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It is not secret that babies are expensive. I have four kids and looking back I can’t believe all of the money I spent on them. Between diapers, clothes, crib, formula, and more, it really adds up. The worst part, is looking back and realizing all of the money that I spent on the nonessential items that they really didn’t need. Did you have this problem? We had all kinds of items to entertain our babies that they really didn’t even care about at all. It looks from this infographic, though, that I was not alone in this overspending.

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Imagine if we took the money that we would have spent on the nonessential items and put them towards our childs future?? Voya Financial believes it’s never too early — or too late — to save for the future. Here are 11 Tips for Saving money in every step of your life. These tips were provided to us by James Nichols, head of Retirement Income and Advice Strategy for Retirement at Voya Financial.

Early Career

1. Budget – This is a great time to start properly managing one’s finances, creating a budget and prioritizing debt.

2. Contingency Fund – Start thinking about contributing a small amount of each paycheck into a conservative investment saving account to pay for life’s inevitable spending needs.

3. Enroll in Company Saving Plan or Start and IRA – Join your employer-sponsored retirement plan, such as a 401(k), or set up your own IRA if your work doesn’t provide one.

Mid-Career

4. Comprehensive Plan – Set up a comprehensive budget and plan to track expenses, spending and saving. Voya has many online tools on its website, at Contributions – As earning power increases, consider contributing more of your paycheck into your 401(k) plan — aim for at least 10%, if possible.

5. Diversify and Allocate Assets – Understand the concept of risk tolerance and the benefits of a well-diversified portfolio. Generally, younger investors can be a bit more aggressive.

6. Purchase Life Insurance – If recently married or starting a family, this is the time to review life insurance needs for both partners in order to protect the family from unexpected events.

7. Children’s Education – If you have children, consider opening a 529 plan or funding savings for their future education costs.

Late Career

8. Retirement Income – Determine monthly retirement income needs and adjust your monthly saving to fill any savings gaps. Use online tools such as Voya’s myOrangeMoney.

9. Catch-Up Contributions – Maximize your employer savings—you can also make additional “catch-up” contributions into your 401(k) account once you turn 50.

10. Professional Financial Advice – This is recommended at any stage of life, but a trusted financial professional can help with more complicated planning, tax-saving and retirement income producing strategies.

11. Healthcare Costs and Social Security Benefits – According to Voya research, these are top concerns when it comes to retirement security. Factor these items into your plan and understand if any gaps need to be addressed.

If your child entered the world on October 19, 2015,Voya wants to help your bundle of joy get a head start on their financial future with a $500 mutual fund investment as part of the Voya Born To Save campaign! Make sure to register now through December 18, 2015. If not, watch the video to learn more about the program and you can save now for your baby’s retirement!