Having twins can potentially financially burden families. As more and more multiples are being born thanks to both genetic prevalence and IVF, more parents are facing the reality of buying two of everything. However, if you’re a savvy spender, you might save yourself a lot of money over the course of your twins’ childhoods – as most parents are wasting money in at least these five ways.
1. Buying New
One of the first mistakes that first-time parents make is buying everything new. When it comes to clothing, buying second-hand can be a real boon. Make sure to wash it very thoroughly on a hot cycle when you first bring it home, and your twins will be good to go in their new outfits. You can save a lot of money using this method instead of buying new baby clothes as they’ll only be wearing them for a few months. It just makes better financial sense not to splurge on new clothes.
2. Buying Double
As a parent of twins, your instinct is probably to buy two of everything. How cute – they’ll both match! Realistically though, you don’t need two of almost anything. They can share a wardrobe even if they are boy/girl twins so long as they are roughly the same size, and if one is smaller then they can simply take hand-me-downs from the larger sibling. They can share their toys, share their clothes, share just about everything. That will cut your spending almost in half. Of course, this only works when they’re very young. Kids will develop personal fashion preferences when they grow older.
3. Not Buying in Bulk
With multiples, you need a lot more supplies than you do with a single child. Diapers, baby wipes, baby food, formula, and so on – they all need topping up regularly if you buy them in normal quantities. Which is silly, really, because you could save yourself both time and money by buying in bulk. Look for deals at your local store, or seek out a wholesaler where you can buy as much as you like in one go. You’ll cut down on supply runs as well as being able to save money with each purchase.
4. Not Buying Extenders
There are some really neat extenders you can get for baby clothes which clip on to the crotch area of any suit which has poppers. This is a super efficient way for parents to stretch their money which is really important when you are buying for two. You can get a pack of them for a really low price, especially compared to the cost of buying more clothes. Even if they only extend the life of your baby clothing by a few months, over time that will result in a lot of savings against what you could have been spending on new clothes.
5. Not Buying Through Programs
There are lots of clubs and discount programs out there for parents with multiple children – check out Multiple Illuminated’s freebies page with all the useful links. There are nationwide clubs set up by parents which are sponsored by corporations who provide discounts and coupons to all members.
There are lots of ways to spend too much money when you have twins, especially as first-time parents. With these tips, you can cut your bills down hugely – leaving lots more change to put into their college funds!
This article is a contribution from a guest blogger. If you’re interested in writing for Multiples Illuminated, please go to our Submissions page for more information.
Alana Downer is an avid blogger and a huge fan of saving and investing. Currently, she is supporting Brighter Finance where she often shares her money tips and suggestions, with both businesses and individual people alike.