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Showing posts from January, 2014

Budgeting when you have twins

It's that time of the year again. All the eggnog and champagne induced haze has cleared out and it's time to face life and money matters and what better time to do that than beginning of the year. 

When I set my annual goals, I also like to set spending goals and since we had twins, they've been a big part of that spending equation. I'd like to share a few steps that go into the process for me.

Set an amount you'd like to spend on the kids for the year. I find that an annual budget works easier for me when I work in percentages. After taking out the percentages for taxes, savings, insurance, housing, daycare and transportation; what's left is discretionary spending for clothes, vacation, gifts, furniture, renovation and of course kid stuff. Depending on what our income vs expense profile is for the year, I have a budget of 1-5 percent of our income for kid stuff

Prioritize the twins' allocation to their needs; with the order of priority being:
Necessary big tic…