"Winning" Bread

Becoming a dad presents financial challenges for all fathers. Especially in a competitive, highly driven economy like Singapore's, where the simple life, is about as achievable as – well – it sometimes feels like it is not really achievable, is it?

The reality is that all of us have a keen understanding of the need to face new and pressing financial burdens once we become fathers. And, there are two kinds of dads when it comes to financial preparedness – there is the dad who is prepared, and the dad who thinks he is.

No matter which type of dad you are, there may be situations that will catch you off guard. In this dad's story, we find out how one man has mastered the type of financial concerns that come with the transition to fatherhood.

 

Introducing the Chan Family

Alphonso Chan is to us, the perfect everyday dad to talk to. He is a self-employed man, who, along with his wife, had to face parenthood’s financial challenges much in the way that the rest of us do. Moreover, you could say that Alphonso had three times the fun and pressure than most of us when he became a father. You see, he has triplets.

Alphonso and his wife Anna welcomed En Xi, En Le and En Huan with much joy on Valentine’s Day in 2008, against the backdrop of a financial crisis that some people thought could lead to The Next Depression. As a photographer running his own studio, he knew right away that the business was in for hard times.

Eventually, Alphonso found the business unsustainable. He had to be decisive in order to help make ends meet. He therefore gave up the photo studio and did whatever he could to recoup his losses, quickly selling his studio hardware on his own. He even sold some of his much-beloved cameras.

 

Changing Diapers, and a Way of Life

In addition to the need to reposition himself financially for the family, Alphonso had been determined to share caregiving duties with his wife. During her maternity leave, he was deliberately hands-on in taking care of the babies. Anna would take care of the newborns in the day, and he, at night.

Caring for his girls involved feeding, cleaning, swaddling and spending time with them. To do so, Alphonso cut back on the number of photography assignments he would take on. Thus, he needed all the help that he could find, both physically and financially.

As Alphonso and Anna come from close-knit families, both their parents and siblings pitched in to help with the care of the three new family members. Besides assisting financially, they also volunteered to drive the girls when it was time for medical appointments. They even helped throw the first-month celebrations for the triplets, a traditional family affair for Chinese families with newborns.

When Anna returned to work as a Secondary School teacher, Alphonso continued with working freelance as a photographer. Not only did Alphonso's work schedule allow him to fit in time with the girls, the situation presented an unexpected bonus for him, as he bonded with his children.

How did Alphonso afford this apparent 'luxury' of spending so much time with the children? He shared some insights.

First, his priorities changed a lot once he knew that they were expecting. He decided to make adjustments to his lifestyle, and this for him meant cutting down on home entertainment and specifically, computer games. He reckoned that he spent quite a substantial amount on computer games and related to that, even electricity bills.

Another practice was to use public transport for travel. With three kids, his family initially relied on two domestic helpers – so taking the Mass Rapid Transit train was not only possible, but necessary (they have just one domestic helper in their household now, and are aiming to be able to be 'maid-free' by next year).

Once the girls were born, Alphonso made full use of the government's Baby Bonus Scheme's Children Development Account to fund their medical expenses and childcare costs. This helped his family to the extent that they did not have to pay cash (except for a one-month deposit) for playschool, which the children have attended from the time they were 18 months of age.

At birth, his youngest daughter was in the Intensive Care Unit for 19 days. This would have potentially cost his family up to $1000 per day. Advised by a hospital staff, they downgraded to a C-class ward, qualifying them for an 85% subsidy, and enabling them to use the Medisave funds for the payment of the hospital fees. Once again, this saved their family from having to lay out cash for this significant expense.

 

Discipline to Prevent Uncontrolled Spending

To Alphonso, getting a handle on his daughters' desire for activities has also been important. Having good time management enables him to maintain a healthy level of control over the family expenses. He does not let the girls "do whatever they like, whenever they want" as it is not financially and emotionally sustainable.

This rule, Alphonso applies to himself as well. As such, he is looking to cut back on his own hobbies. Pointing to his Star Wars collection (which includes some special-edition items), Alphonso announced, "I'm putting them on sale right this moment."

To keep the family entertained and happy, Alphonso schedules regular outings such as visits to the zoo. He also enrols the girls in enrichment programmes.

 

Tricks of a Dad of Triplets

Finally, Alphonso leaves us with a practical money-saving tip: buy your baby supplies from Johor Bahru. He tells us that the savings for items such as milk powder and supplements can be up to 60%. He buys them in bulk, and in so doing, reduces the number of times he has to cross the border for more supplies.

He plans for his family to no longer rely on domestic help by next year, and with it the family will save $800 - $1000 per month (this includes wages, levy and daily expenses).

It all adds up, and when you are a dad of triplets, each choice you make has to be carefully weighed. But, Alphonso has shown that once you do so, it is possible for an everyday dad to take care of his family financially, even with not one – but three – mouths to feed.

 

What we learnt from Alphonso:

1. Do not be afraid to ask for help, whether it is from family members, close friends, or any other support group.
2. Practice good time management with your family – do not let your children decide on a whim, but be proactive in scheduling activities and events.
3. Use the Baby Bonus Scheme –the government contributes dollar for dollar, for every dollar you save up to $6,000 for the first and second child; and $12,000 for the third and fourth.
4. If you have two children or more, plus domestic helpers, using public transport can be a viable alternative.
5. With your new priorities, cut back on hobbies that you no longer have time for. This can save you a lot.
6. Most importantly, plan and strategise with your wife on how you can save money and have a strong family life.

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About the Author: The Dads for Life Resource Team comprises local content writers and experts, including psychologists, counsellors, educators and social service professionals, dedicated to developing useful resources for dads.

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