Elation, shock, or instant worry could have been the emotions you felt the minute the doctor said, “I am detecting two heartbeats.
When reality is set in, your first thought was probably, “What is the cost of raising twins?” The USDA estimated that in 2012 an average income household could spend almost $300,000 raising twins from birth to the age of 17, and this does not include the cost of higher education.
Let’s really begin at the beginning, prenatal care. If you are pregnant with twins, you will be visiting the doctor more frequently and may require a specialist. You will have more frequent ultrasounds, so it’s important to understand what your insurance covers. Talk to your provider to get a better estimate of what your out-of-pocket expenses will be.
For a woman carrying twins, 37 weeks is considered a full-term pregnancy. The March of Dimes states that when you are pregnant with multiples, you and your babies are at higher risk of health complications, and you are six times more likely to have them prematurely. The more time the babies have to spend in the Neonatal Intensive Care Unit, or NICU, the higher the hospital bill.
Natural childbirth is less expensive that having a Cesarean Section. However, it is much more common to have twins by C-section. You may not have the option of natural childbirth if there are complications.
The hospital bill for the delivery of one child is expensive, and the price, undoubtedly, increases for two. CBS News reported that the cost of delivering twins was $105,000, nearly five times the cost of having a single birth. This includes the 27 weeks of prenatal care for you and medical expenses for the babies until they turn one.
There will be other upfront one-time costs such as cribs, strollers, and other gear that you need for the twins. There will also be ongoing costs like diapers and wipes. WebMD estimates that you will spend about $2,200 per month. It is okay to buy some of the items used if you can find them at a great discount.
Consider buying baby items built for two, for instance:
There are diaper services that not only deliver diapers to your door on a regular basis, but they also give you a discount for having a subscription. A 20% discount can mean a lot of savings at the end of a year. Plus, the service of having the diapers delivered is
truly convenient! Try this service from Amazon for diaper delivery.
Child care is very expensive, especially multiplied by two. Some families already have children before their twins, so child care can rapidly skyrocket.
The quotes on Twiniversity are from 2014, so the rates that are discussed are current. The mothers and fathers, from different states and backgrounds, discuss options such as hiring a nanny, daycare and electing to stay home. Take a few minutes to glean some knowledge from mothers who have discovered the true cost of twin care. It may help you to make a decision on what’s best for your family.
Forbes gives advice on how to save additional money for child care in their article Save On Child Care with These Six Tips. They provide information on how to take tax breaks, open flexible spending accounts, get company discounts, explore shared child care, search for non-profits that care for children, and if all else fails, how to bargain.
Sending two to college at the same time will undoubtedly be costly. You have a couple of options:
Public colleges are funded through state taxes which make
them more affordable than private colleges. They tend to have larger student
populations and a larger variety of degree options, but the class sizes larger.
Because it is much more expensive to transfer to out-of–state public colleges,
many students stay in-state.
Private colleges are mainly funded through tuition,
endowments, and donations making them more expensive for the students that
attend. The class sizes are smaller due to the reduced number of students, and
the students tend to come from diverse locations, or many other states and
If you send your children to community college for two years
for their basics, you may be able to save a significant amount of money because
classes are significantly less expensive. You will also save on living expenses
since your children can remain at home.
COLLEGEdata states that for the 2015-2016 school year private schools averaged $32,405; public in-state fees averaged $9,410, and public out-of-state averaged $23,893 per child. Community colleges cost approximately $3,347 per year. Remember, you must double these numbers.
To prepare for this financial burden, it is smart to start college funds from birth. A 529 College Savings
By using a 529 plan, you are not only saving for a later date, but you will also reap these benefits:
Another way to fund college is through scholarships. When the time is right, help your twins fill out scholarships specifically dedicated to twins.
Every university in the country does offer some small family-based grant of anywhere from $500-$2000 in tuition fee reductions if a family has more than one member attending a school at the same time. There are restrictions and conditions that must be met so be sure to contact the school’s financial aid office for more information.
Dr. Le-Bucklin, a pediatrician, and mother of twins, wrote this easy-to-read and well-researched book for parents and soon-to-be parents of multiples. She offers her perspective and practical advice to guide you through each phase of raising twins from pregnancy on. She educates you about the most helpful resources available and offers insight on what it’s like to be a parent of multiples, through her own stories, which will inspire you.
Determine what it will cost your family to have a raise twins using the following calculator:
Though your twins might be looking like little money mongers right now, there are many ways to plan and save so that you can continue to lead a financially comfortable and stable lifestyle. Keep these tips in mind:
By staying educated on what’s available to you and your double-sized family, you will find that there are ways to reduce the cost of raising twins. You can relax and once again feel like the lucky parents of twins.