Steve and Maggie are a young couple with a 1 year old baby. Steve is an engineer with a salary of 80,000 per annum. After deducting taxes and other deductions, Steve can take home of $2286.47 per fortnight. Maggie is now a full-time mom taking care of their young children, so they don't need to hire a nanny, therefore they can save $450 per week for that. Before having children, Maggie was a preschool teacher with a salary of $45,000 per year (equivalent to $1401 after taxes and other deductions). Currently they only have $3000 saved in the checking account.

• Steve and Maggie list the following information to ask for advice from a personal finance professional:

•- This couple is renting a house with a rental cost of $450 per week. They also want to purchase a house of $500,000 with a down payment 20% of the house value.

•- They have 2 cell phones with a monthly cost of $40 

•- Electricity and water bill is estimated at about $150 per month

•- Internet and TV bills are estimated at $70 per month

• They spend about $150 per week on incidental expenses like clothes and entertainment

•- Food cost per week is $150 

•- Steve goes to work by bus, so his bus fare costs $120 per month

•- The couple also has a newly purchased car for $15,000 that comes with a 5-year loan at an interest rate of 14.75%. This car costs a registration fee of $287.75 per year. They also need to purchase two types of warrants of fitness for this vehicle, which costs $120 per year. 

• They spend $25 per week on petrol.

•- The car has a market price of $12,000 now. 

•- Regarding debt, they have a personal loan of $7,000 with installments of $151.67 per month. 

•- They also recently replaced some appliances in their house and so they have a $4,600 hire purchase debt, which means they have to pay $150 every 2 weeks for the next 3 years. 

•- The above personal loans and hire purchase debt have interest rates of 22.5%. 

•- The value of household items, including those purchased in installments, is currently $15,000. 

•- Steve has accumulated $1,750 in a savings account.

• Based on the above information, if you are this couple’s personal financial planner:

• 1. Set short-term, middle-term, and long-term financial goals for the couple.

• 2. Create a financial statement (balance sheet and income statement) for this family on a fortnight basis.

• 3. Analyse this family’s financial position by applying proper ratios, identify areas of concern based on your analysis and give them advices on ways to improve their financial situation.