Family Budgeting & Household Expenses with John Mansworth

Further to the recent news of all the major banks increasing their interest rates again when people are already hard pushed to meet their weekly/monthly commitments, maybe now is a good a time as any for all families to carry out a budget for incomings and outgoings.

Also at this time of year there is also the added expense of  children going back to and in some cases starting school or college. So this really might be an ideal time to carry out the budget exercise, as there may be significant savings to be made on the household outgoings. Items that could be reduced very easily include the following:

1. House Insurance – Shop around for best quote
2. Life Assurance – What exactly is insured
3. Health Cover – Again shop around
4. Car Insurance – Shop around
5. ESB/Telephone/Gas – Check other providers

Changing providers of services used to be a daunting task with numerous forms to be filled in but most have streamlined this process and have made it very user friendly in order for people to make use of the savings that can be made.

With regard to Life Assurance it is very important to check if you have any benefits through your employer, this is very relevant for most Civil Service employees as sometimes you might be paying for cover with your Life Assurance company that you do not need. Speak to ANY Financial Advisor with regard to this if you are unsure.

I have included three files that can be downloaded and they are:

1.A family budget spreadsheet (download here)– this will enable you to properly analyse income and expenses from the household, this spreadsheet includes every household expense to enable every family to get the most accurate description of the family finances possible.
2.Template letter asking a bank/creditor for time (download here)– this letter is to be used when you first identify that you are going to have difficulty meeting all your commitments. This letter informs whatever institution you owe money to that you in financial difficulty and you need some time to sort out your affairs.
3.Template letter making an offer to a bank/creditor (download here)– this letter follows on from the previous one and it is sent after you have analysed your income and expenditure. In this letter you are making an offer of what you can afford to repay on a monthly basis until your finances have improved.

If you have any queries with regard to any of these please do not hesitate to contact me at johnmansworth@gmail.com or on 087 958 4676 and I would be delighted to assist you.

You can also contact me if you have any other questions in relation to financial matters at anytime.

——————————————————————————-

John Mansworth is a Partner at Morrisson Mansworth Financial Services.  This business was started in 2004 and continues to  provide many Financial Services including Family Budgeting, Personal Budgeting, Life Assurance, Mortgages, Pensions, Redundancy Payments & Savings Schemes.

Morrisson Mansworth Financial Services are based at 50 Harbour Row Cobh and can be contacted on 087 958 4676.

Contact Morrisson Mansworth Financial Services today for your FREE FINANCIAL REVIEW.