20 Ways To Prepare Your Wallet for Twins
To prepare your wallet for twins can seem daunting at first, but with a little planning and preparation, it’s possible to estimate expenses and feel more confident about the road ahead. As someone who has gone through this process, I know firsthand how overwhelming it can be to think about all the costs associated with having two babies at once.
If you’re expecting twins, there are several steps you can take now to ensure that your wallet is ready for the adventure ahead. In this article, I’ll share some tips on preparing for twins financially and explain the various costs associated with having two bundles of joy. Check out Daycare Cost for Twins.
1. Estimate Expenses
One of the first things I recommend doing is creating a budget. This will help you get a clear picture of your current financial situation and identify areas where you may need to cut back or save money to make room for the extra expenses that come with twins. Start by listing out all of your monthly income sources and fixed expenses (rent/mortgage, utilities, car payments, etc.), then add in estimates for variable expenses like groceries and entertainment.
It is essential to review your health insurance coverage and understand what it covers regarding prenatal care, delivery expenses, and postnatal care. Check if your plan includes multiple births or if you need to purchase additional coverage. Secondly, food is another significant expense in preparing for twins. Parents should budget for any supplements recommended by their doctor during pregnancy and breastfeeding. Thirdly, diapers and formula will be necessary from day one and will continue until toddlerhood. Consider buying in bulk or using cloth diapers as a cost-saving measure.
According to the U.S. Department of Agriculture, raising a child from birth until the age of 18 can cost upwards of $233,610. And when it comes to having twins, that number doubles! As exciting as it may be to prepare for the arrival of two little ones, it’s crucial to estimate expenses in advance so you aren’t caught off guard. The minimum yearly expense per child is $12,980.
Do not be concerned.
That does not necessarily imply that your budget will consume more than $26,000 yearly for two kids. Instead, let’s go through some of the expenses. To begin with, examine your existing earnings and create a budget. Find out what is going into your wallet and what is coming out of it. And then make sure you know your budget before proceeding.
2. Start Saving
One crucial step in getting financially ready for twins is to start saving early. Having two babies means that you’ll need more diapers, clothes, and food than if you were having just one baby. To prepare adequately, it’s essential to create a budget plan that takes into account all these extra expenses and start putting money away as early as possible.
One way to save for twins is by setting up automatic transfers into a savings account each month. This could be a separate account specifically for twin-related expenses or added to an existing emergency fund. Another option is to create a budget that factors in anticipated costs and adjust spending habits accordingly. Cutting back on unnecessary expenses such as dining out or subscription services can help free up funds for twin necessities.
3. Cut Back on Extras
The first step is to create a budget if you don’t already have one. This will help you see where your money is going each month and identify areas where you can cut back. Next, take a look at your monthly expenses and ask yourself which ones are essential and which ones can be eliminated or reduced. For example, consider canceling any subscription services or memberships that you don’t use regularly.
Another way to cut back on extras is by reducing your dining-out expenses. Eating out frequently can quickly add up and put a strain on your budget. When you grocery shop, don’t automatically select the most expensive brands. Generic products are just as good as name brands, and in most cases even less expensive. There are plenty of products that have been around forever.
4. Purchase Previously Owned Baby Items
To ensure that you are financially prepared for your twin’s arrival, purchasing previously owned baby items can be a significant cost-saving measure. You may want to consider visiting consignment stores or checking online marketplaces such as Craigslist, Facebook Marketplace, or eBay for gently used baby gear. Many families sell their baby items after their children outgrow them, and these items are often in good condition and sold at a fraction of the original price. Additionally, joining community parenting groups on social media platforms can also help you find affordable deals on previously owned baby items.
5. Borrow Baby Gear from Family and friends
Borrowing baby gear can significantly reduce the financial burden of preparing for twins. It’s important to make a list of all the items needed and reach out to loved ones who may have these items available for loan. This includes big-ticket items such as cribs, strollers, high chairs, car seats, and playpens. Before accepting any items offered for loan, it’s essential to ensure they meet safety standards and are in good working condition.
6. Evaluate Insurance Coverage
One crucial step in preparing for twins financially is evaluating your insurance coverage. This includes both health insurance and life insurance policies. Take some time to review your existing coverage and ensure that it provides adequate protection for your growing family’s needs. Consider increasing your policy limits or adding additional coverage if necessary.
