- Personal Finance
How to save at least 4000 $ on the first year of your twins
Formula is the highest expense for new parents during the first year of life of their child. For twins, formula can cost at least 250$ per month, and even more if they need a special type of formula. Breastfeeding your twins can save you around 2500$. I recommend renting a high quality pump, in order to establish and maintain a good milk supply, and also to pump milk and store it for further use. You can also put the pumped milk in bottles so other members of the family can help you with their feedings. Renting a pump costs about 50$/month, but it still is only a fraction of the total cost of formula.Some insurances cover the price for renting pumps, so you can save more. Another benefit of breastfeeding is that your babies will have the best nutrition available for them, and you will lose pregnancy weight very quickly.
Total savings the first year: 2500$-3600$
2.Cloth diaper your babies
The next big expense in the life of parents of young children is disposable diapers. With twins, you will pay at least 100$/ month for diapers, meaning roughly about 1200$ during their first year. You can bypass this expense by using cloth diapers. Today cloth diapering is much convenient that in the past. The minimum to begin cloth diapering is a stash of 14 diaper covers for day (7 for each child), and 4 night diapers(2 for each) if you plan to wash the diaper covers every evening. You will also need about 60-70 inserts (if you plan to wash the inserts every other day).You will have to make an investment of about 300$ in the beginning, but with good care the cloth diapers will last at least 2-3 years and you can reuse them if you have other children or resell them and recover some of the initial investment. Disposable diapers can't be reused with other children (if you are planning on having more) and they contain potential toxic substances for the babies.
Total savings for the first year is about 900$, and at least 2700$ for the total period of time during your twins are in diapers (if they are potty trained by 2.5 years).
3.Make your own baby wipes
Baby wipes can cost between 15-20$/ month when you have twins, or even more, depending on what brand of baby wipes you are using and where do you buy them. The good news is that you don't have to spend nearly 250$ a year on baby wipes, you can make them yourself.You can make cloth baby wipes or disposable baby wipes, or use combination of the two.(for example you can use the disposable wipes for tough jobs, and cloth wipes for the rest).
Total savings the first year:180-240$.
4.Buy used baby clothes
Babies grow very fast, so every few months you have to buy them new clothes. They don't have to be new or fashionable. You can buy used baby clothes on ebay, in lots, or at garage sales. Accept every clothes donated (either gifts or just borrowed) by family and friends. If you are lucky you may not pay anything for babies' clothes, or very little.
Total savings: 500-1000$.
5.Save on baby food
Baby food for twins is not so expensive as formula, but it adds up to monthly costs really quickly. If you buy baby food from your regular grocery store or from a baby store, you will overpay for it. Baby food for two small children could cost around 120-150$/ month. You can decrease this cost easily by making your own baby purees,especially but making those that require cheap fruit and vegetables that are in the season, and buying the rest (including baby cereals) at discounted prices. You can buy discounted baby food (but also formula and diapers) cheaper on Amazon if you have Amazon prime and register for Amazon mom.The savings are between 20% and 30% compared to the price you will find in stores. You will need to subscribe for those items that you want delivered to your door. It's very convenient and also cheaper.
Total savings the first year:300-500$
6.Don't overpay for toys and baby books
Baby cardboard books can be quite expensive. You can save on baby books by borrowing them at the local public library instead of buying them. Books can be borrowed for up to 3 months, and sometimes this is enough because children get bored very quickly with books and toys.
You can also save money by buying used toys in good condition,or making your own toys by using items found in every house. Safe toys for infants are small boxes, empty plastic bottles, wooden spoons, plastic recipients (especially if they are colored).