying a home. We're working to make customers more aware of this helpful service."

Different tools for different needs
Jindal says many couples who plan on having children take advantage of two popular products: the Goal Setter Savings Account and a home equity line of credit.

Goal Setter Savings Accounts help people save ahead of time for specific purchases. "We help customers set a specific goal and then determine how much money they need to save each month to reach that goal," Jindal explains. Money is automatically withdrawn from customers' savings or checking accounts and deposited into their Goal Setter Savings Account.

These accounts have no monthly service fee, no minimum balance and no penalty fee for early withdrawals. Goals may range from $500 to $50,000. Once customers reach their goal, Fifth Third rewards them by doubling their interest. Also, points earned on Fifth Third credit and debit cards may be converted to cash and deposited into these accounts, and Fifth Third will match 10 percent of that value.

Home equity lines of credit allow people to access the equity in their home when they need it. This is different from a home equity loan, in which the loan's full amount is provided up front - and interest is paid on the entire amount. Home equity lines of credit are also an effective safety net; people can tap into them if they face unforeseen expenses.

"With a home equity line of credit, people pay interest only on the amount of money in use. It works much like a credit card, except that interest may be tax deductible," Jindal explains. It's important to consult a tax advisor for details.

Advice tailored specifically for you
"I encourage new or prospective parents to come in and talk with us so we can help them with their specific concerns," Jindal continues. In the past, she has given new parents unbiased advice on whether it's financially better for them to buy or lease a car. She's also helped others decide whether it's financially worthwhile for both parents to continue working full-time while paying for two children to be in daycare.

For more information on preparing financially for a new baby, contact Fifth Third Bank at (866) 475-4201 or visit the Fifth Third website.

Loans are subject to credit review and approval.