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?
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