Having twins can be exciting and terrifying all at once. There isn’t enough information to prepare you for what lies ahead. If being pregnant with twins isn’t your first pregnancy, then part of the stress is already alleviated. However, having twins the first time you’re pregnant can be very overwhelming.
There are many things you need to take into consideration while raising twins. The one thing that might be uppermost in your mind is your finances. There are a few things to keep in mind when it comes to raising twins on a budget.
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Home
Home-related expenses can include mortgage payments, rent, repairs and maintenance, furnishings, and monthly utilities. Raising kids could impact a few of these items mentioned.
Renovations
With extra two little humans around, you might find yourself in need of additional space. If you already have children, then this could mean that you might have to add an extra room. Renovations can be expensive and depending on how much savings you have put away. You may have to delay this for a few months or take out a loan.
If you’ve decided to renovate, an excellent idea would be to repair as much of the house as possible. Something that regularly gets neglected, for example, is your roof, say those at the Dominion Roofing Company.
Paint and varnish the house’s interior before the babies are born to avoid the nasty smells and fumes once they’re here.
Food and Necessities
If you’re not breastfeeding, your food bill will increase with the additional items needed, such as formula and, later, the baby food.
Diapers are one of the bigger expenses, especially for newborns. You could easily use up to 600 diapers in a month. Add the baby wipes and diaper cream to that, and your bill could be quite huge. You can save by buying in bulk or shopping around for a good price.
Child-related
This expense can include things such as babysitting, day-care, supplies for school, or education fees. Fortunately, you might save with some schools if you have more than one child at the same institution.
You may need a stroller for the twins when they become toddlers. Buying second-hand items is also an option. However, it would be best if you didn’t compromise on a good car seat as a used model may not be reliable.
Health Care
When it comes to healthcare, saving can be difficult, but it’s something worth trying. You could keep money aside for the things your healthcare provider might not cover.
With twins, they might fall ill with mild colds at the same time. Due to them sharing most spaces, they can easily infect each other. If you’re regularly getting over the counter meds, it would be wise to familiarise yourself with a generic option you can buy at a lower price.
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Household expenses are challenging on their own to manage. Having twins and the various unexpected expenses that crop up can add to the stress.
As mentioned above, where possible, shop around before taking the first available option. You can find bargains at second-hand stores which is also good option for reduce cost and raising twins on budget.
When it comes to interior and exterior work around the house, give special attention to general maintenance to avoid your babies getting ill. Try to save on medication by using generic brands.
