Should both parents work?

Now that you have twins, you both will be taking days off from work to attend to them if they're sick.  Here's where you need to speak to your spouse about a plan of action as to who will take the day off when an incident occurs.  

It is critical NOT to wait until your children show symptoms of a sickness before taking them to the doctor.  You need to be a proactive and not a reactive parent.

For example, you notice that your child is constantly touching his left ear and not drinking as much milk as he used to.  This may be the result of an ear or throat infection and you will need to take the day off to take your child to the doctor.  Even if it is diagnosed that your child is not sick, rest assured that you've done your due diligence.  You do not want to wait until your child is constantly crying while holding his ear.

The problem with this is that you're at the mercy of your boss or job function.  If there is a problem taking many days this may affect your performance review.  If you think that your job is safe consider that your salary is nothing but an expense to the company.  Companies are constantly looking for creative ways to cut expenses because they are under pressure to increase earnings quarter after quarter.  This is especially true if it's a publicly traded company.

Another variable surfaces as the children get older.  There are now graduations, plays, dance shows, or other special events that will require your attendance.  In these situations, you may need to leave work early or not show up to work at all.  Your children will never forget you not showing up to important events in their life.

You may want to consider speaking with your spouse about one of you staying home while the other works.  In this way, one person can fully focus on making money for the family while the other person takes care of the family.

Since having a job nowadays is a very tenuous it would be wise to also consider alternate sources of income or ways to reduce expenses.  

It's important to plan ahead in the even unforeseen events happen.

What plan have you created with your spouse or boss to handle the probability of you taking many days off from work?

Budgeting for the Family

Your doctor has just revealed that you and your wife will be having twins.  Before you panic and call your friends to get drunk at the local bar, take a deep breath.  If you plan well for your new arrivals then things will be much better than if you didn't.  One of the areas you need to organize will be organizing your budget and expenditures.

It's okay, having children won't make you bankrupt.  What does contribute to bankruptcy is the lack of control over discretionary expenditures.  Evaluate where you can cut costs because this is the fastest way to find money.

Make a list of monthly expenses.  Include all spending goals in addition to what you spend monthly.  For example, if you're saving to buy a 75" flatscreen TV include that amount as part of your spending goals.   Even though you are saving this amount, it will eventually become an expense.  When you're done, you should have 2 lists, one for your monthly expenses and one for expenses you will have in the near future (such as buying the 75" flatscreen).  Now, go through all expenses and ask yourself - if I don't have this item, will it severely impact our life?  For example, by me not having the 75" TV, will that become a risk to my family's:  safety, well-being, or finances?

Managing your current expenses is critical because when you have the twins, you will have NEW expenses such as:  diapers, wipes, nanny/day care, cleaning, baby clothes, medical, prescriptions, furniture, equipment (baby seat, baby carriage, etc).  When planning for your babies expenses, don't try to get the latest cute gizmo's.  Keep it basic and concentrate on the most critical items first such as cribs, changing stations, etc.

Whenever you're developing the budget, remember to PAY YOURSELF FIRST.  This is your emergency fund in case you need to tap into.  Add this as an item to your budget list to ensure you are saving.  A great thing to do is to use an internet bank to automatically deduct from your checking account.  Just keep an eye on your checking account to avoid overdrafts.

Go back over your budget and see where you can save.  Can you downsize cable?  What do you use the internet for?  Are there "junk" items you currently possess that you can sell on Amazon/Ebay?