Babies smells like fresh air, lavender and ivory soap; their smooth skin feels, texturally, like lotioned tissue paper; and their cries sound like softly mewing kittens.

And while it may be easy to romanticize that aspect of parenting a new bebé, it's also important to think about the financial costs of welcoming newborns.

Financial readiness is paramount, and soon-to-be and new parents must be prepared for the sleepless nights, round-the-clock feedings and the stress that comes with caring for a newborn, particularly finances. Healthcare costs for normal and complicated births can range between $32,000 up to more than $50,000. That's pricey, and that's before the child even leaves the hospital.

Solid financial planning dictates soon-to-be parents should start early and stick to a budget, which will act as a guide and reference point to help parents manage money and make adjustments to their finances as needed. It's important to cut out frivolous expenses, such as luxury purchases and meals outside the home. It's also important to register for baby gifts, and set up future savings for the new bebé, with the assistance of close family and friends.

Celia Moncholi, TD Bank's Head of Retail Sales Strategy and Effectiveness, shared some insights with Latin Post from the 2014 TD Financial Education Survey, "which showed that more than half of Latino millennials consider their parents to be the main influencers of financial views, which proves the importance of setting a solid financial foundation to pass down to your child. These tips offer a smart starting off point and a practical guide to savings for parents."

Excessive debt should also be tidied prior to taking on the joy of parenthood. So setting up payment plans and paying off debt prior to a child's arrival will alleviate financial issues, and help parents to properly celebrate their child and the precious early moments, instead of sweating about obligations. Also, place the extra funds from the good financial months into a savings account for the baby's education or any possible hiccup that may occur in the child's future. It's never too soon to start saving.

"According to a 2014 Gallup study, Latinos have the highest daily spending rate in the country," said Moncholi. "It's also been widely reported that Latinos tend to use mobile applications in greater numbers than the general population, which can benefit them as it relates to budgets and spending. Many financial institutions, including TD Bank, offer applications that can help track spending, monitor bank accounts, and provide real time updates on transactions."

Let's not forget the power of second-hand items and hand-me-downs. Look to friends and families for necessary items. And browse consignment shops, vintage stores and thrift shops for greatly reduced furniture, toys and clothing. This will result in tremendous savings in the long run, particularly because newborns grow at a rapid pace, outgrowing most of their clothes within weeks. And Latinos know the value of second-hand items, and they learn that, and many other financial habits, from their family.

Also, comparison shopping should be worked into the routine; RedLaser, ShipSavvy and similar apps can help parents to find the lowest prices possible.

Transformable items, such as convertible cribs, are also a great way to squeeze the most out of a product. Cribs can be turned into toddler beds, as well as strollers, that can stay with a child from their time as a newborn to toddler age. Those items can grow with one child and any additional children in the future.

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