Budgeting for life with twins

Budgeting for life with twins

Finding out you are expecting twins, triplets or more is exciting, but it can also bring a wave of money worries. Our state of the nation research (LINK - there will be a page within campaigns where this is housed) shows that families with multiples can face more than a £20,000 financial hit in the first year compared with having two babies one after the other. On average there is a 15% drop in household income, which is around £12,500 in the first year, and many families also find themselves needing a bigger car and extra equipment.

None of this is about scaring you. It is about helping you feel prepared. When you have an idea of what is coming, you can plan ahead, make choices that suit your family and feel more in control. A simple, realistic budget can be one of your best tools as you welcome your babies home.

"We started buying nappies two at a time with each weekly shop before the babies were born and it really took the pressure off"

You will not be able to predict everything, but a bit of thought now can save a lot of stress when you are sleep deprived and busy with feeds later.

Big costs to factor into your family budget

Start with a clear picture of your household income and regular outgoings. With twins, triplets or more you are likely to notice higher utility bills, especially for heating, hot water and laundry. You might be at home more and there will be extra washing, sterilising and general wear and tear on your home.

Housing is another big area to think about. You might not need to move straight away and it often helps not to upsize too early, but it is worth having a rough plan. Ask yourself whether your current home will work once your children are on the move and needing more space. Thinking ahead means you can save towards a possible move rather than feeling pushed into it in a rush.

Transport can also change. Many families of multiples find that their current car simply does not fit the car seats, pram and shopping. The state of the nation research shows around seven in ten families with multiples end up buying a new car to accommodate everyone. This does not always have to happen immediately. You might be able to manage with your current car for a while. The key is to include a possible car change in your longer term plan instead of letting it catch you off guard.

Baby equipment can feel overwhelming. The good news is you do not need double or triple of everything. It can help to think in terms of what each baby needs for safety and daily care, then work out what can be shared.

You will certainly need a car seat for each baby and a safe sleeping space for each of them, in both your bedroom and any daytime sleep area. Always check current safe sleep guidance when you plan this. You will also need feeding and sterilising equipment such as a breast pump if you are expressing, bottles if you are mixed or formula feeding and suitable sterilising gear. A pushchair is usually one of the biggest single purchases, so give yourself time to research options, try some in person if you can and look at how they will fit your car, home and lifestyle.

Practical ways to save and find support

A simple way to spread the cost is to start buying a little at a time. Adding nappies, wipes or cotton wool to your weekly shop in the months before your babies arrive can build up a helpful stash without a huge one-off spend.

Friends and family often want to help but are not sure how. If you feel comfortable, you can suggest supermarket or baby shop vouchers rather than more baby clothes. This can give you flexibility to buy what you actually need once the babies are here.

Second hand can be a real lifeline. Local selling sites, community pages and twins or triplets groups are brilliant for things like clothes, slings, some nursery furniture and even prams, as long as you check safety guidance. Some families find baby banks invaluable for essentials, especially in the early months. If this might help you, it is completely okay to ask.

It is also worth checking what financial support (LINK to INF-68) you might be entitled to. Depending on your situation, this could include Universal Credit, Child Benefit, the Sure Start Maternity Grant for some lower income households and Healthy Start vouchers if you are eligible. Many parents do not realise they qualify, so it can be worth double checking rather than assuming you will not.

Remember you do not have to buy everything before your babies arrive. With some items it can help to wait and see what actually fits into your routine. You might share a single piece of equipment at first and only buy a second one if you find it really makes life easier.

Keeping money conversations kind and constructive

Money can be a sensitive subject, especially when you are tired and juggling feeds, nappies and everything else. Keeping an eye on your spending and talking openly with your partner about what is coming in and going out can help you stay on the same team.

You might find it useful to set aside a regular time, even once a month, to look at your budget together. There are lots of simple budgeting apps and online tools that can help you track what you spend and spot patterns. Try to treat it as a shared project rather than a blame game.

Most of all, remember that you are not failing if you find the financial side of multiples hard. The costs really are higher, and many families feel the same pressure. Reaching out for advice, using community resources and adjusting your plans as you go are all signs that you are doing your best for your growing family.