Having a baby can be an expensive proposition. A study by the Kaiser Family Foundation estimates the average cost of pregnancy, childbirth, and postpartum care at $18,865. The same study found that for mothers who give birth via cesarean section, the average cost climbs to $26,280. Then there’s the cost of raising a child to age 18, which is estimated at $313,939 when adjusted for inflation.

If you’re expecting twins, triplets, or even higher multiple births, you may be wondering how you’ll ♛be able to afford it all. Knowing how to financially prepare can make welcoming multiple babies a little less stressful.

Create an Expense Inventory

You'll incur a variety of costs when you have a baby. Some are one-time or short-term expenses; others are ongoing. You may feel overwhelmed if you’re 澳洲幸运5开奖号码历史查询:trying to stretch your baby budget, but it’ꦰs helpful to have an idea of what you’ll actually need to spend.

“If you’re expecting multiples, it doesn’t mean all of your expenses will multiply,” says , a 澳洲幸运5开奖号码历史查询:certified financial planner (CFP) and founder of True Worth Financꩲial Planning in Folsom, Calif. Burns, a mother of twins, says that while there are some things you’ll need to double up on, such as car seats and cribs, other items can be shared to save on costs.

Making a list of anticipated expenses can give you a better idea of how to shape your baby budget to accommodate twins, triplets, or higher multiples. For example, some of the main expense categor🍬ies to p🍨lan for include:

• Basic baby gear (i.e., car seats, cribs, strollers, etc.)
• Out-of-pocket healthcare not covered by insurance
• Breastfeeding or formula-feeding expenses
• Diapers
• Basic clothing

It’s also important to plan for unanticipated expenses. For instance, Burns says that even if you plan on breastfeeding, it’s a good idea to have a contingency plan in case formula feeding is necessary. There may be situations in which you’re unable to breastfeed or produce sufficient milk to meet the demands of multiple babies, in which case you may have to supplement with formula. 𒁏That can get expensive quickly.

Neonatal intensive care is another cost for which parents of multiples may need to plan, says , co-owner of the frugal mom blog ChaChingQueen.com, a澳洲幸运5开奖号码历史查询: chartered financial analyst (CFA), and the father of twins. A stay in a neonatal intensive care unit (NICU) may be necessary if multiples are born prematurely or have significant health issues that require specialized care at birth. The 澳洲幸运5开奖号码历史查询:cost of a NICU stay exceeds $10,000 for approximately one in 11 families, according to research conducted by the University of Michigan School of Medicine.

“Not only are there medical expenses with this, but there is also the financial burden of your work situation and needing help from others, especially if there are other siblings,” Wi💟lson says. “This is a big, unexpected cost, and common.”

Evaluate Your Income

Taking parental leave is an opportunity to spend time with your newborns before returning to work. The Family and Medical Leave Act (FMLA) mandates 12 weeks of parental leave, but there’s one catch: Your employer is not required to pay you.

Eleven states have publicly funded paid family leave—California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Oregon, Rhode Island, and Washington—as well as the District of Columbia. In the rest, childbirth leave is unpaid.

When evaluating your i♎ncome, consider how much it might drop if you’re taking an extended unpaid leave. If there’s a wide gap between your expected income and projected new-baby expenses, you may need to either build up a sizable savings balance to cover it or find ways to supplement🌃 your income. For example, you might start one or more side hustles to bring in money from home while out on leave.

Also, consider how your income might be affected if one parent opts to stay home to care for multiples. Childcare costs can be steep enough for just one child; they can be even more when you’re paying for two, three, or more infants. Doing the math can help you to decide if it makes sense financially for both parents to go back to work and pay for childcare—or for one to stay home and forgo their income.

Review Your Insurance Coverage

澳洲幸运5开奖号码历史查询:Health insurance can help to ease the burden of 澳洲幸运5开奖号码历史查询:financial planning for multiples, but it may not cover everything. Review your coverage to determine what your policy will pay toward pren🍌atal care, labor and delivery, and postpartum care—and what you might have to cover.

Once the babies are born, you can add them to your health insurance plan. If you don’t have health insurance, having a baby qualifies you for a special enrollment period under the 澳洲幸运5开奖号码历史查询:Affordable Care Act (ACA). Any plan you sign up for within 60 days of your babies’ birth can cover you, the babies, and any other members of your household.

ꦐ Under th🐬e ACA, most health insurance plans are required to cover:

• Breastfeeding support
• Lactation counseling
• Breastfeeding equipment

Your insurance provider ma🌳y require a plan of care from your doctor before it will cover these expenses. If they recommend breastfeeding or support your intention to do so, then your ins🀅urance plan should handle the expenses.

If you’re expecting multiples and don’t have health insurance, you may be eligible for Medicaid based on your household size, income, and financial resources. You can apply for Medicaid through your local Department of Social Services office. If you’re covered by Medicaid while pregnant, your babies are automatically covered at birth and will remain eligible for at least one year.

You can also ask the hospital about discount programs or charity care. Similar to Medicaid, your ability to qualify for financial aid may depend on your household size, income, and financial resources. If you don’t qualify for charity care or Medicaid, you may be able to arrange 🥃a payment plan with the hospital at a discounted rate.

Get Creative With Saving

Making your budget work with multiples may require you to flex your money-saving skills, especially if you expect your income to drop temporarily while on childbirth leave or ✅permanently if one parent plans to stay home full time. Fortunately, there are a number of ways to save money when welcoming twins, triplets, or more.

Here are some of the mone✨y-saving tips that Burns suggests:

• Repurpose: Repurposing can save money—and space—if baby items do double duty. For example, adding a changing table insert to the top of a dresser means that you don’t need to purchase a separate changing table.
• Choose adaptable items: Certain baby items are must-haves. For example, you’ll need a car seat and crib for each baby. A simple way to save on those expenses is to choose items that “grow” with your babies. For example, you may purchase infant carriers that convert to toddler car seats or cribs that can be reconfigured into toddler beds.
• Buy in bulk: Buying in bulk can be a money saver if you’re paying a lower price per unit for baby essentials. For example, some of the best baby items to purchase in bulk include disposable diapers, wipes, and formula. It’s important to choose diaper size carefully, though, to ensure that you’re not wasting money if your multiples are growing quickly.
• Make your own baby food: A food processor and a few fresh ingredients may be all you need to make your own healthy baby food at home. You can prepare baby food in bulk and freeze it, which can save you from having to buy processed baby foods at the grocery store.
• Buy used: It can be tempting to 澳洲幸运5开奖号码历史查询:bu✤y all n𓆏ew items when expecting a baby, but that may not be realistic with multiples. Some of the things you can buy used include baby baths, baby clothes, and cloth diapers. Keep in mind that certain items, such as cribs and car seats, should always be purchased new for safety reasons.

Also, consider whether using cloth diapers makes sense as a means of saving money. A typical infant requires up to 12 diapers per day, costing parents around $70 per month. Wi🍌lson’s family uses cloth diapers and⭕ says that it has been a money saver, as the twins are able to share them.

The Bottom Line

Planning financially for multiples can feel a little overwhelming, especially if you’re a first-time parent. Understanding what your costs are likely to be can help you formulate a plan for making sure that your newborns’ needs are met. You may also consider reaching out to a financial advisor or a CFP to get professional advice on longꦫ-term concerns, such as saving for college and♐ planning your retirement.