SAN ANTONIO — The U.S. Government estimates that the average cost of raising a child from birth to age 18 is about $233,610.

The biggest factors in the cost of raising children are:

29% - Housing

18% - Food

16% -Childcare

Financial advisor Karl Eggerss from Covenant recommends saving for having a child well in advance of having a family.

"There are a lot of apps and software out there that can help you with a budget," Eggerss said. "It's about controlling where those dollars are coming. It's about saving and about budgeting."

Tax credits have become more favorable with the recent tax plan. Eggerss says some people don't realize they are eligible for child tax credits.

"So make sure if you do your own taxes that you check that because you may be leaving some money on the table if you don't do that," Eggerss said.

Another piece of advice for having a child is to look into life insurance. No one wants to think about death, but it's particularly important when building a family. The person who earns the majority of the income for the family should be covered under a life insurance policy, in case something were to happen to that person.

But, Eggerss says to be careful to explore all your options when considering life insurance.

"A lot of folks have too much insurance because they are being sold insurance. Be very careful about where and how you get your insurance because it's pretty easy to figure out what you need and it's pretty competitive for insurance nowadays, which is great for our viewers," Eggerss said.

RELATED: Money Smart: Breaking free from living paycheck to paycheck

RELATED: Money Smart: Crash course on the Dow Jones

RELATED: Money Smart: Maximizing your Social Security benefits