Budgeting for Twins: Tips to Save Money

Your beautiful, little newborn twins might cost you a pretty penny. Here’s a financial and practical guide to bringing up twins on a budget.

From the WebMD Archives

You have almost 10 months to prepare for your twins' arrival. Just think of all the fun things you need to buy: a stroller, cute little outfits, and toys of all shapes and sizes -- not to mention diapers and formula. In the excitement of their arrival, you may want to shower your twins with the newest and best of everything.

But before you spend a dime on baby expenses, stop and think about how you'll budget. All those purchases will start to add up -- fast. A little preparation now can help your budget grow to meet the needs of your growing family. Read on to find out how you can raise your little ones while keeping your wallet intact.

Making Sense of Your Baby Dollars

Do a little investigating -- how much will you be spending on your babies each month? While your costs may vary depending on where you live, you can use these numbers as a guide.

  • Day care costs can run about $1,200 a month, depending on your location. When you compare the annual cost of day care vs. the after-tax salary of one parent, two kids in day care can equal about $30,000 in annual salary. Some couples decide that it's cheaper for one parent to work part time or stay at home full-time to care for the kids.
  • Check with your doctor to see how many visits you can anticipate, being sure to include visits when your children are sick. Multiply that by your insurance co-pay to find out what you can expect in medical expenses.
  • Consider how much you'll be spending on baby supplies each month. Diapers alone can cost you $1,500 to $2,000 in total by the time your twins are out of them.
  • Add up additional food costs, including any formula and baby food.

All told, baby expenses can run a family about $2,000 month. So spending wisely is the key to raising twins on a budget.

Oh Baby, What Savings!

Now that you know what your budget will be, it's time to see where you can save. With a little thrift and ingenuity, you can cut your costs, stay in budget, and still provide everything your new little ones will need. Here are some ideas.


Ask about samples and coupons. Many manufacturers give hospitals samples, coupons, and freebies for new parents. Before you come home, ask the nurses or hospital staff if they have any available.

Don't buy everything at once. Think about your immediate needs for your newborns, and purchase just what your babies will need in the first few months. For example, when your babies first come home, they can sleep in cradles or bassinets in your room. This means you can hold off on that crib purchase until they get a little bigger. You also won't need a high chair right away. Just be sure you have your car seats purchased and installed before you go to the hospital.

Buy diapers in bulk. Your cost per diaper is cheaper when you buy in bulk. And you'll go through them so quickly the first year, it will also save you time and gas money when you don't have to keep running to the store because you're out of diapers.

Breast is best for your budget. Nurse your babies if you are able. Not only is it healthy for you and your babies, it will save you money on the cost of formula.

Make your own baby food. Get a small food processor and make your own baby food from fresh fruits and veggies. It's a lot cheaper than most baby food found in the store. Just be sure to freeze any leftovers so they don't spoil.

Put your money where it matters. Spend your money on safety items like car seats and cribs. Manufacturers constantly update these items with the latest safety features, so it's best to buy new.

Clip out, click on coupons. Peruse your local paper and flyers for coupons on baby supplies. Sign up online for coupons from your favorite manufacturers. Also look at online social sites just for moms -- many offer special deals on baby purchases that can save you money.

Something borrowed. Ask friends and family with older children if they have anything they aren't using. Most will be more than happy to get rid of baby clothes and other gear. You can also borrow things like a changing table (you'll want to buy a new pad for it), a highchair or booster seat, baby slings or backpacks, and a dresser.


Check yard sales and secondhand stores. Often you can find clothes that have been barely used and look almost new. This can be a good way to find special event clothes that your child may only wear once.

Hold off buying shoes. Yes, those tiny sneakers are cuter than words, but your little ones really don't need shoes until they learn how to walk. Footies or socks work fine to keep their feet warm.

Buy store brand and generic. Your little ones won't know any different, and it can save you a lot of money on baby supplies and formula. Baby formula is regulated by the FDA, so you can be sure that the store-brand formula has the same quality as a brand name. However, not all formulas have the same mineral content, so you may want to ask your pediatrician for recommendations.

Take advantage of tax deductions. Twenty to 35% of child care expenses can be deducted depending on your income. Some states offer additional benefits, so check with your tax adviser.

Tax-free is free money. Some employers offer a dependent-care account, where you contribute an annual amount in pretax dollars to be used for qualifying dependent care expenses. Check with your employer to see if they offer such a program.

WebMD Feature Reviewed by Matthew Brennan, MD on October 02, 2012



Michael Farr, president, Farr, Miller & Washington; author, A Million is Not Enough.

Ellie Kay, author, Living Rich for Less, Palmdale, Calif.

ConsumerReports.com: "Baby & Toddler: Disposable Diapers."

HealthyChildren.org: "Choosing a Formula."

© 2014 WebMD, LLC. All rights reserved.


Get Pregnancy & Parenting Tips In Your Inbox

Doctor-approved information to keep you and your family healthy and happy.

By clicking Subscribe, I agree to the WebMD Terms & Conditions & Privacy Policy and understand that I may opt out of WebMD subscriptions at any time.