One of the first things I thought when we found out we were having twins was: “how am I going to pay for all of this?”

If you haven’t already, you will experience this same concern.

I wish I could tell you the exact amount you’ll spend on your twins. Unfortunately, every twin pregnancy, birth, and household is different. To help you plan without knowing your circumstances, this list will focus on areas where you’ll need to pay.

If you live in the United States, or other countries where you must pay your own medical expenses, the first several categories will apply:

Prenatal Care

A twin pregnancy will result in more trips to the doctor. You’ll have significantly more visits to the obstetrician. Perhaps you’ll be visiting a specialist in multiple birth pregnancies. You’ll get extra ultrasounds as the pregnancy progresses.

All of these doctor visits add up financially. Depending on how your health insurance is structured, you’ll likely have out of pocket expenses all along the way.

Delivery Costs

Baby deliveries aren’t cheap. When you combine two births at once, things get even more expensive. Add in twin delivery via c-section, which is more frequent with twin births, and the costs really start to climb. Expect at least $10,000 in delivery costs for a vaginal birth. Over $30,000 for a c-section.

Infant Care

The aforementioned prices are a minimum. Complications and baby care right after delivery will multiply your medical expenses. If your babies spend any amount of time in the NICU, expect heavy expenses. A family friend’s twins spent nearly two months in the NICU. Expenses from their stay topped half a million dollars.

Durable Goods

Larger one-time expenses for twins include those items that will help your twins for several months.

Budget for cribs, strollers, booster seats, bottles, breast pumps, swings, a rocking chair, nursery room furniture, etc.

Ongoing Expenses

Twins go through diapers at a rapid pace. Plan for diapers, wipes, diaper rash cream, baby shampoo/soap, clothing, laundry detergent, etc. Anything that is used every day will be used up more quickly.

Feeding

If you will be feeding your twins formula, try and get some free or discounted formula. Everything associated with feeding also needs to be purchased (bottles, cleaners, storage bags if you’ll be freezing/refrigerating milk, etc.).

Older Twin Expenses

As your twins get older, their expenses mature and start to mimic those of a singleton child, just multiplied by two.

In the long term, think about paying your twins allowance, saving for college, and paying for future weddings.

During the early months of twins, these future events and expenses aren’t a concern. You are too occupied with day-to-day survival.

Twins Aren’t Cheap … But They Are Worth It

If you summed up all the expenses you’ll have with your twins, it might be depressing. Just remember, we don’t have kids because they are cheap.

Having twins is an amazing experience and one that will bless your life for years to come. Plan and budget the best you can and then hold on for a wild adventure!

Picture by GoonSquadSarah

An expectant twin dad wrote and asked, “Can both parents keep working after twins?”

The short answer is yes, they can. If you both really want to, you can make it happen.

However, you both have to really want to work. If one or the other parent is at all a little undecided about this, you may consider the question, “Do you both need to work?”

The long answer hinges on several factors: lifestyle, child care, and work effectiveness.

Seriously consider these questions and discuss them with your spouse.

Lifestyle

• What do you want your family’s lifestyle to be like after the twins are born?
• Do you want a parent to be home with the babies?
• Do you both have to work to pay the bills? Or do you both work to maintain a certain lifestyle?
• What would you cut back on or sacrifice in your current lifestyle if you only had one income?

Child Care

• How do you feel about others caring for and raising your children?
• How much will child care cost you? Is the second spouse’s income mostly going toward that expense?
• Can one parent take off at least a year or so to care for the twins?

Work Effectiveness

Even if you have child care during the day, you will still have to take care of the twins at night. During the first year, this nighttime care alone will cause a significant amount of sleep deprivation and wear you down.

This will dramatically impact your effectiveness at work. When you are tired, you can’t think straight and will not be able to perform to the standard you did before twins.

Consider the demands of both of your jobs to see how accommodating they are to any potential reduced performance. Is it realistic to have two sleep-deprived parents working below acceptable levels? If that is too risky, let one parent work and help that individual get decent sleep so they can keep the job and perform as needed to support the family.

Balance

You have to figure out what is most important to you. Lifestyle? Money? Raising your twins yourselves? Work?

Often, just the thought of twins causes dollar signs to flash before your eyes. Everyone knows that one baby isn’t cheap; two seems exponentially more overwhelming. You both may feel that two incomes are needed just to provide for your new offspring. This may or may not be the case, depending on your priorities.

Twins require sacrifice of almost everything you currently take for granted, income included. However, the first year with twins is a blur and you can’t assume that life will be just like it was before the twins were born.

Consider your situation from all angles before you make a united decision. Unity is ultimately what will make whatever you decide work.

