Expecting multiples such as twins, triplets, quads or more can be an exciting time for parents, but it can also bring about unique financial concerns that need to be carefully considered.
In this article, we share some of the common financial challenges parents of multiples face as well as some suggestions on how to manage them:
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1. Medical expenses during Pregnancy, Delivery & Postpartum
Prenatal care and delivery costs for multiples can be significantly higher than for a singleton pregnancy due to frequent prenatal check-ups, additional detailed ultrasounds, and higher risk of complications. Consider researching insurance options that cover multiple births, and talk to your healthcare provider about payment plans or discounts.
2. Post-delivery medical expenses
As multiple pregnancies face a higher chance of premature delivery, many parents feel anxious about the significant medical expenses for both the mother and babies. Thankfully, Singapore has a robust and reliable public healthcare system. Parents tend to opt for the subsidized route during high-risk pregnancies that may require early delivery. Taking the subsidised route also means that if the premature babies (also known as preemies) require Neonatal intensive care unit (NICU) or special care nursery (SCN) stay, they will automatically be billed as subsidised patients as well.
3. Baby gear and supplies
With multiples, parents need to buy multiple sets of baby gear, including car seats, strollers, cribs, and high chairs. The cost of diapers and formula can also add up quickly. Consider buying items in bulk, looking for gently used items, or borrowing from friends or family members. Most of us also plan our purchases in advance and procure them when they’re on sale.
4. Confinement costs
In Singapore, confinement practices are common. When it comes to twins, some nannies are able to handle them singularly whilst others prefer to be assisted by a domestic helper or another nanny. As for triplets, some parents engage up to 2 nannies with an additional domestic helper. Do note that confinement nanny fees are usually higher if your confinement period falls within the Chinese New Year period. Generally speaking, the larger confinement agencies are able to find experienced nannies for twins if you enquire early. Most parents reach out to them after Week 12-14 after they consider the pregnancy established. In recent years, confinement centres are also increasingly popular. Aside, many postpartum mums also opt for post-natal massages., most commonly Malay/Indonesian Jamu or Traditional Chinese Medicine style, to help with recovery.
5. Caregiver costs
Childcare for multiples can be more expensive than for a singleton, as most parents of multiples find that they need more than one caregiver. Start discussing with your partner early and research options. While it’s common to rope in grandparents to help out with caregiving, do consider that taking care of multiple babies can be extremely taxing for the elderly. Some families engage up to domestic helpers to help cope with the demands of raising multiples in the early years. Every once in awhile we come across parents of multiples who don't have additional help at all – kudos to them!
Read also: [Spotlight] Triplet Mummies Share Their Postpartum Arrangements
6. Time off work
Multiple births may require more time off work for both parents. Make sure to check with your employers about maternity and paternity leave policies. Plan ahead to make sure you have enough time off to enjoy time with your babies and adjust to the demands of parenting multiples.
7. Housing / Living arrangements
Expecting multiples could require a bigger living area. On top of that, many parents choose to stay with extended family for caregiving support. There are no fixed ways to do this, and we encourage you to have an open discussion with your partner and family to align expectations before your little bundles of joy arrive.
8. Transportation
With two or more babies, you may need a larger vehicle to accommodate your family's needs. As owning a car in Singapore is costly, this can be tricky to navigate. Speak to your partner about this and figure out if you’re able to cope with transportation needs without added financial commitment.
9. Future Educational Costs
Consider the costs of preschool and higher education for multiple children. In Singapore, Parents with Singapore Citizen children enrolled in licensed childcare centres or kindergartens can enjoy basic subsidies. Families with lower income will be granted increased subsidies. Start planning early and research financial aid options available to you.
10. Financial planning
Raising multiples can be more expensive than raising a singleton, so it's important to plan ahead. Consider meeting with a financial planner or advisor to help you plan for your family's financial future. You may also wish to set up an emergency fund for your children and contribute to it regularly. Most parents with multiples consciously cut down on nice-to-have expenses and prioritize household and family necessities.
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We hope the list above helps you and your partner in your planning and discussions. By being proactive and thinking ahead, you can help manage the financial concerns that come with expecting multiples and focus on enjoying this season of your life.
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