Jane, 26 and Henry, 28, are a couple living in Antigonish, Nova Scotia. They have got married for three years, and are currently renting an apartment.

Jane earns $2,840 a month and Henrys monthly salary is $3,000. Their necessary monthly living expenses are $3,900. They have more than enough money for their living expenses, but they do not manage to save for emergencies. They only have $1,000 in emergency fund. Each person owns a car, which they still need to pay monthly payments. Both like shopping as well as eating out. They also enjoy going on vacation with each other. They have eight credit cards between them and carry a balance on those credit cards of $4,500 in total.

They plan to buy a house and have a kid in two years, but are not sure if they will have enough money. As a financial adviser, what advice can you give them to improve their personal finance? (give as many as you see relevant).