As you prepare for your twins and stock up on the necessary twin baby gear, you will be spending lots of money.

Make sure you don’t spend more than you need to. Even though you may maintain the minimalist mindset and refrain from buying two of everything, these steps will only take you so far.

You need to find discounts.

There are some baby gear items that you will have to buy a pair of for use by your twins.

These include car seats, cribs, high chairs, playpens, and baby carriers (like a BabyBjorn), among others.

For example, we bought our car seats for the twins from Babies R Us. They gave us a “twin discount” of 10% off since we bought two of the same thing.

Remember: it never hurts to ask. Larger stores like Babies R Us offer discounts, so just ask.

If you are shopping at a smaller, local business, you may even have better luck since you’re more likely to garner sympathy from the more attentive business owner or store employee.

Get into the mindset when buying baby gear for your twins: “how can I get a discount on this?”

To get started, here is a great list of freebies and discounts for twins.

The manufacturers of baby products are very effective in creating specific tools for your babies.

If you are to financially survive twins, you don’t need to buy a lot of these baby products.

Often times, you can get away with just buying one product and sharing it between your twins.

On a recent trip to the baby store, we saw a “tummy time mat” for sale. This product was colorfully decorated and had some built in activities.

When faced with the decision to purchase a very specialized baby product, ask yourself this question:

What would I do for my baby if I didn’t have this product?

In the tummy time example, you don’t need a specialized mat. Try a blanket on the floor. Problem solved.

Save the money. Think minimal. Trust me, you’ll need the money for diapers (something you can’t skimp on) and doctor visits.

Just because you are having twins doesn’t mean you need two of everything.

What are some items that you can get away with only having one of instead of two?

If you already have a child or two, or whether twins are your induction to parenthood, try to think about possible scenarios where your twins can take turns using one piece of baby gear. Here are a few examples to get the creative juices flowing.

For example, you only need:

One baby bath but two towels

One changing table but diaper supplies for two

One crib (shared in the beginning) but two as your babies get bigger

One playpen or play set where you can sit one baby on each side

One bedroom that the twins can share

One of any given toy until the twins are old enough to both want the same toy at the same time

One wardrobe of clothes particularly if you have identical twins that can share everything they wear

Be judicious with your purchases. You’ll need double of a lot of things (like diapers and doctor visits) with twins but there is no need to spend more money than is necessary. Your twins will share a lot as they grow up together, you might as well start them early.

In the United States, the government is willing to financially help you with your twins. This comes in the form of a child tax credit and deductions for your dependents.

If you already have other children, you probably know about these benefits. If not, each child you have reduces your tax obligation to the government for that tax year. In my opinion, now is the time to reap these rewards for your soon-to-be-born twins.

Well, my friend, by now it’s no news flash that two babies bring with them double the expenses. You need all the cash you can get.

If your twins are due this tax year, seriously consider adjusting your tax withholdings now so you can have the extra cash flow immediately.

Our girls were due in the month of August. As soon as January rolled around that year, I gave my employer a new W-4 form that included the fact that I’d have four children total for that tax year.

Once your employer changes your tax withholdings, you’ll be taking home more money. This is money that you’d get in the form of a tax return later had you not made the change. The bonus is that you get to use that money right now instead of giving it to Uncle Sam as an interest-free loan.

As you prepare for your twins’ arrival, you’ll need cash for everything from cribs to diapers.

Update your tax deductions now so you don’t say next year when you get your refund: “Oh, I really could have used this last year getting ready for the twins!”

[Please note that I am not an accountant and my advice should be taken with a grain of salt. It worked for us but your situation may be different. When in doubt, talk to your accountant or lawyer.]

It may come as no surprise that twins will typically cost you twice as much as a singleton baby.

Even though I know this (boy, do I know this!), I always feel a pinch of pain when I have to take both girls to the doctor and pay two insurance copays.

You’ll feel this financial pinch, too.

This may be because I’m used to paying a single copay when I go to the doctor or when I take one of my other children to the pediatrician.

But even with twins, a trip to the doctor appears on the surface to be the same as when you take a singleton. You make one appointment for two babies, particularly for well baby checkups. You have a single drive to the office. Everyone waits in the same room.

All these events psychologically set your expectations that this is a single visit to the doctor.

All, of course, until you have to pay twice.

I have asked (it seems like every time) if I get a two-for-one deal on the copay but the office staff never seems to find that funny.

So if double copays are the reality, you just need to be ready.

Well baby checkups follow a set pattern (every three months, then every six months, for example), so you can lay these out on the calendar and budget your money accordingly.

Build in a buffer of savings for the inevitable sicknesses that will come.

