Budgeting for Twins: What Parents Should Consider
Expecting a baby? For many expectant parents this is one of the most beautiful stages in their lives. There is so much excitement and hope in their hearts. Of course, they want to give the best to their child and nothing less. But, what happens when the child turns out to be children? Preparing for twins financially can take a lot of dedication and resources from parents, and not just first time parents, but all kinds of parents who need to budget for two children born at the same time.
Finding out you are expecting twins is exciting but, it may also be a cause for panic! Especially when you have prepared emotionally, psychologically, and financially for just one child at the beginning of the pregnancy. So, what are the financial considerations that would-be parents of should take note of? Right off the bat, you’ll need to be a bit more savvy about budgeting and preparing for twins versus a singleton. Nearly everything will be doubled, from medical expenses to clothing and diapers.
Although it must be admitted that having twins will require more than what you have ordinarily prepared for, there are simple things that parents can do to when it comes to saving money and budgeting for twins. Here’s a helpful list to get you pointed in the right direction.
- Research the different discounts and coupons available for multiple birth children. These can range from discounts on gear and baby food to free diapers and formula.
- Ask those family members and friends who want to bestow gifts to purchase the things you will really need. Think about creating a baby registry.
- Check with friends and relatives who already have children to see if they might have equipment and/or furniture you can borrow, buy or simply take off their hands. Many parents will be happy to part with that clunky infant car seat that’s no longer being used. And, if not, they likely know someone who does. This goes for baby clothing as well.
- Don’t be shy of browsing around your local second hand shop. You can find a lot of great bargains on infant and baby clothing this way and many of the items for this age group are hardly worn. Your twins will grow so fast that keeping up with appropriate clothing for both of them can become very costly, very fast.
- Try to spread expenses out and only purchase the equipment you will use right away. For example, your twins may be able to share a crib during the early months. And, there will be no need for two highchairs while you’re dealing with infants.
By implementing some of these down-to-earth solutions to preparing for twins, you’ll hopefully find yourself a little less stressed about finances and better able to enjoy your new little duo.
Photo courtesy of Twin Pregnancy and Beyond