Living Frugally with Twins -- Thinking Ahead

By Bridget Sandorford

If you've got twins, you already know that financially it doesn't work out like "buy one, get one free." Too often, raising twins is like "buy one, now buy another" as you pay for double the child care costs, double the amount for formula, and double the numbers of diapers.

That's why it's important to start thinking ahead -- way ahead -- like "How are we going to pay for college?" ahead.

"Wait a minute," you say. "I'm still paying for diapers, and you say I need to think about saving for college?" Yep. That's exactly right, because it's going to be twice as expensive when the college days hit because you've got two kids going to college in the same year.

The following is a primer for saving for college, specially tailored for families with twins. If you follow these tips, you'll pat yourself on the back in eighteen years when all those other parents of multiples are scrambling for every bit of financial aid possible.

Start Saving Now

Yes, you've probably already felt the pinch in your pocketbook with the birth of your twins, but you still want to start saving now. Open a savings account for the twins (but not in their names -- put it in your name) and commit to putting aside something completely reasonable and doable, like between $20-$50 every month. Set your account up for an automatic deposit every month, and then never touch it again. You'll adjust your budget (use this as motivation when you say no to a latte or no to eating out) and won't even notice it's happening. However, eighteen years from now you'll have between $4,000 and $11,000 that you didn't even think about.

Sign Up for College Savings Card Programs

Look up programs like UPromise and the like, and sign up for these credit cards that automatically save for you. This is free money -- you essentially get paid to use these cards. Start now, and you'll rack up a significant amount of savings through these programs.

Teach Your Kids the Value of Money As They Grow Up

Policies change over time, and with the economic issues our country has had lately, you need to assume you won't qualify for financial aid (so any aid you do receive is a bonus), and that you're going to have to pay for college all by yourself. College expenses have been rising faster than inflation is carrying wage increases, and yet the amounts colleges expect you to contribute yourself are ridiculous.

You'll want to come up with a plan with your twins as they grow for them to earn and save their own money as soon as they are old enough to start doing so. Start by paying them to do chores and household projects (especially if you are a family who hires out for services like housecleaning or yard work). By paying your kids, you keep the money circulating in your own household. Teach your kids to put aside a portion of their earnings for college, even from chore money, babysitting pay and pet sitting pay. As they get older, set them up for jobs with neighbors and local businesses so they can learn the value of saving for college.

Keep the End Goal in Mind

If you keep your eye on the ball, you'll be in good financial shape when the twins hit college age. Your children will be more prepared for independence, too.

About the Author:

Bridget Sandorford is a grant researcher and writer for CulinarySchools.org. Along with her passion for whipping up recipes that incorporate "superfoods," she recently finished research on culinary schools in florida and top culinary schools.