Immediate financial challenges are one of the first impacts of multiple childbirths. One of the scenes we see frequently in Nigeria (Where I Live) is a situation where parents of multiple births go to TV stations and marketplaces with their newborn babies to beg for money to assist them with taking care of their babies.
When my wife gave birth to a set of triplets in 2011, there was so much joy and celebration. But, In the midst of the celebration, I was caught up with meeting all the financial obligations required by their arrival. I, however, resolved never to beg the public in an attempt to raise money to offset the hospital bills or to provide for them.
According to Twins Uk, “over 90% of triplets, quadruplets, and quintuplet babies are born prematurely and/or have low birth-weight.” This was the case with my kids as they were confined in the Neonatal Intensive Care Unit (NICU) for about two weeks. This, of course, helped to increase the financial burden on me.
Researchers from the University of Birmingham, in a major study, found that families of a multiple-births face significant financial hardship.
The study also reported that families with a multiple-births were more likely to report a drop in their income level following the birth of their children. They were also twice as likely as families of singletons to report difficult financial pressure.
If you are expecting or have multiple births, you should anticipate an average health care costs of over $400,000 or more for triplets and $105,000 for twins, compared to $21,000 for singletons.
You should consider some of the following steps to cope with the expenses.
#1. Create A Budget And Cut Your Expenses
In my case, budgeting helped me to cut back now on many things, including mobile bills, cable, food, expensive lifestyle, etc.
#2. Look For Additional Means Of Income
According to a report in the Daily Mail, “After a multiple-births, mothers are 20 percent less likely to return to work. Almost half of those raising twins or triplets had used up some or all of their savings…”
Without a wife’s support in bringing in money, the man needs to find ways to create additional sources of income to boost his finances. In my case, I took to freelance writing and the extra income not only helped massively to boost my finance, it also helped me to realize my long-time desire of being a writer.
#3. Buy in Bulk
There are must-haves baby products for your new babies, including Baby Clothes, Diapers, Baby gear, etc. When you buy most of these items in bulk, you will be saving a lot of money in the process as you are sure to get the items at lower prices.
#4. Sell Off Unneeded Stuff
Go through all your stuff at home, there are things you certainly can do without, which can be sold to bring in some much-needed money. In my case, I sold off some stuff online, including some jewelry and was able to raise about $600. You can make use of sites like eBay to sell off some things you really do not need.
#5. Look For Discount
#6. Get Personal Finance Knowledge
Learn how to effectively manage your finances by following top personal finance blogs. I spent hours in many of these websites reading articles on how I can better manage my finances in order to cope with the financial obligation of taking care of my babies and my wife.
#7. Seek Financial Help to Tackle Financial Challenges
Even though I was not privileged to take advantage of this, many private companies provide a variety of financial help to parents of premature infants. Choose wisely because you pay for the benefits. Some of these opportunities include: Debt relief application, Request a health insurance quote, Apply for a maternity leave loan, and Short-term disability.
A Final Word
According to this report, multiple births sometimes leads to the breakup of marriages as a result of the numerous challenges involved in raising the babies. So, while striving to meet the challenges of multiple births, always remember to work on your marriage by being on the same page with your partner to avoid losing your marriage.
Remember that having multiple babies is an amazing and exceptional experience! It’s not multiple problems, but multiple delight And excitement!!!
Have you experienced multiple births? Please share your experience in the comments below