Money Problems You Must Confront When You Have Twins

Before getting started on this post, let’s make one thing clear – while having twins is tough, challenging, and wholly exhausting, it’s also an awesome experience. There will be fights, arguments, and many other issues to deal with, but at the end of the day watching your twins grow up together is a joyous period.

There is one big concern, however – having twins is expensive! Clearly, things are even tougher for those parents who have triplets, quadruplets, or even more – how they get by is a complete mystery. But today here’s some advice from a dad with twins who knows exactly what problems you might find when you discover you are pregnant with two little bundles of joy.

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The birth

There is far more chance of twins being delivered by C-section, which clearly means you might have to spend more time in the hospital, and of course, there could be the potential for more complications. Those medical bills are likely to rise considerably if you don’t have the right health insurance – but you can expect to pay a minimum of between £1-3,000 – possibly per child.

The basics

Two car seats, two cribs, maybe, eventually, two bedrooms. Two sets of all clothes, two high chairs, and double the amount of bottles, baby cutlery, and a whole lot more besides. And by the time your kids start weaning, it will be double the food costs, too.

The day care

If you find a daycare center that offers discounts for twins, you are very very lucky. The most I have heard is a ten percent discount – but only for one of the twins. That makes the choice of both parents going back to work an incredibly tough one, and you will find that, in effect, you might only be working for an entire month for £20 or so.

The education

As you are probably aware, paying for your kid’s college education is expensive enough when you have one child. But if both your twins want to head to university at the same time, it can seem like an impossible feat to achieve. Make sure you open a 529 savings plan as quickly as possible, to ensure that if your kids want to learn, money isn’t something that will stop them.

The driving

As your twins get older, they will want to learn to drive – and again, it will be double the cost. And then you have to buy them a car, pay for double the insurance, and have twice the chance of one of them having an accident and being liable for repairing a car they hit. It’s easy to see one day where you might have to look into auto equity loans or even remortgaging the house to pay for all of this! Or maybe you can just charge them rent! However, as with education, you can plan well ahead for providing for your twins as they get older and start demanding independence.

The marriages

Twins often get married within a short period of time from each other – it’s one of those strange quirks. You could save a little cash, of course, but only in the unlikely event, they share the same ceremony. Again, make sure you are putting plenty of money aside in a savings account for this particular occasions so that it doesn’t hurt your finances too much!

I hope I haven’t put the fear of God into you about having twins – but these are the simple facts. Save, save, save – that’s about the best advice I can give you. Good luck!

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