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An Expensive Proposition
Raising Twins Without Breaking the Bank
By Barb Eimer
"My boys were in this category, although you'd never know they were delayed by meeting them. We've had them in the most wonderful private preschool for children with development issues for almost two years now, with New York State paying the full tab. We could not have found a better school for any amount of money."
Both Baker and Sedmak agreed that it was important to plan early for your children's education, whether that meant finding the right elementary school or saving for college.
"There are new financial opportunities to save for education," says Sedmak. "We worked with a financial planner to set up an account for our children's college education. The money grows tax free until we need to take it out. It's a great starting point to pay for their education."
Brian Hamil, managing partner for the certified public accounting firm Hamil, Lehman and England in Fort Wayne, Ind., and himself the father of twins, agrees. "The 529 [educational] plans are popular because they are tax free, but another option is to use a product that integrates both educational planning with insurance planning in the event that a parent passes away before the college years," he says. "In using this, you are combining the education component with some kind of 'what if' funding."
Obviously, raising children in the 21st century is a costly pursuit. But with a little creativity and some advance planning, you can do it without breaking the bank (although it may crack a bit around the edges!).
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