My Tips for Saving for A New Baby (Or Two!)

twin girlsJust a few weeks ago, I found out that I was pregnant with twins!

It was really exciting and shocking all at the same time. I certainly wasn’t expecting to see two little babies when I went to get that first ultrasound! The news took a while to adjust to, understandably so.

Plus, one of my biggest concerns right from the start was how we were going to afford two children. We had planned and saved for one, but then we got an extra little bonus!

I’ve been told by so many people not to worry about money when it comes to babies, that everything has a way of working out. That sounds nice, but it’s really hard to get a personal finance blogger to believe that sentiment. I’m a natural born planner, and I like to have a grasp on things, even though I’ve learned over the past few weeks that there are just some things you can’t plan for! 🙂

Here are some of the things I’m doing to prepare:

1. Reduce Student Loan Payments

I don’t want to reduce my student loan payments, but I was spending an extra $800 a month trying to get my balance down. I definitely want to go back to doing this once the babies come, but for now, I decided to put that money in a high yield savings account. My goal is to have $10,000 saved in cash by the time they come. Some estimates say that’s hardly enough, but I think we can work with it. That goal is filled to just shy of $6,000 right now, and we still have 6 months to go.

2. Accepting Help From Family and Friends

I don’t like asking for help, and it’s really hard for me to receive it. I am very independent, and I’ve worked hard to be financially independent especially. However, some of these baby gadgets are so expensive. Have you seen the prices of double strollers not to mention two cribs, two car seats, etc.? I know we’re going to need a bit of help, and I know our parents are excited to give it. So, I’m doing my best to let go and appreciate anything that comes our way.

3. Stay Minimalist

Over the past few years of living in the Caribbean, I’ve truly embraced minimalism. I don’t like a lot of clutter in my house, and I’ve gone so long without buying any new clothes. I’d like to keep this up when we move back to the United States. It won’t be easy, since there are infinitely more temptations in the States. However, I think that by keeping my home clutter free and not overwhelming my kids with toys, we’ll all be a lot better off. My mother in law has already purchased a ton of maternity clothes on sale for me, and I know that because of that, I’ll have very few things to purchase upon our return home.

How did you save for a new baby?

Photo: Flickr Creative Commons