The joys of parenthood far out-way the negatives. However one thing is for sure, you will need to start planning ahead to make sure that parenthood does not turn into a financial nightmare.

Tip 1 – Learn to Budget

Making a budget and sticking to it is important for everyone but especially for parents. Before you had kids your money was your own and living month to month without planning ahead was OK. However once you have kids you really need to be responsible with your money. No matter how much or how little money you have its important to plan and a good budget will help you do this.

There are plenty of simple excel spreadsheets online that will help you get everything down in black and white. It is best to keep your budget as simple as possible. No need to make projections for the next 10 years. A simple monthly or weekly household budget will do. I get paid monthly and so like to plan for the month ahead but budgeting weekly is also OK.

First you need to record all of your monthly income. Wages, child benefit, rental income, ect. Then you need to record all of your outgoings. Recording your outgoings can be a little bit more difficult than recording your income. You need to have a look over your bank and credit card statements for the last 12 months and get everthing down on paper.

I like this simple excel spread sheet (Household Budget Template) which helps me to confirm my figures for last month and also make projected figures for the month ahead.However it really does not matter how you do it. A pen and paper will do, just make sure you do it and you will get better at it as time goes by.

Once you can see everything in black and white then you should be able to see where you are spending too much and perhaps cut back if you need to. You can also use your budget to plan ahead so you have money for things you all enjoy. It does not have to be all about cutting back.

Tip 2 – Establish an Emergency Fund

Saving up an emergency fund can be difficult but it is important none the less. A growing family increases the chances of an emergency happening and so it is important to have something set aside. You should aim to have at least 3 to 6 months salary set aside for your emergency fund.

Make sure it is put away in an instant access savings account. There is no point socking it away in a 6 months notice account to get a higher savings rate as it will not be readily accessible when you need it. Once you have an emergency fund you are happy with then and only then should you start looking at getting a better return for any savings you have over and above your emergency fund.

Tip 3 – Get Some Life Assurance

Having an emergency fund is great, however it is not going to provide an ongoing income for your family should the worst happen. Life Assurance is essential if you have a young family that depends on your income. Recent studies suggest that your children will be dependant on your income until they are about 25.

You can get expensive policies with lots of bells and whistles that will cost you an arm and a leg however a basic life assurance policy can start from as little as €13 per month. We have a good Life Cover Calculator on this website which will help give you an idea of the amount and cost of the life cover you might need. You can also speak with a MortgageLine Financial Adviser to make sure you get the policy you need at a competitive price.

When all is said and done, family is more important than anything else life might throw at you and so it is vital to make sure you plan ahead as much as possible. It is easy to get caught up in the doom and gloom that continues to hover like a bad smell all around us here in Ireland but in the mist of it all we are in the middle of a baby boom, which is great. I for one am glad that I am a member of the baby bloom club. Its been a tough few years in this wee country of ours but I know for sure that my kids continue to keep me focused and help me look ahead to face the challenges we all face head on.(even if they are little feckers every now and again) That’s my two cents worth anyhow!

Please use the box below if you have any questions or comments.

In a surprise move Minister Noonan has also increased the relief for First Time Buyers who buy a home in 2012. I have to say, although I strongly agree with this course of action, I did not see it coming. The original Fine Gael plan was to increase relief for homeowners and reduce the relief for home buyers. So its good news all round. Homeowners and Homebuyers will have extra money in their pockets.

So what does all this mean for Homeowners and First Time Buyers?

Starting with Homeowners, Budget 2012 has increased mortgage interst relief to 30% for First Time Buyers who bought between 2004 and 2008. The relief is restricted to the first 10,000 mortgage interest per person. For a joint First Time Buyer mortgage of 300,000 on a interest rate of 4%, bought in 2006 this will mean a new monthly relief payment of €300. This is an increase of €100 per month.

For prospective First Time Buyers, Budget 2012 has increased mortgage interest relief to 25%. It was widely expected that mortgage interest relief would be gone altogether for new First Time Buyers so this is an unexpected but welcome bonus. For a new 2012 First Time Buyer mortgage of 200,000 on an interest rate of 4.5% this will mean a monthly interest relief payment of €188. This is a big incentive for First Time Buyers to buy in 2012.

To sum up it really is good news all round for Homeowners and Homebuyers alike. For Homeowners this extra relief is of course not going to solve the huge mortgage arrears problem but it will at least put some extra money in the pockets of those who bought at boom-time prices. For Homebuyers this is an unexpected bonus and could be the kickstart the property market needs.