Another factor to keep in mind is that having multiples may increase medical expenses during pregnancy, delivery, and postpartum care. Check with your health insurance provider regarding coverage for prenatal care, ultrasounds, delivery, hospital stays, and any complications that may arise during or after childbirth.
Did you know that flexible spending accounts and a health savings account can be used to pay for deductibles, co-pays, medicine, first aid kits, and even sunscreen up to $2,850 and $7,300, respectively?
7. Finding Ways to Boost Income Before Babies Arrive
One way to boost your income is by taking on a side hustle or part-time job. Selling items you no longer need or use can also bring in some extra cash. Consider freelancing if you have a skill set that could benefit others and offer your services through online platforms such as Upwork or Fiverr. Additionally, consider selling items you no longer use or need through online marketplaces such as eBay or Facebook Marketplace. Another option is to rent out a spare room through Airbnb or similar sites.
It’s also important to evaluate your current monthly expenses and create a budget that allows for additional costs associated with having twins. This might involve cutting back on non-essential spending like dining out or entertainment expenses.
8. Start Using Coupons
One of the best ways to start planning is by using coupons. Coupons are an easy way to save money on everyday items like groceries and household essentials. By taking advantage of coupons, you can cut down your expenses and free up cash for other important things in your life.
To start using coupons effectively, begin by organizing them in a folder or binder so they’re easily accessible when you need them. Make sure to stay up-to-date with store promotions and sales so you can stack your discounts and maximize savings. Additionally, don’t be afraid to try different brands or stores if they offer better deals on the items you need most.
9. Join Wholesale Clubs
One of the most useful tips to save money while preparing for twins is to join wholesale clubs. Wholesale clubs offer bulk purchases at discounted prices, making it easier to stock up on essentials like diapers, formula, and baby wipes.
One of the biggest advantages of joining wholesale clubs is saving money on baby products in bulk. These stores usually offer discounts on large purchases, which can be particularly helpful when buying items that you know you will need frequently such as diapers or wipes. Additionally, some stores also have their brands which are typically less expensive than name-brand products but still meet high-quality standards.
10. Don’t Waste Money Buying Two of Everything
One of the most important things to keep in mind is not to waste money buying two of everything. While it may be tempting to purchase two cribs, two car seats, or double strollers – it’s simply not necessary.
Instead, consider purchasing items that can be shared between your twins. For example, a single highchair can accommodate both babies during mealtime or a playpen where they can safely play together. Another way to save money is by purchasing items second-hand or borrowing from friends and family members who have previously had twins.
Additionally, start building up an emergency fund as soon as possible. Twins often come with medical expenses and unexpected costs.
11. Government Benefit Programs
Fortunately, there are government benefit programs available to help ease the financial burden of raising two babies at once. One such program is the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC). WIC provides eligible families with nutrition education, healthy food options, and support during pregnancy and infancy. Families with twins can receive twice as much formula, cereal, and other nutritious foods through this program.
Another government benefit program that can assist families with twins is the Earned Income Tax Credit (EITC). This tax credit helps low to moderate-income families by reducing their tax liability or providing a refund if they have no taxes owed.
12. Look Into Discounts for Multiples When Shopping
One way to save money when shopping for multiples is by taking advantage of discounts specifically designed for parents of twins or more. Many stores offer discounted prices on baby items such as cribs, car seats, and strollers when you purchase two or more of the same item.
Another way to prepare financially is by creating a budget that takes into account all potential costs associated with having twins. This includes medical bills, daycare expenses, and other necessities like bottles and pacifiers. It’s important to be realistic about your budget and leave room for unexpected expenses that may arise along the way.
13. Plan to Breastfeed if Possible
One way to save money with twins is to plan to breastfeed if possible. Not only is breastfeeding healthier for your babies, but it’s also more affordable than formula feeding. Breastfeeding can help you save thousands of dollars in formula costs over the first year alone. Additionally, many hospitals offer lactation support services that can help new moms learn how to breastfeed their babies successfully.
According to The Washington Post, the U.S. surgeon general estimates that breastfeeding could be able to save families more than $1,200 and $1,500 during the first year of their child’s life. If a baby has twins, that figure can increase to twice that amount!
