5 Simple Ways To Prepare Financially For A Baby

Hello and Happy Wednesday!

Finding out we are having twins was a big shock to me and Chris! We were both mentally prepared for one baby and had our finances in order. Having two babies obviously changes some things. And one of those things is finances. Two babies require two of most everything: two cribs, two car seats, double the diapers, double the child care, etc.

If you’ve been following me for awhile, you know how important budgeting and finances are to us. Chris and I have worked really hard over the last 2 years to put ourselves in a good place financially. As soon as we found out we were having twins, we started planning accordingly so we could be as prepared as possible financially.

These are the 5 steps we have taken so far:

1. SAVE SAVE SAVE: We started saving right when we found out I was pregnant in preparation for all of the expenses that come with a baby. When we found out we are actually having two babies, we really buckled down on our spending so we could save even more money. We knew there would be extra medical costs, in addition to the normal pregnancy and delivery expenses. Chris and I also agreed that I would take a full 3 months off of work and since it won’t all be paid leave, we had to plan accordingly for that. Not to mention, the general expenses that come with preparing for a baby or babies, such as buying a crib (or two in our case), changing table, stroller or double stroller, etc. The list could go on and on. By saving money, we are giving ourselves some flexibility for the known and unknown expenses that are coming.
2. Create An Updated Budget: If you’ve read my blog before or followed me for awhile, you know how important budgeting is to me and Chris. We budget every month and try our best to keep our spending within that budget. Obviously having two new babies will impact our budget, so I have created a “future” budget with our best guesstimates of future expenses. We included things such as daycare, diapers, wipes, possibly formula, less date nights, less eating out, etc. This has allowed us to plan for future expenses as best as we can and makes us feel less anxious about the big changes coming our way.
3. Buy Gently Used Baby Items: I regularly search Facebook Marketplace for gently used baby items I know we will need. I mentioned briefly in my second trimester update (you can read it HERE) that Chris and I bought a double stroller off Facebook Marketplace. I researched strollers for awhile and eventually narrowed it down to 2 strollers, then I went to Buy Buy Baby to see the strollers in person and wheel them around the store. Once I figured out which one I preferred, I searched social media and found a like-new stroller for $250 instead of $400. We also bought a twin pack n play for $60 instead of $140 and a Jumparoo for $20 instead of $100. These savings add up in a hurry!
4. Accept Hand-Me-Downs: Chris and I are very fortunate that so many people have offered us clothes and baby items and we happily accepted all of them! We literally do not have to buy our girls any clothes for at least the first six months of their lives because we received so many clothes. We also do not have to buy bouncers or sit-up seats because those have been given to us as well. We even have several bottles to get started with. We are so thankful our friends and neighbors gave us so many hand-me-downs. If anyone offers you baby items, I highly recommend accepting them.
5. Look for Sales/Deals: I was conveniently pregnant during the holidays so Chris and I used Black Friday/Cyber Monday to our advantage. We bought the girls’ cribs and cribs mattresses on sale during this time, as well as a few other items. I also discovered the Facebook page Thrifty Littles and I am obsessed! She posts deals on children’s items and we were able to get two LilleBaby carriers for the price of one. Woo hoo!

I’m not going to lie, the expenses still definitely add up. But I feel good knowing that we’ve saved money where we can and we have a solid financial plan for the future. We know that there is no way to be 100% prepared for a baby, let alone two babies, but we are doing our best to be as prepared financially as possible. The last thing we want to do is add extra stress to ourselves when we are bonding with our daughters and learning how to be parents.

If you are expecting a baby or multiple babies, I hope these tips help you too!

Are you a twin mom? How did you prepare financially?