We’ve also used a Flex Spending account that my employer offers to help standardize our health expenses and get a tax break in the process.

Remember those double copays. Don’t be surprised or caught off guard, be ready by budgeting and saving for them.

And if you find a pediatrician who will give you a two-for-one on copays, I want their phone number.

When I first learned we were having twins, I was in shock. I stayed in that state of shock for at least several weeks.

This shock was fueled by fears and questions of how I would successfully care for my family.

One of my big concerns was how my new, bigger family would fit into our current home. I spent several days looking for a new house and running numbers through mortgage calculators online.

Did we end up buying a new home? No, and you shouldn’t either.

Why?

If you want to live a long, happy life, don’t make a pregnant woman, especially one pregnant with twins, move her family and house.

Your wife will get extremely large with twins. This means possible bed rest and definite exhaustion. Think for a minute about how she might handle packing up the house, moving to a new location, and getting settled into a new place.

Moving is stressful even without a pregnancy. So don’t do it.

The good news is that you can wait until the babies arrive and reassess the situation.

Amazingly, twins don’t initially take up too much more space than a singleton baby. In fact, you can even consolidate and sleep both twin babies in the same crib for a few months.

Until the twins start getting mobile, you can survive in your current home assuming you have space for one baby. Twins share a bath, changing table, rocking chair, and even a blanket for tummy time on the floor.

Take a deep breath. Stop searching for a new house. You’ll have plenty of new expenses anyway. Why add a bigger mortgage to the list?

If you aren’t familiar with Costco, then you are missing out. It is a large warehouse style retailer that sells food, household items, electronics, clothing, and a bunch more. If you don’t have a Costco in your town, perhaps you have a Sam’s Club or BJ’s Wholesale.

The bottom line is that you, as a father of twins, need a membership to Costco. Here’s why:

1. Diapers and Wipes

Your twin babies will go through lots of diapers and baby wipes. You may find yourself going through as many as 100 diapers per week in those initial days of newborns, and as the kids get older, that number will slow down to about 150/month. This means that you’ll be spending a lot of money on these items. We’ve found Costco’s store brand diapers to be superior to other store’s generic brands and that they even rival national name-brand quality. The bonus is that they come in a massive box, perfect for surviving twins’ diaper needs over extended periods of time.

2. Baby Formula

If you chose to bottlefeed instead of breastfeed your twins, you’ll need to find cheap formula. WebMD has a video interview with a doctor reminding us that essentially all formulas are the same, so it’s up to you to decide if you want to be brand loyal or not. Costco has a store brand which is really cheap but they also have Similac that our babies liked. Formula costs can be hefty (between $1500-3800/year) so you need to both find coupons (usually you can get these from the manufacturer) and a cheaper retail price (Costco fills this void).

3. Cheap Food

We’ll make our grocery list and go to Costco first. They don’t always have all the food we need, but if they do, it is generally cheaper than the grocery store. This includes gallons of milk that are usually a dollar or two cheaper than the grocery store.

Bonus: If you like to grill out or BBQ, Costco has the best-looking and best-tasting meat we’ve seen recently. My mouth waters just thinking about it.

4. Freezer Meals

Costco has rows of freezers full of ready-made meals as well as frozen fruits, vegetables, meats, and desserts. These quick-to-prepare foods will be how you survive the busy life that twins bring. Be ready: stock your freezer now. Watch your mail for in-store coupons at Costco, as they often include sale prices on these freezer meals.

5. Electronics Return Policy

OK, your twins probably don’t care about electronics, but you do. Especially once you realize you won’t get out of the house as much as pre-twins. You can buy televisions, computers, phones, and more from Costco at good prices and they come with an amazing return policy. You can return them anytime up to 90 days for a full refund. This is awesome and blows other store’s 15 return policies out of the water. So go buy that new TV or computer, try it out and if you don’t like it, no problem, take it back.

6. Free Samples

Let’s be honest, grocery shopping isn’t in the Top 10 of fun activities for a Dad. Costco will make it up to you: they have free food samples all over the place. This definitely helps make a trip there with the family in tow worth the effort.

7. Big Shopping Carts

Costco is the only place I’ve seen with huge shopping carts that have two seats for kids. Perfect for twins. You don’t have to worry about where to put the kids, as the cart solves that problem for you.

Get Your Membership

Yes, Costco has an annual fee for membership. It starts at $50. But listen, the savings you keep from their low costs and your volume twin-style purchases will pay for the membership and more.

If you are concerned about the price of the membership, convince family or friends to get it for you as a baby shower gift or for your birthday.

You can learn more about Costco at costco.com.