14. Plan To Make Your Baby Food
Making your baby food can be a cost-effective way of ensuring your little ones receive nutritious meals while saving you money in the long run. It also allows you to have better control over what goes into your food and eliminates concerns about preservatives or other additives that store-bought foods may contain. Additionally, preparing your baby food means that you can introduce a wider range of flavors and textures earlier on.
15. Stock Up When Items Are on Sale
One of the key strategies to consider is stocking up on essential items when they’re on sale. This can help you save money in the long run and ensure that you have everything you need when the babies arrive.
To get started, make a list of all the essentials you’ll need for your twins, including diapers, wipes, formula (if not breastfeeding), clothing, and baby gear like strollers and car seats. Then keep an eye out for sales at local stores or online retailers that offer discounts on these items. You may want to sign up for store loyalty programs or email newsletters to stay informed about upcoming sales. Another thing you do is to buy certain items in bulk.
16. Ask Your Employer About Short-Term Disability
One thing you can do is ask your employer about short-term disability. Many employers offer some form of disability insurance, which can provide you with a portion of your income while you’re unable to work due to medical reasons.
Short-term disability insurance typically covers pregnancy and childbirth, so it could be a valuable resource for parents expecting twins. Be sure to check with your HR department about the specific policy details and any waiting periods before benefits kick in. Keep in mind that some policies may require you to use any accrued paid time off before receiving disability payments.
Another way to prepare financially for twins is by creating a budget and sticking to it. Consider all the additional expenses that come with having two babies at once, such as double the diapers, formula, clothing, and childcare costs.
17. Consider Cloth Diapers
Cloth diapers may seem like a daunting task at first, but they’re easier than you might think. They’re also much more affordable in the long run than disposable diapers. While the initial investment may be higher than buying a pack of disposable diapers, cloth diapers can last for years and even through multiple children’s use. Additionally, cloth diapering has come a long way over the years with modern designs that make them easy to use and clean.
Cutting back on disposable diapers is an easy way to save money. They don’t hold up as long as cloth diapers, though, which can cost from $1,241 to $1,825 for one child. And do not forget the diaper wipes! They cost an average of $0.02 apiece or $300 for 2 dozen, never mind whether they include some special material.
According to the purchase price per child, the cost of cloth diapers will vary between $758 and $1,240.
18. Cook Double Meal Portions & Freeze Half
One effective strategy is to cook double meal portions and freeze half. This not only saves time but also helps cut down on food waste and ensures that you always have healthy meals on hand for your little ones. You can plan by making a weekly menu, purchasing ingredients in bulk, and dedicating one day a week to meal prep.
Another way to save money is by buying secondhand baby gear such as cribs, strollers, and car seats. These items are often gently used and much cheaper than buying them brand new.
19. Start a College Fund Now
One important step in preparing for twins is to start a college fund as early as possible. Even if college seems like a far-off milestone, it’s never too early to start saving. With the rising costs of higher education, starting a college fund now can help you build up funds over time and give your children the financial support they need when it comes time for them to pursue their dreams.
20. Sell Items You No Longer Need/Want
A great way to boost your finances before the big day is by selling items you no longer need or want. This could include anything from clothing and furniture to electronics and toys.
By decluttering your home and selling unused items, you can generate extra cash that can be used towards buying essential baby gear like cribs, car seats, and strollers. It’s also a good opportunity to make space in your home for all the new baby items that will soon arrive. Consider holding a yard sale or listing items on online marketplaces like Facebook Marketplace or Craigslist.
Another benefit of selling unwanted items is that it can help you adopt a more minimalist lifestyle which may come in handy when managing the practicalities of raising twins.
Conclusion – Prepare Your Wallet for Twins
Preparing for twins financially is no small feat and can come with a great deal of stress. However, with proper planning, budgeting, and prioritizing, you can be sure that you are well-prepared to welcome your little ones into the world. Create a financial plan that takes into consideration your current situation and future goals, and make sure to take advantage of all available resources. Remember, having healthy finances will help you provide for your growing family in the long run. Read Can Twins Share a Bottle? and Are Wax Warmers Safe To Use Around Babies?
