Raising a child is a known expensive undertaking, with expenses for food, clothing, and other necessities. However, what if you have twins?
Do double the kids mean twice the price? Read on for important information and advice, which is sure to make major impacts on your decision making and wallet.
1. Estimate Expenses
The first thing to do is put together a rough idea of how much you will need to shell out for all the necessities. These are things like health insurance, food, diapers, formula, childcare, clothing, gear, toys, etc.
According to the U.S. Department of Agriculture, middle-income families who had children in 2015 would spend approximately $233,610 in the first 17 years of the child’s life. That means the average cost per year is about $12,980 for one child.
Don’t panic.
That doesn’t necessarily mean it will cost almost $26K per year for twins. Instead, let’s break down some of these expenses. First, take a look at your current income and create a budget. Make sure you know what’s going in your coffers and what’s coming out. And then make sure you…
2. Start Saving
Think strategically about every purchase. Do you need this? Can you find it cheaper? Is there somewhere you can borrow it for free for a limited time? Think about wants vs. needs. Another way to help balloon your bank account is to…
3. Cut Back on Extras
This also connects to the wants vs. needs idea. Do you need to go out to eat at a restaurant? Do you need all those streaming services? Or that new purse? When you go grocery shopping, don’t automatically reach for the name brands. Generic items are commonly just as good and less expensive! And not everything has to be new. You can…
4. Purchase Previously Owned Baby Items
Babies don’t know whether an item is used or not. And they don’t care. So, as long as the product is still functional and of reasonable quality, why should you?
Instead of stepping into your high-end store or buying from their websites, first try yard sales, thrift shops, online from sites like eBay, Goodbye Gear, Threadup — even Facebook! Or instead of purchasing, you could even …
5. Borrow Baby Gear from Family & Friends
You’re not the only one who has ever had children. And the thing about children is that they grow. This means those in your inner circle will soon no longer have an immediate use for a variety of their baby gear.
Rather than letting these items collect dust, many would surely allow you to borrow things like strollers, carriers, and more to help you save some money. Start making a list of whom you could reach out to.
Another way to pull back on your spending is to…
6. Evaluate Insurance Coverage
This one will take a little homework, but if you’re serious about making every penny count, it’s worth it. One mom said she saves around $800 a year by having her children on a different insurance plan than she and her husband.
Separate plans may be the way to go for your family. Compare plans.
Fun fact: Did you know that flexible spending accounts and health savings accounts can be used to cover co-pays, medicine, first-aid kits, (even sunscreen) up to $2,850 and $7,300, respectively?
Cutting costs is, of course, vital. But you will also want to consider…
7. Finding Ways to Boost Income Before Babies Arrive
A side hustle is way to make help feed your bank account. Are you a strong writer? There are plenty of freelance writing opportunities out there. (Heck, we hire them!) Depending on your skills and interests, there are many opportunities for you (and your husband) to find extra work on the side.
Drive for Uber, tutor, walk dogs, babysit… the possibilities are nearly endless. And when you get done with those side gigs and want to do a little shopping, make sure you…
8. Start Using Coupons
In the past, many people literally clipped coupons out of their newspapers or other publications. Of course, nowadays, many can be found online. One example is Coupons.com. And don’t forget Groupon! Speaking of shopping, don’t forget to…
9. Join Wholesale Clubs
A wholesale club is a low-cost facility where people pay an annual membership fee to buy things often in bulk at dramatically reduced prices. It’s a definite win for the consumer.
Google places like BJs, Costco, and Sam’s Club. Find out what is closest to you and learn how much you can save. And while you’re out buying items for your twins, remember…
10. Don’t Waste Money Buying Two of Everything
Think strategically about what you will need two of at the same time for your twins. If you can get away with using one, then do so. Which items would the twins use simultaneously vs. taking turns? Another way to help you make various purchases is checking out…
11. Government Benefit Programs
That’s right, Uncle Sam can help you in your time of need. Learn about programs like WIC and SNAP, and the difference between the two. (Among others.) For example, SNAP provides a monthly dollar amount on a preloaded card to purchase food for you or your family.
That amount is based on your household income. Meanwhile, WIC provides education, breastfeeding support and referrals, and nutritious foods based on your situation.
In other words, benefits will differ for pregnant women, breastfeeding, postpartum, etc. There are other benefit programs, so make sure to do your homework.
And while these programs can help you during your shopping trips, make sure to…
12. Look Into Discounts for Multiples When Shopping
If you have twins, let store employees know when you’re shopping. Brands like Babies R’ Us, Pampers, and more will offer discounts for parents making purchases for twins or more.
Start dialing 1-800 numbers of brands you like and find out! And to save money on the amount of formula you need to buy…
13. Plan to Breastfeed if Possible
According to The Washington Post, the U.S. surgeon general estimates that breastfeeding could save families between $1,200 and $1,500 on formula in the first year of a baby’s life. And if you have twins, you could double that!
But for a variety of reasons, this isn’t possible or idea for all women. And that’s OK! Another way to save cash is to…
14. Plan To Make Your Own Baby Food
Why pay for all those expensive jars of baby food? You can take leftovers from dinner, for example, puree them, and make individual portions in ice cube trays. So plan ahead! And when you’re out shopping….
15. Stock Up When Items Are on Sale
Did you know sales aren’t random? They often happen in cycles! Check out that hyperlink for more details on how to plan ahead. Speaking of planning ahead…
16. Ask Your Employer About Short-Term Disability
Learn about what your employer offers regarding short-term disability as you look ahead of the birth of your twins. Being away from work in this regard can still bring in some money while cutting other costs, like gas, dry cleaning, and more. Speaking of things to clean, it may be worthwhile to…
17. Consider Cloth Diapers
Ditching disposable diapers is another way to save money. Those disposable ones can range in price from $1,241 to $1,825 for each baby until they potty train. And don’t forget the price of wipes! It boils down to $0.02 per wipe, and two wipes per change (if not more for those especially nasty ones), you are looking at a minimum of $300 for these alone, and more if go with the name brands! That’s $1,500 to $2,100, depending on the brand you go with.
The cost per child for cloth diapers? Between $758 and $1,240.
After you’ve washed your hands and are thinking about preparing dinner, remember to…
18. Cook Double Meal Portions & Freeze Half
Cooking double and freezing half will cut down on your cooking time and ensure you have homemade meals twice as often. But there are more benefits: It not only keeps you out of restaurants more often, but it also keeps you from needing to go grocery shopping as often…
While you’re cooking, you may be fretting about how you will ever send your twins to college. Well, we suggest you…
19. Start a College Fund Now
Instead of waiting for the later years to begin saving, where you’ll have to give up larger chunks of cash, start now. This way you can begin slowly and part with fewer dollars for each deposit into that college fund. And a great way to stir up extra money to put into that fund is…
20. Sell Items You No Longer Need/Want
Remember earlier, when we discussed using places like Ebay, Goodbye Gear, Facebook, etc. for purchases? You can also use many of these sites to sell what you don’t want or need anymore. That’s cash in your pocket! And now we reach our…
Conclusion
The information shared above can ease your stress and make finances more manageable. Be sure to click on those hyperlinks for additional details. We are sharing them because they have worked for others, and they can work for you!
Make sure to share this article with others who could use it! And good luck to you! Be sure to come back for more important advice you can begin using in your own life today!
Mom of three (including identical twin boys), wife, and owner of Parents Wonder. This is my place to share my journey as a mother and the helpful insights I learn along the way.