Last updated on February 8th, 2022 at 08:58 pm
Parents, wondering how to save money with twins? We have a few tips.
When you find out you’re pregnant, a million things go through your mind. From choosing a name, to decorating the nursery, it’s a time you’ll always remember.
As fun and exciting as this part of pregnancy is, there’s something else to consider: your finances. While learning savings tips for new moms is one thing, what if you find out you’re having twins? If you just found out you’re expecting twins and aren’t sure how to prepare financially, you’ll want to keep reading. In this guide, we’ll go over some of the best ways to prepare for two bundles of joy.
How to Save Money with Twins
Contrary to what you might think, everything you buy doesn’t need to be brand new. There are plenty of gently used items you can find at consignment shops that are just as good as full-priced items.
Since so many baby products are only needed for a short amount of time, paying full price just doesn’t make sense, especially with twins. You can also ask friends and family if they have any items you could borrow.
Buy in Bulk
Shopping for twins means doubling up on necessities. It also means you’ll pay double the price for most things. Sign up at your local warehouse club (like Costco or Sam’s Club), and buy all of those must-haves in bulk. Diapers and baby wipes alone can cost a small fortune when bought in small packages.
You should create a financial roadmap now, even if you’re only a few months along. If you don’t already have one, you need to buy a life insurance policy. This will give you the peace of mind you need, and ensure your babies have financial security in the future.
You’ll also want to create a budget that includes all of the new expenses you’ll have once your twins are born. This should include health insurance and saving for their college funds.
Even though it feels like a lifetime away, sending your twins to college takes advanced planning. So, in addition to opening a savings account now, you will also need to consider what you’ll do if that doesn’t cover everything.
This is where your life insurance plan can help. Aside from selling it back to the insurer, you can sell to a third party, and get a life settlement. Depending on the value, and how long you pay into it, you can receive a percentage of the policy’s value. Even though this might not seem relevant now, you also need to think about your future financial needs. Life can change in a blink of an eye, so having the extra security to live well is important.
Prepare Your Baby Food
Those store-bought jars of organic baby food are super cute; however, they can also be expensive, especially when buying for two. Use this time to experiment with making your own baby food at home. There are plenty of free resources online that teach the best ways to store fresh fruits and vegetables without all the added preservatives.
These are just a few of the many ways you can live a little more frugally while planning for the future. Do you have any other ideas about how to save money with twins? Leave a comment below.