So, how are you planning to manage the baby expenses after the arrival of your twins? Here are a few tips that can be excellent starting points-
1.Start Saving MoreMost couples find out about the twins around the 10th week of the pregnancy. This means that you will have around 6-7 months to work out your finances and build a bigger savings cushion.
Try to cut out the additional expenses on outside food, entertainment, weekend trips, etc. so that you are left with more money by the end of each month.
2.Invest in AdvanceIt is smart to start saving for your child as early in life or at least when you are close to getting married. Take 2-3 years as your investment horizon if you are planning to get married within a couple of years.
Liquid mutual funds, debt mutual funds, and fixed deposits are some popular options for such short durations.
3.Purchase Health InsuranceIf you are worried about the child expenses when you are about to have twins, purchasing family floater health insurance can be a smart decision. Many of the health plans now also offer maternity cover which can help you save more throughout your wife’s pregnancy.
Most health insurance plans also allow you to include your babies once they are 90 days old. However, do check this in advance before purchasing a policy.
4.Spend WiselyIt is natural for many couples to get too excited about the arrival of their baby. You might want to purchase the best of cribs, toys, baby supplies, clothing, and whatnot. But rather than splurging on these items, spend wisely to be more financially stable after the birth.
For instance, you don't really need to double up the baby products. There are many things such as toys, changing table, etc. which can be shared by both the babies with complete ease.
Having twins baby is really a blessing, and their arrival will definitely change your life for good. Don't let money matters spoil the joy of this life event. Keep the tips mentioned above in mind, and they are sure to make a lot of things easier on the financial front.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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