Mark and Alexa are a newly married young couple with a 5 year old child. They are both 30 and make a salary of $50,000 gross($41,600 net) each. They are currently renting their apartment and dont own any real estate.

They are looking to move into their first home in 5 years. They would love to have a full detached home, but recognize they may not be able to afford it in a 5 year time frame. They predict full detaches in 5 years will cost $1,200,000 , semi-detached $950,000 and townhomes $850,000.

They make regular savings deposits of $100 per month each into their TFSAs. They currently have $8,000 each saved in their TFSAs.

They believe education is important and want to put their daughter through school without any debt. They havent started any savings yet, but are willing to deposit $500/month up until she turns 17 old. They want to have $100,000 save by the time she is 17.

They have relatively poor spending habits and keep an $8,000 balance on their credit card(interest rate of 25.99%) which they have only made a minimum payments of interest only. They also have a Line of Credit with a 40 balance but a $10,000 limit at 4% interest rate. They are not overly worried about paying off this debt, but would like to reduce the amount of interest cost but are not sure how.

They dont mind working until age 70 as they enjoy their work and keeping busy, but they would like to purchase a cottage and enjoy the countryside by the time they are 50 and pass this down to their daughter.

They budget they will need 4250,000 for the down payment.

Follow all the steps and put together a financial plan for the couple in the most efficient manner allowing them to achieve their goals.