Pete and Donna were 36 and 32, respectively. They had two young daughters, Lily aged 8, and Olivia aged 5. Peter worked full-time while Donna worked part-time. Donna planned to increase her hours but not for at least eight years. They owned their own house. However, they did have a significant mortgage.
Their budget was extremely tight because of their mortgage and what seemed to be the ever increasing costs of living. While the cost of the girls' education was currently manageable, they knew it would increase as the girls got older.
Pete and Donna felt like they were just keeping their heads above water and also thought things would get harder. They didn’t know what they should or shouldn’t be doing. They made the wise decision to go and see a BankVic financial planner to get advice.
Their meeting with the financial planner involved discussing all aspects of their current situation, their plans for the next five years and well beyond. Even at this early stage, Pete and Donna felt they had made progress. They agreed to have a financial plan prepared for them.
After discussing with their financial planer, they agreed that the issues that needed to be covered were:
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