eeeeek Twins

hoddo

Hello,

I'm a long time reader of the main website but never posted in the forums.

Mrs Hoddo and I are expecting, twins are due January 3rd. Exciting and scary in an equal dose.

I am looking to gain advice as to what money saving and financial planning we can do at this stage in our pregnancy and the early years of little Hoddo's lives.

Tax free incentive schemes, child care support, vouchers etc. I am clueless and do not know where to go. I don't want miss out on anything which will make our money work harder for us or perhaps any government backed scheme available to us.

Our finances are in good order and we are both higher rate tax payers. Anything else you need to know?

Many thanks for your help.

DomRavioli

Hi OP,

As you are both higher rate tax payers, you won't get any help such as child tax credits. I also think you won't get child benefit, but please check that here - https://www.gov.uk/child-benefit-rates.

You might be able to get childcare vouchers through your employer but you would need to speak to the HR department as there are a few schemes.

Child Care support - not a clue what you mean by that; as you both earn in the top bracket you won't get any help apart from perhaps the vouchers and that is dependent on whether your workplace does them.

Higher rate is £32k p/a - thats £64k a year combined minimum. Try living off one wage and save the other to get you used to maternity pay - most get 6 weeks full pay, and then the rest on SMP which is around £140 a week which doesn't go far; obviously any contract which your OH has will supersede that so best go check it.

There's a thread on the moneysaving mums thread which advises what you are best buying new, and what you can pick up second hand.

Oh and don't buy gadgets; they collect dust and end up on Ebay.

Luella-14_2

Hi Hoddo,
If you were hoping for anything specific to twins I'm afraid there's nothing you would qualify for, although your midwife may put you in touch with local groups who offer help to multiple families in difficulties.
I'd recommend joining TAMBA, £2.25/ month gives you good discounts and connection to other multiple birth families.
Also, don't panic! I have 3 month old boy/ girl twins and I promise it is manageable! If you get a chance, there was a programme on Quads on itv a couple of weeks ago. Watch that and you'll see that twins aren't so difficult!

freshstart11

hoddo I need to ask....your mrs isn't on a fb group related to bounty is she? lol x

hoddo

freshstart11 wrote: »

hoddo I need to ask....your mrs isn't on a fb group related to bounty is she? lol x

Nope, afraid not. She does not use online social tools.

hoddo

DomRavioli wrote: »

Hi OP,

As you are both higher rate tax payers, you won't get any help such as child tax credits. I also think you won't get child benefit, but please check that here[/url].

You might be able to get childcare vouchers through your employer but you would need to speak to the HR department as there are a few schemes.

Child Care support - not a clue what you mean by that; as you both earn in the top bracket you won't get any help apart from perhaps the vouchers and that is dependent on whether your workplace does them.

Higher rate is £32k p/a - thats £64k a year combined minimum. Try living off one wage and save the other to get you used to maternity pay - most get 6 weeks full pay, and then the rest on SMP which is around £140 a week which doesn't go far; obviously any contract which your OH has will supersede that so best go check it.

There's a thread on the moneysaving mums thread which advises what you are best buying new, and what you can pick up second hand.

Oh and don't buy gadgets; they collect dust and end up on Ebay.

Many thanks for the information. I shall take a look at the websites you mentioned and review.

Already have a significant cash hoard for the year ahead, I was mainly inquiring to see what national schemes may be available for expecting parents.

Great tip on gadgets. Guess it is a case of keeping it simple and avoiding useless plastic items.

hoddo

Luella-14 wrote: »

Hi Hoddo,
If you were hoping for anything specific to twins I'm afraid there's nothing you would qualify for, although your midwife may put you in touch with local groups who offer help to multiple families in difficulties.
I'd recommend joining TAMBA, £2.25/ month gives you good discounts and connection to other multiple birth families.
Also, don't panic! I have 3 month old boy/ girl twins and I promise it is manageable! If you get a chance, there was a programme on Quads on itv a couple of weeks ago. Watch that and you'll see that twins aren't so difficult!

I shall take a look at TAMBA. Sounds interesting, I had not considered there would be groups for multi birthday families. Thank you for the referral.

freshstart11

was going to say, in my group on there seems everyone having twins due in Jan! ( 3 scans down and I know just the one!!)

Congrats xx

DomRavioli

hoddo wrote: »

Many thanks for the information. I shall take a look at the websites you mentioned and review.

Already have a significant cash hoard for the year ahead, I was mainly inquiring to see what national schemes may be available for expecting parents.

Great tip on gadgets. Guess it is a case of keeping it simple and avoiding useless plastic items.

Hi OP

The only things available are means tested and you are way above the cut off.

You don't need that much for babies; I was a twin (28 years ago mind!) and my mum did just fine, as she was only expecting one but she got two.
The basics are sleep suits, somewhere to sleep, somewhere to play, something to eat (bottles/breast pump/steriliser if BF but wants to express and bottle feed), a clean nappy, a hat/coat/snowsuit, and usually a rocker to keep one in place whilst dealing with the other! The rest is literally up to you.

Don't buy outfits (as much as you want to) - you will be bought LOADS and they will sit there as trying to dress a newborn is a challenge in itself - twins are a novelty.

Tamba are fab - both me and my OH are twins (both identical), so having our own kids will likely result in a multiple of some sort, and I had a look on the site not too long ago.

Most of all, enjoy it - the early days are precious.

Crabapple

hoddo wrote: »

I was mainly inquiring to see what national schemes may be available for expecting parents.

Like others have said, not much. Most is means tested and if you are higher rate taxpayers you will be well above those limits.

I presume that you could still join childcare voucher schemes if your employers offer them, but I suspect they would only be topped up by 20% for basic rate tax. Still a saving though.

The term after they turn 3 there will be some contribution to childcare costs, but that's a way off yet!

Congratulations!

lavandergirl_2

Financial planning- childcare cost!

Things to think about (no need to answer here )

How long will your wife take her maternity leave? What's the maternity leave policy at her workplace? How much will she get during the leave?

Will she come back to work after her maternity leave? If not, can you survive in one income?

Who will look after the children when she goes back to work? What are the rates of childminders and nurseries in your area?