How did you financially prepare for twins? (help!)

Shelley-Bean · July 2010

Just wondering what everyone else is doing to financially prepare for the changes that comes with twins? Right now, DH and I both work full time and have no kids. We're able to live comfortably and put money into savings. After the twins are born, I'm cutting down to 30 hrs/wk (I'm the breadwinner) and DH will stay working full time.

Just to make this situation even better, 2 wks after we found out we were pregnant, our tenants (in our rental house in Ga) gave notice they were moving out. We are now carrying 2 mortgages, 2 sets of utility bills, plus all the repairs that apparently need to be done (I spent over $2k on having the hosue painted, counertops replaced, etc last month, and this month it's $400 to fix the air conditioner). I'm now 19 wks, the house is on the market and no one has looked at it because the housing market in Ga. is apparently pretty bad right now.

What have you done to prepare?

txdaisygal · July 2010

not too long after we found out we readjusted our budget to spend as if we were paying for childcare already. We already had some good savings, but this has allowed us to set aside some money for the time that I'll just be on 60% STD salary during my leave. When we rebudgeted we went ahead and tried to factor in baby expenses like doctor visits, diapers, etc.

gumiberg · July 2010

we were lucky breastfeeding has worked out for us - the largest expense the first year is formula.

we buy diapers at costco and it hasnt been as expensive as expected (although the price goes up as they get bigger, they are only in size 3).

we havent really done anything except we dont go out. but this isnt to save money, its just really hard to do with twins! dont get me wrong, we do activities, but we dont go to movies, or out to eat, or have cocktails anymore...so in that regards, we save $$. it actually dawned on me that i havent been out past 630 at night (their bedtime) since they've been born!

also, with the exception of our jogging stroller, i have bought everything used. join a moms-of-multiples club now because they have awesome huge garage sales (my club does them bi-annually) and my club also has classifieds and you can seriously buy everything you need that way.

Shelley-Bean · July 2010

Thanks!! We're planning on breastfeeding, my mother (bless her!) will watch the babies exclusively for free, and we're planning on using cloth diapers with disposable inserts (I think the inserts are pretty comparable to disposable diapers). I'm also a craigslist fiend - so far we've gotten the cribs and DSNG off craigslist for less than $300 for everything! It seems like formula, diapers and childcare are the most expensive parts.

I'm such a planner, and I just don't know how much everything will cost - and with the extra mortgage in the air - UGH!! I HATE not knowing!!! I need a crystal ball. Wink

macchiatto · July 2010

I've saved a lot of money by buying some gear and toys, and a lot of clothes, at my local MoM sale and occasionally consignment shops. (Also got some hand-me-down clothes from my sister who has 3 boys.) I've also saved a lot by following the blogs www.moneysavingmom.com and www.southernsavers.com. I only spend *maybe* $30/month on disposable diapers--mostly Pampers and Huggies with the occasional box of Up & Ups. They've helped me save a lot on groceries and general baby stuff, too.

AmberB711 · July 2010

The week we found out we were having twins 9 weeks we started putting and extra $150 a week in a seperate account. So that when they are born we will have all that money saved for diapers, formula, etc. We figured it will be a huge help to have it set aside.

erinri02 · July 2010

My intentions were to keep working after the boys were born but when they came early I had to quit my job.

It was very hard at first. We had to look at our budget and cut expenses any way we could.

The first to go was DH truck so we saved that car payment plus insurance. We got rid of cable and internet for a while, we stopped eating out, we started shopping smarter.

While I was still working though, we tried to take advantage of as many sells on clothing, diapers, wipes, etc. We used store brand formula to save money. I signed up on tons of baby websites for coupons.

Now that the boys are a little older and things have leveled out, it is much better.

The night I found out I was pregnant, both of my SIL's had dreams we were having twins so they taunted us. I was physically sick to my stomach at the thought because I thought there was no way I could care for two babies let alone afford them. My outlook changed once I found out I had two i there!

janjag · July 2010

before the kids dh and i used to save alot of money in addition to his 401k. since they were born we haven't saved any additional money. every month there is something else. it has been an expensive year! and i do take advantage of CL... we have purchased sooo many things used from CL or local MoMs. but we do go out on dates, and use babysitters.

i planned on SAH with kids, but with twins, plus the bad housing market, i settled on working PT. it is a huge cut in income, but works out great for us.

i could really work on weekly menu planning.

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