I am not saying singleton parents (only child, or children born at different times) have it easy, but raising twins or multiples is tough. It comes with unique challenges. You have double or triple the feeding, changing diapers, and laundry; Double the headache, all at the same time. 😀
I got two and a half years old twins, a girl and a boy. Trust me; it is a madhouse. Making them sleep at the same time is a miracle. Pacifying both in times of tantrums is herculean. Getting them vaccinated at the same time is painful. The twin escalation is mayhem. If one screams, the other wants to outdo the other and this goes on and on until your brain melts.
Apologies, if it sounds like a rant, that is not my intention. Whilst we parents of multiples want to give each one, the best life, raising multiples can put a lot of pressure on finances. Lucky were our parents, where they could save and use our books/toys/dress/stuff for our younger siblings. But no, we must buy two or three of everything. The number of diapers is not funny!
Twin stroller, two car seats, two toys, two bicycles, two dance or swimming lessons, and the list goes on and on. Even when one of them will not use it, but for that one moment of a volcanic eruption of ‘I want the same thing!’, you must buy two. Blue or Pink does not matter; girl or boy does not matter. Having an extra hand (nanny) becomes a necessity. When it comes to schooling, double the education fees from the word go. There is no break at all.
Financial planning is a must for parents of twins or multiples
When you are a parent, to ensure a hassle-free successful life for the child, proper financial planning with a savings strategy that works is a given. But when you got multiples, it becomes non-negotiable. With education costs increasing at twice the rate of inflation, it is crucial to start saving early because, for us, the timelines of kids are the same i.e. the multiples will hit the milestones together.
Interest working for you now in a regular savings program is much better than having interest work against you in the future in the form of education loans. Plan well to provide resources for your children to succeed.
My intention here as a parent of a multiple is to encourage you to start planning if you have not already done. Do it yourself (DIY), sit with your partner, click on the below button to use the ‘savings for child’s future’ calculator to determine how much you should be saving for the kids. The good news is that the calculator is optimized for multiples! If you get stuck anywhere, give us a call. We would be happy to assist you in achieving your objectives.
Once you craft a customized plan that makes sense to you, call your financial adviser to create a financial blueprint for your children.
If you do not have a financial adviser and want to connect to one for your financial goals, we can help you. In all these years in financial services, we have built relationships, and you can leverage those relationships for your benefit by connecting with us.