30.4.19

How to Manage Your Money When You Find Out You're Having Twins | Collaboration


Note: This is a collaborative post

Having a baby is expensive so hopefully, you’ve already started planning your finances. You need to
cover the cost of setting up their room, buying all of the clothes, toys, and nappies that you’ll need,
and deal with the financial impact of taking time out of work. But all of that planning goes out of the
window if you go for a scan and find out that you are in fact, having twins. Most parents have a mini
heart attack at this point because they’ve suddenly got to work out how to pay for two kids instead of
one. It might seem like you’re destined to borrow money and be in debt for years to come, but it
doesn’t have to be that way. Dealing with the financial impact of having twins is very tough, but it is
possible if you plan properly. If you’re feeling lost and you don’t know how you’re ever going to afford
having twins, here are some simple tips to help make things more manageable.






Start Saving Like Mad


You should already be saving some money up, but now that you know you’re having twins, you need
to double your efforts. You can find out whether you’re having twins as early as 10 weeks, so hopefully,
you’ve got a bit of time. Look over your budget and see if there are other areas where you could cut
back and add more to your savings each month. It does mean that you’ll have to be ruthless and get
rid of most of your luxuries, but building up a good amount of cash now will make things so much
easier when the babies arrive.


Only Buy The Essentials


Every parent wants to spoil their baby, it’s only natural, but now that you’re buying for two you need to
be careful. If you go out and spend all of your money on cute matching outfits and expensive toys,
you’ll struggle to cover the cost of all of the things that you actually need, like onesies and nappies.
That’s why it’s important that you stick to the baby essentials for now and don’t worry about spoiling
them too much. When the babies arrive, your friends and family will shower them with nice gifts
anyway, so you just need to focus on getting all of the essentials.


Find Cheap Deals


Even if you’re only buying the things that you actually need, it’s still going to cost you a lot of money,
so you need to find places to get cheap deals on baby stuff. There are some great sites like
Money Saving Mummy where you can get cheap deals on all sorts of stuff like maternity clothes,
baby clothes, and toys. You should also be on the lookout for discounts and voucher codes that you
can use for things like nappies. If you search them out, you can always find good deals that will make
the costs a lot more manageable.


Hand Me Downs


Babies grow so fast that it seems like money down the drain when you’re buying clothes. They’ll only
grow out of it in a month or two and you’ll be back in the shop spending the money all over again,
which is bad news for you. However, it does also mean that there are a lot of parents out there with
baby stuff that they don’t need anymore, so you should ask around friends and family to see
what they have left over. Most parents keep that stuff because they know somebody else will use it
in the future, so you’d be surprised just how much you can get for free. Before you start spending
loads of money, see what you can get from other parents first.


Buy In Bulk


Things are always cheaper when you buy in bulk so you should definitely look into it. Shops like
Costco give you big discounts on things like nappies if you buy them in bulk and with two babies,
you’re definitely going to get through them. The same goes for clothes as well, and you can even get
things that you need as well as things for the babies. If you go for the generic brands rather than the
name brands, you’ll save yourself even more money. You need to pay to become a member but it’s
definitely worth it for the savings that you’ll make.


Make Your Own Baby Food


You’re not going to be able to make all of your own baby food because you won’t have the time, but
you can make some of it and save yourself quite a lot of money. Once your babies start eating solids,
you can puree leftovers and freeze them for a quick meal. If you’re doing this every time you eat,
you can save yourself quite a lot of money. There are also some great r
ecipes for homemade baby food that you could try, it’s cheaper to make it yourself than it is to buy it a
lot of the time.

When you find out that you’re having twins, the natural reaction is to just panic. But it is still possible
to pay for everything if you follow these simple tips.

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