Twins are a double blessing — twice the smiles, twice the giggles, twice the “firsts.” As you plan for your bundles of joy, you’re probably spending a lot of time thinking about cribs, clothes, and diapers. You may also have realized that you’ll need to budget, because twice the baby means (almost) twice the expense. From car seats to childcare and trips to the doctor, having twins means you’ll pay twice for just about everything.
Good news! There are many ways to cut down on baby-related expenses, even if you’re having multiples.
1. Shop the Circular Economy
There are so many reasons to buy used instead of new. A lot of used baby gear has plenty of life left after the child outgrows it. Cribs, bassinets, strollers, room décor, toys, highchairs — the list goes on. You can find costly brands at significantly reduced prices, plus resell the items if you take good care of them.
Explore secondhand online marketplaces for good deals. Garage and estate sales — especially when part of a neighborhood event — can produce great finds. Keep your options open to save the most. However, use caution when considering used goods such as car seats, since a used seat can be unsafe.
2. Consider In-Home Care
Wondering how to afford daycare for twins? For one child, out-of-home care is often much more affordable than in-home care, like hiring a nanny. But when you have multiples, exploring in-home care becomes financially more attractive — especially if you’ll have more kids after your twins are born.
Consider that with a nanny, you won’t need to take a day off work if one of your kids gets sick. You’ll have more flexibility with your schedule, since you won’t have to arrive late or leave early. You’ll know that there is an adult providing care focused exclusively on your kids. Plus, you’ll have support with many tasks such as bottle washing, laundry, bathing, and more.
3. Look for Free or Low-Cost Activities
Once your babies arrive, look for activities that will get you all out of the house for less. Libraries and your pediatrician’s office are tremendous resources. They often advertise free programs for babies and caregivers, and you may even find play and support groups designed only for twins.
Children’s museums, aquariums, zoos, and public playgrounds are additional places you can connect with other caregivers of kids your twins’ age.
4. Shop Smarter
Chances are, a friend or family member will offer to throw you a baby shower, especially if this is your first pregnancy. Register for anything you can’t find secondhand. If you don’t get everything you need, ask the retailer where you registered for coupons on the remaining items. Save your receipts, since you may find that something you thought would be critical to parenting isn’t even necessary. Return anything unused and save the store credit for something you really need.
Also, don’t forget to ask your physician, hospital, and favorite retailers if they have any deals for parents of twins.
If you have a rewards credit card, use it for frequently reoccurring expenses. Automating payments such as a diaper delivery club, or a utility or phone bill, helps you earn rewards. Just make sure to pay your statement balance in full and on time every month, because interest charges and late fees will detract from the value of the rewards you’ll earn.
5. Start Saving Now
It’s never too soon to start saving for college and other big expenses. College may be 18 years away from the day your twins are born, but higher education isn’t getting cheaper. Neither are other expenses, such as travel sports club fees, piano lessons, and tutoring. Start saving now by transferring money automatically into savings on paydays.
Keep Your Eyes Open for More Ways to Save
You’ll likely find a few more ways to save as your twins grow. You might find that you can save money on groceries by making your own baby food, or discover that cooking for two babies is just as easy as cooking for one.
We’re here to help you save and budget for your new arrivals. For more information on how to get your twins started out on the right foot financially, learn about the youth account options available at PSECU.