On the other hand, the money they are saving will be reduced once they have a child. Finally, they could downsize their house in time, "freeing up lots of cash for their spending goals." The problem: Finding a balance between paying off the mortgage and saving for retirement while planning to have a child. The plan: Devote their $2,500 a month in savings to their retirement plan, realizing they will have to suspend savings for the time Rose is on mat leave. Catch up with Rusty's unused RRSP contribution room. Considering lowering their retirement spending target. The payoff: A clear road map to get them through the next several years. Assets: Bank accounts $21,000; her TFSA $17,000; her RRSP $8,000; market value of defined contribution pension $8,000; estim. present value of DB pension $65,000; residence $1,700,000. Total: $1.8-million Monthly outlays: Mortgage $3,900; property tax $585; water, sewer $30; home insurance $70; heat, hydro $220; security $45; maintenance, garden $155; lease payment $440; insurance $290; fuel, maintenance $310; parking, transit $230; grocery store $250; clothing $100; gifts $265; vacation, travel $420; other discretionary $40; dining, drinks, entertainment $700; grooming $100; hobbies $700; life insurance $50; disability insurance $25; Internet $70; TFSA $1,000; pension plan contributions $920. Total: $10,915 Surplus: $1,500 Liabilities: Mortgage $830,000 at 2.09 per cent. Total: $830,000 Want a free financial facelift?

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