Raising Twins is undoubtedly more expensive than raising a single child. But is it more expensive than having two children of different ages?
The answer can be a YES or NO, depending on how effectively you have allocated your finances.
The United States Department of Agriculture published an estimation of the cost of raising a single child upto the age of seventeen.
And the amount is on an average $250k. It can fluctuate between $170k and $450k depending on the economic condition of the parents.
Now Think about twins?
Raising Twins is Definitely More Expensive
Some studies suggest that having to raise twins can be three to five times more expensive than raising a single child. Here’s some areas of expenses are discussed:
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- Higher Cost of Pregnancy and Hospital Bills
- Education and Extracurricular Costs
- Health Insurance and Medical Expenses
- College Expenses
- But You Can Be Smart and Cut Some Costs:
- All Those Parties You were Gonna Throw
- Twins can Share a Lot of Things
- Reduce Costs on Baby-Gears
- Good Timing Reduces Costs Too
- Final Words
Higher Cost of Pregnancy and Hospital Bills
Well there are certain things you need to invest double or more for having twins. It starts from the mother’s health and treatment during the pregnancy.
The cost for C-sections, and other complications makes some unavoidable and higher expenses. Moreover, twin babies often are born premature and need intensive care after the birth.
Education and Extracurricular Costs
And even after that their birth, needs grow simultaneously for both kiddos with their age. From their school tuition fees, all those basketball or dance course fees, fees for summer camps etc. you need to pay for everything in double.
Health Insurance and Medical Expenses
You cannot cut your cost for the health insurance of both bundles of joys. And all those vaccination and medical expenses they would need cannot be avoided as well.
If you have a higher income then you should start saving for your twins’ college. Because, college expenses are crazily high and we all know that.
But if your earning falls into a medium range, chances are high that you won’t be able to save for both kid’s college expenses. But that is okay.
But You Can Be Smart and Cut Some Costs:
Although you can’t avoid or reduce the most significant costs as mentioned above, there are still some perks of having twins as well.
If you can and want to buy everything in double then that is absolutely okay. But if you can be a minimalist, you can still cut much of the regular costs. Here we will discuss more about it.
All Those Parties You were Gonna Throw
The perk of having twins is that you can cover up all those parties at the cost of one’s. Did you think about it?
With two different aged children you would have had to do all of that baby shower, home-welcoming party, birthday parties and many more twice for both children. How amazingly you are saving half of the cost? Think about it.
Yeah you can’t cut the cost of their diapers, education cost, health insurance and a lot of other things. But, you can do it in many other areas.
Twins can share onesies, play clothes, sleepers, toys, books and many more. So, when you are thinking about handing those things down from the first child to the second. The same thing happens, just at the same time.
And if you consider the effort you are investing into raising children, it also saves you some years of efforts. And if you see it that way, the level of effort needed in raising two children of different ages is a lot more than raising twins.
Reduce Costs on Baby-Gears
Having twins doesn’t necessarily mean buying everything in double. For example, instead of buying two cribs for your twins, invest in a playpen or simply buy a bassinet for twins.
It will cost only a little more than a single one. But it’s much less than buying two.
Similarly, you can buy a breast pump designed for twins and invest in a double stroller instead of buying two.
Good Timing Reduces Costs Too
If you are smart enough to know the right time for buying things, you can save yourself a lot of money too.
For instance, you wouldn’t need two high chairs for your twins at least until they learn to sit on their own for eating. So, during the practicing period you just need one high chair.
Certainly some parents are conscious and not ready for the expenses it would take to raise twins. But, don’t let that thought deprive you from enjoying the perks of having two little munchkins in one package.
If you focus more on the good sides like having all those extra attention for being the parent of twins, it would definitely become easier.