Pregnant with two bundles of joy? Consider this number: $406,300. That’s how much the federal government estimates parents will spend raising two children born in 2010 until they turn 18—and that’s before the college bills pour in.
“It’s really been more of a cash-flow problem than anything else,” says New Jersey mom Karina Tahiliani, who has four-year-old twin daughters. “In the end, I don’t think we spend much more than other parents with two kids, we’ve just had to spend it all at once.”
Having twins doesn’t necessarily mean doubling what you planned to spend on one child, either. But it does mean paying for large-ticket items times two and doubling down on saving for college. Here are seven things you might want to anticipate—or plan for—when expecting double trouble, moneywise, that is.
1. Your Homecoming
Twins like to start the party early. In fact, about half are born before 38 weeks gestation, which means potential preemies, and a chance your babies could spend some time in a neonatal intensive care unit, or NICU. Twins are also more likely to be born by C-section, which means a longer hospital stay and possible complications for Mom. One set of premature twins can cost the health-care system approximately $130,000 from birth to discharge, according to Twins Magazine.
These costs don’t always translate to what parents ultimately pay, of course. That depends on what type of health insurance plan a family has. Parents may spend anywhere from $1,000 to more than $3,000 for one birth, depending on how complicated it is. How this adds up for two babies can vary depending on your insurance plan, according to WebMD.
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