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Budgeting for Twins: Tips to Save Money – WebMD

Budgeting for Twins: Tips to Save Money – WebMD

Your beautiful, little newborn twins might cost you a pretty penny. Here’s a financial and practical guide to bringing up twins on a budget

You have almost 10 months to prepare for your twins’ arrival. Just think of all the fun things you need to buy: a stroller, cute little outfits, and toys of all shapes and sizes — not to mention diapers and formula. In the excitement of their arrival, you may want to shower your twins with the newest and best of everything.

But before you spend a dime on baby expenses, stop and think about how you’ll budget. All those purchases will start to add up — fast. A little preparation now can help your budget grow to meet the needs of your growing family. Read on to find out how you can raise your little ones while keeping your wallet intact.

Do a little investigating — how much will you be spending on your babies each month?  While your costs may vary depending on where you live, you can use these numbers as a guide.

  • Day care costs can run about $1,200 a month, depending on your location. When you compare the annual cost of day care vs. the after-tax salary of one parent, two kids in day care can equal about $30,000 in annual salary. Some couples decide that it’s cheaper for one parent to work part time or stay at home full-time to care for the kids.
  • Check with your doctor to see how many visits you can anticipate, being sure to include visits when your children are sick. Multiply that by your insurance co-pay to find out what you can expect in medical expenses

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