How to Save Money with Twins
From the moment you see those two little blobs in the ultrasound machine, your mind probably started brainstorming how to save money with twins (among other things).
Before we had even left the ultrasound clinic, I was wondering if we could stay in our condo, if we’d need a new vehicle, and how many car seats, cribs, and baby gear we would need. I was excited, but nervous at the same time. How would we handle TWO??
Luckily, we’ve figured it out along the way. Not only did we get everything we needed (check out my ultimate guide here), but we also found ways to thrive. So to pass along the tips to the next round of twin moms, here are the ways we found on how to save money with twins.
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1. Consider a Nanny Over Daycare
Your first step on how to save money with twins is to look at one of your biggest costs: child care. You may think a nanny seems indulgent. When it comes to covering two or three kids, however, it may actually be the less expensive option. If you decide to return to work with two or more children, daycare costs can easily skyrocket.
While deciding whether to stay home or return to the workforce is a very personal decision, make sure you review the financial options of each option:
- Returning full time with daycare
- Returning full time with a nanny
- Returning part time, with either a nanny or daycare (don’t be afraid to ask about this option!)
- Staying home with children
You’ll find the option that works for you. Don’t be afraid to think outside of the box, and pitch something new. You never know when they’ll say yes!
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2. Adjust Your Schedule
How flexible is your job? Is there a way you could work 7-3, while your partner works 10-6? Doing so could cut down 10 hours of childcare per week.
Other flexible options include working 4 days x 10 hours, in order to get a day off each week, or even negotiating to return part time instead of full time. My main belief about this strategy is you don’t get what you don’t ask for. By not asking, the answer is 100% no. Do your research, create a proposal on how it benefits the company, and rock it!
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3. Become a Minimalist
In the era of Marie Kondo, many of us are on the quest to become more minimalistic in our lives. Never is this more applicable than with baby gear.
To help you figure out what you need and what you don’t, I’ve come up with the minimalist twin registry checklist, and the list of what not to double with twins.
The two main suggestions are:
- You don’t need everything the baby manufactures recommend
- You don’t need to double everything
When in doubt, consider adding something to your Amazon cart, and buy it after the babies arrive if you really wish you had it. Because the reality is that babies need much less than you would think. They need food, car seats, a safe place to sleep, and a few outfits – most other things are optional.
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4. Become Comfortable with Second Hand
Here’s the things: babies grow fast. They outgrow toys, books, clothing, and shoes faster than they can use them. I’ve even had some baby clothes that my twins never even tried on!
So getting something second hand, whether from Facebook buy & sell, a friend, a consignment sale, or Craigslist, you could be scoring a sweet deal. Also, considering selling your baby gear when you’re done with it. It may give you a little extra to spend on babies!
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5. Shop Around for Diapers, Wipes & Formula
The least I’ve paid for size 4 diapers? $0.22/diaper via Amazon.
The most I’ve paid for size 4 diapers? $4/diaper at the airport.
Youll be surprised the difference in cost between grocery stores, convenience stores, bulk stores, and online. Do your research, and be aware of the differences. You can even choose to subscribe to diaper delivery, as there’s very little chance you won’t go through them. Do your research, and find prices that work for you. The average person spends $3,500 on diapers in the twin’s first year alone. Wow!
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6. Make it Yourself
While time won’t be one of your luxuries, anything you make yourself will almost always cost less than buying it prepared. This can include anything from:
- Baby purées
- Meals for yourself
- Coffee (ta ta, Starbucks)
- Baby blankets, clothings, hats, etc.
- Nursery decor
- Birthday and Christmas cards & gifts
- Body and home products, like lotions/scrubs/soaps
The way to make this work for you is to only choose the things that appeal to you. If sewing blows your mind, but making your own sugar scrub excites you, go with it. Pick the things that bring you joy, and it won’t feel like a task. I’ve been really into Food Network lately, so making lunches and dinners has been really fun.
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7. Find Activities Under $5
I’m talking $5 per outing on average. If an annual pass to the science center is $60, but you go once a month, the cost of the membership averages out to $5 per visit, and could be totally worth it. Some options:
- Libraries (many have free activities, like story time, kid’s movies, lego parties, etc.)
- Community centers- ours had mom & baby yoga, baby sign language, play gym time, music & me, etc.
- Local parks
- Beaches
- Nature trails/hikes
- Picnics
- Free days at museums (many have a free day per week)
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8. Limit Trips to the Grocery Store
Next up on how to save money with twins is to look at your grocery shopping habits. Am I the only one to pop into the grocery store with one thing and walk out with a $100+ bill? No?
If you find yourself frequently tossing leftovers, you may find that fewer trips actually allow you to go through the food you’ve purchased first. Start with limiting your grocery trips to once a week, and see how that goes. Meal planning will not only help you save money, but it often leads to a healthier lifestyle, eating pre-planned nutritional choices instead of unhealthy snacks.
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9. Create a Budget
An important distinction: I didn’t say follow a budget. For those of you who are budget-haters, you won’t feel restricted with this step.
Simply take a look at your financial accounts, and jot down approximately what you’ve been spending per month. It may just open your eyes. If you discover you’re spending $300/month on eating out (when you thought it was just $100), you’ll be able to decide if you want to keep doing so or not. Knowledge is power, and will allow you to make the decisions you’re proud of.
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10. Bring In Extra Money
The last step in how to save money with twins is the opposite of saving – it’s earning. A friend of mine once told me “There are two options to increase wealth: decreasing costs, or increasing income. I choose increasing income every time.”
It’s a nice way to look at things. Again, you aren’t likely to have a ton of extra time, but if you feel a passion towards entrepreneurialism, there are ways to make it happen:
- Start a creative business (photography, art, blogging, soap making, quilting, baking, etc.). Check out my guide on how to start a blog and make money here.
- Become a freelancer (writing, design, marketing, finance, coaching, etc.)
- Start consulting. What have you learned about in your career? If your company needs it, another company likely does as well.
- Take on a second job that interests you a few hours a week
- Ask for a raise (again – you don’t get what you don’t ask for)
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Saving Money with Twins IS Possible
While certain expenses go up when you have twins, other ones naturally go down, like entertainment, nights out, vacations, and alcohol. It won’t always be the case, but most new parents do go through a nesting phase where they stick close to home. If you incorporate these tips on how to save money with twins, you can likely get to an okay place, financially.
If you’re really stressed, you can always go deeper on cost savings, such as grocery saving strategies (more plant-based meals, coupon clipping, loading up on loss-leaders), fewer paid activities, less eating out, etc. You could stick with a strict budget, downsize, sell or rent out items like your vehicle, or many other strategies. I chose to made this list easily doable, for even the most budget-averse among us, but there are always ways to go deeper.
The fact of the matter is, you will find a way to make it work. You are now a mom of twins – and there is nothing you can do, superhero.
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Read Next:
How to Survive Twins: The First Six Months
How To Encourage Individuality In Twins
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