Budgeting for Two: Affording Twins

By Brenda Stokes

If you're pregnant with twins, you may be concerned about doubling expenses. Implement these practical tips on how to budget when you're expecting two babies at once.

It begins as prenatal exam just like any other. You're tested, poked, prodded, and given a clean bill of health. And then the surprise: You're having twins!

All of that planning for one bundle of joy has suddenly turned into preparing for two—yet you barely have a budget for one baby. How on earth can you possibly provide for twins? Take a deep breath and relax. You can budget for twins, and with the proper planning, you won't have to spend that much more than you would on a singleton.

Adjusting Your Budget—and Your Mindset

As expectant parents of multiples, you have to start thinking about your life in a different way, and it's imperative to get your finances in order. When Maria Esposito learned she was pregnant with twins, her whole view began to change. "You think twice about what your wants are as opposed to your actual needs," she says.

You and your partner will need to seriously examine your budget before your babies arrive. Look at ways you can pare down your spending habits now and eliminate unnecessary or frivolous expenses so the adjustment won't be so abrupt later on. Examples of ways to save include eating at home more often, buying a used van rather than a new one, using coupons and rebates, and planning how you will begin college funds for your little ones.

Rather than spending loads of money on fancy outings, learn to enjoy the simpler things in life. Go to the beach, the park, or take advantage of free local events, suggests Esposito. These are good habits to begin while you're still pregnant, and your family will benefit from these even as your little ones grow.

Money-Saving Tips

You may think that having twins automatically means doubling your budget, but if you think creatively, you can cut corners to pare down your expenses. You will most likely feel a pinch on your pocketbook for awhile, but using these money-saving tips can give you a bit more financial breathing room. And keep in mind that while you may not feel like you're saving a lot with some of these individual tips, the small things do add up—and if you're vigilant about cutting costs, you'll come out ahead in the long run.

Save from Day One: Begin saving before you even leave the hospital. Take your hospital stay as a means of collecting as much free stuff as possible. Stockpile on everything they give you for free and request more. Items you can sometimes get from the hospital for free include samples of lotions, powder, diaper cream, diapers, and more.

Buy Secondhand: This tip may be your biggest money-saver. Consignment shops, yard sales, and thrift shops are all great places to check for fantastic deals on baby items. You can easily find cute, just-like-new baby clothes at super low prices and used cribs and other furniture that is typically expensive (just be sure to check for any recalls on used products before you buy).
You can also ask friends with older babies if you can borrow a crib, highchair, stroller, etc. This way, you can still just buy one of each item, rather than spend double the money. And of course if you already have children, using their hand-me-downs can save you loads of cash.
Discounts for Doubles: Some pediatricians give parents of multiples a deal on the price of doctor visits. "My pediatrician did help us out with a special two-for-one year of unlimited doctor visits as long as we committed to one year of her service," says Esposito. Additionally, some daycare or childcare providers offer discounts for parents of twins. After finding quality childcare for your babies, ask for a break on cost. (And don't forget to ask your employer if your company offers reimbursement for childcare expenses.)

Deals on Diapers: Instead of using disposable diapers, which can cost several hundred dollars a week, consider cloth diapering. While the initial investment might seem pricey, you save big bucks later on. If it's all of the washing you're worried about, you can always hire a diaper service that washes them for you. The time you save might just be well worth the investment.
Buy in Bulk: Esposito also suggests buying items in bulk. This doesn't necessarily mean buying huge tubs of mustard and ketchup, but you can buy large quantities of diapers, diaper covers, wet wipes, and even food items at wholesale clubs.Budget Your Baby Food: Breastfeeding is great for your babies and it's free. If you opt to use formula, you can purchase used bottles and just buy new nipples. You can even make homemade baby food by mashing bananas and other soft foods yourself, rather than buying the expensive, pre-packaged food.

Find Freebies: Being a diligent researcher can pay off as a new parent of multiples. There are tons of free samples, baby items, and coupons available for parents all over the place, from magazines to formula and diaper companies, to the Internet (BabyZone offers several right here). Also check the grocery ads for coupons that can help you cut expenses.

Downplay the Nursery: Just because your neighbors went all out for their baby's nursery does not mean you have to do so as well. You can easily make a nursery look fantastic without breaking the bank. First off, cut out those items that are simply unnecessary such as wipe warmers, fancy comforters, fluffy pillows, or high-priced lamps; your little ones will be happy with a safe, clean room and a comfortable crib or two!

You can easily spruce up your babies' space with a fresh coat of paint. And, if you have artistic skills, you can always add nifty borders, murals, or stencils to the walls. Your babies are likely to get darling stuffed animals, blankets, books, and trinkets as gifts. Install some simple shelving (where your growing babies won't reach them) and use your little ones' treasures to liven up the nursery.

Share and Share Alike: Some things your twins will be able to share. For example, you can purchase one crib and crib divider. Voila—one crib now serves two! This works particularly well as multiples are usually smaller than individual children. While your babies may outgrow this divider option at some part, it can be a great way to save money at the expensive start of parenthood. The same goes for strollers. Purchasing one double stroller is relatively cheaper than buying two single strollers.

Keep It Simple: Your twins will enjoy banging on pots and pans just as much as the latest expensive toy. Look for classic, inexpensive toys to stimulate imaginations. Find creative ways to turn everyday items into toys: a few coins into an empty film container (taped tightly shut) make a fun musical shaker, and measuring cups and spoons are perfectly entertaining at bath time. Remember, buying the most expensive toys will not automatically turn your kids into baby geniuses.

Having twins is an entirely different experience than having a single baby, but with planning and sacrifice, you can raise happy, healthy babies that both get the most out of life growing up with you.