recently married couple just graduated from school and they both have started full$-$time, well$-$

paying jobs. They have come to you as a Financial Planner for advice. During your interview you

have discovered the following information about your prospects:

Both parents have gifted the couple $$50,000$ each for a total amount

of $$100,000.$

The married couple both say they have $$35,000$ of RRSP room.

Both owe $$10,500$ in student loans.

Both have good jobs and are in a $35\%$ tax bracket.

Their combined gross income is $$100000$

The couples goal is to pay off their student loans and then buy a house in the next few years and

save for retirement. Design a plan for this couple to achieve their goals and objectives

Family Expenses Cost

Income tax & deductions $31000$

Rent, utilities, internet $19500$

Student loan payment $6200$

Cell phones $1200$

Clothing $5000$

Food $9600$

Entertainment $4800$

Gifts $2680$

Personal spending $3600$

Public transit $4800$

Gym membership and sports $3200$

Miscellaneous $1200$