Only time will tell if Michael Noonan’s mortgage relief gamble will pay off. It could be argued that its not really a gamble at all. If the property market continues to trundle along and few people buy in 2012 then the new First Time Buyer relief will not cost the government much, however if it gives the property market a boost and more buy then the extra outlay will be offset by the boost to the economy. Its a no-brainer really!!, Why didn’t I think of that!

Please feel free to use the comments below if you have any questions on the changes to mortgage interest relief in Budget 2012.

You can download the latest Allsop Catalogue for November 2011 here

There is a good mix of appartments, houses and commercial property and they are not all located in Dublin. There are properties available in every county bar two (nothing on offer in Monaghan or Longford)

The results of the last Auction can also be seen in the catalogue. 84% of the September Auction properties sold for a total of €9,524,500.

The November Auction will be the fourth Irish auction for Allsop. To date the auctions have been a success for the sellers and buyers alike. Even in the midst of a recession property will sell at the right price it seems.

€200 Million Free Life Cover for 20,000 parents

That’s €10,000 for each parent! Its a limited offer so get your free cover today.

Protecting your family’s future is one of the most important things to plan for. However, many of us don’t have any life cover at all. In fact, two of every three people who do have cover, only have enough to protect their mortgage – nothing else.*

Today I would like to let you know about a great offer from Irish Life that I think you’ll be really interested in. They’re offering to give you a head start with your family cover, by giving each parent €10,000 life cover for a year, absolutely FREE!

Key benefits of this fantastic offer:

• €10,000 FREE life cover for each parent for 12 months.
• Available to parents whose youngest child is aged 13 or younger
• Offer is completely FREE
• We’ll confirm you’re protected and you’ll be on cover instantly!

Hurry – offer available to first 20,000 parents who apply! This fantastic offer won’t last – when it’s gone, it’s gone.

So, apply now, sign up for updates on our latest products and services and we’ll confirm your €10,000 life cover instantly.

Don’t forget friends can apply too. If you have any friends who might be interested, why not send this info onto them. But, remember, the offer is limited and I expect it to be filled quickly, so make sure you apply for your free life cover before sending it to anyone else!

Please note that this offer is open to all parents with children aged 13 or under. You do not need to have a mortgage to avail of the free cover.

Click here to apply now and I’ll be in touch shortly.

Please do not hesitate to contact us or use the comments below if you have any questions on this limited offer.

This brings the newly formed company’s sales receipts since April to over €40m with an overall success rate of 92%. The composition of the catalogue was less reliant upon distressed stock with a greater proportion of lots being offered on behalf of private sellers.

A total of six Irish lenders were represented along with various fixed charge receivers and administrators. Lots ranged from residential investments in Dublin to vacant houses in rural locations. Commercial properties offered included vacant pubs and industrial investments, mixed use buildings and a partly let garage site for redevelopment.

Commenting on the sale, auctioneer and director, Gary Murphy, stated: “This result demonstrates a continuing and, we hope, a sustainable demand for Irish property. The evidence gathered at the auction established that only 14% of successful buyers were using borrowed money. The majority were cash purchasers.”

The auctioneers reported a broad international interest in the event with buyers registered from Australia, Luxembourg, Gibraltar and the UK. The mix of buyer was equally varied. 57% of lots went to buy-to-let investors, 29% to owner occupiers and 11% were sold for development. The sale saw auctioneer Chris Berriman’s debut performance on the Dublin rostrum. “The Irish audience was very welcoming.” he said “There was a buoyant atmosphere in the room and a really competitive attitude to bidding.”

Highlights of the sale included:

• Lot 1 – a two bedroom apartment at Custom House Harbour, IFSC (International Financial Services Centre), Dublin 1 producing €11,700 pa, received a record level of interest with over 120 legal packs downloaded prior to sale. It sold for €160,000, a yield of 7.3%

• Some of the fiercest bidding of the day was for Lot 24, Tuskar House, Wexford, two freehold buildings arranged as 12 apartments, ten let and producing €65,556 pa. With a disclosed maximum reserve of €290,000, it sold for €470,000.

• The largest Lot (29) of the day sold for €1,150,000 from a maximum reserve of €850,000. 64-65 Prussia in Dublin 7 comprises two freehold buildings with four commercial units and 14 self-contained apartments. It was partly let and producing €86,520 pa.

• The sale saw the first disposal by Allsop Space to a buyer on line. Lot 57, three vacant apartments in Cratloe, Co. Limerick, was knocked down to an Irish bidder for €112,000.

Allsop Space’s next sale will be held on 30th November, also at the Shelbourne Hotel. The catalogue will be released on line 5th November.