Jeremy Ratnam, 37, producer presenter at 91.3FM and his wife, Jamie Julian, 31, a stay-at-home- mum have a daughter Nicole, one-and-a- half years old and baby Kevin, six months.
When radio presenter Jeremy Ratnam, 37, and his wife Jamie Julian, 31, discovered they were expecting Nicole their firstborn (now 18 months old), they got financially ready.
“We started putting aside money, taking into account the ‘set-up costs’ of having a baby,” says Jeremy. “We felt it was necessary to set aside money for anticipated medical needs.”
That turned out to be a blessing as Nicole ended up in hospital with whooping cough and had to be quarantined. Their savings covered the hospital bill which “came up to a bit.” Jeremy and Jamie also “started putting aside $300 a month towards a savings account for Nicole.”
Everything went along nicely till Jamie found herself pregnant again shortly after Nicole’s birth! “Kevin came as a surprise,” admits Jeremy.
“And while we were waiting for his birth, all our attention was focused on Nicole. So we didn’t really have a plan for him till he arrived.” It was a challenge but Jeremy and Jamie were quick to make up for lost time.
“Starting to save later does mean that as parents we have to save more, but at least we have started the ball rolling, and now, he is the proud owner of a savings account at the tender age of 6 months!”
Jeremy and Jamie work to balance their income and expenses, to manage their expectations and remain practical about expenditure. “We have decided that for us it’s very important to keep saving for our children, and to maintain our insurance policies.”
Cost-saving opportunities have presented themselves. “Our kids are so young so naturally we don’t eat out that much, and we don’t watch movies as often as we used to,” he explains.
And as for entertaining the kids, “we live in Punggol and there are lots of interesting places to visit nearby that don’t require an entrance fee. Now expecting our third, doesn’t mean every cost is tripled. Because of their small age gap, I believe they will be able to share a lot of things like books, toys, and other stuff.”
They are also holding a combined birthday party for both children. Personal sacrifices are also part of the routine for Jeremy now. “I have started taking the MRT ($2 one way) instead of relying on cabs (about $12). That has saved me a lot in transportation costs.”
Jamie has expressed plans to go to work when the kids are older. “That would help beef up our finances.” “I think the most important factor, which even money can’t buy, is the love both of us shower on our children,” says Jeremy.
