Raising Twins: 7 Financial Costs to Consider

Posted

cost of raising twinsPregnant 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.

One year alone could cost nearly $24,000. But before you break into a cold sweat, there are ways to prepare for the financial onslaught and cash in on the perks, too.

“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.

RELATED: The $12k Baby

  • nkdeck07

    DO NOT HAVE TWO BABIES SLEEP IN THE SAME CRIB. This is a known risk factor for SIDS and has been recomended against by the American Association of Pedeatrics.

  • suze

    I kept my twins in the same crib for the first ten months, when they began moving around too much and waking each other. Until then, it was perfectly fine and they liked being together. The pediatrician never suggested I separate them.

    • Ana

      Agreed! My twins were in the same crib up until they started waking each other. It was a strong bonding time for them. My son at even 3 months would wake and hear his sister crying and reach his hands over to console her! Amazing! Common sense should prevail as a parent. The crib was large enough for both.