Q: We’re looking to buy a house. How do we scrape together a down payment?

To realize your home goal, start by opening up—or dipping into—your Registered Retirement Savings Plan. The Home Buyers’ Plan (HBP) allows a first-time buyer to withdraw up to $20,000 from an RRSP for a home purchase, and you have 15 years to repay the withdrawn amount. The best way to painlessly build up tax-sheltered funds in an RRSP is by setting up automatic monthly contributions with your bank. When you consider that the average homeowner in Canada is worth $140,000, saving for a home is one of the best wealth-building strategies.

How do we find a good broker?

Simple: Ask friends and colleagues what brokers or full-service financial advisors they would recommend—and why. Then meet with several to find the one who (a) has lots of experience, (b) speaks plain language, (c) is licensed (they have to be in order to sell securities), and (d) most importantly, you can trust.

My husband and I earn a decent income but we never seem to get ahead of our debts. What can we do?

First, don’t beat yourselves up. According to a recent poll by Ipsos-Reid, one-third of all Canadians are concerned about their current debt load. Taking simple steps can make an immediate impact on curbing your debt. For one thing, chill the frappé lattes. Whatever your indulgence, a mere $2 daily habit adds up to $60 a month or $730 a year. And while you’re cutting out the lattes, cut up your cards. According to the Credit Counselling Service of Toronto, the biggest mistake that people make is having too many credit cards. Even one card can do sufficient damage.

My partner and I want to try playing the stock market. What do you recommend we start with?

Try mutual funds. When you invest in these, you’re investing in a pool of securities that are managed by professional portfolio managers. Spreading your dollars across a mix of securities reduces your risk of betting on a single investment. But all mutual-fund products are not created equal, so make sure to ask these three key questions before buying: 1. What is the track record of the fund? (Preferably over five years.) 2. What type of securities does it hold? 3. What are the annual expense fees? (They’re known as MERs or management expense ratios.)

We want to start investing our money. Can you give us any tips?

Bar none, the automatic PAC (pre-authorized contribution) is the best route to successful investing. Pack away just 5%, ideally 10%, off the top of your paycheque to reap the magic compound interest. I keep a handy investment calculator on my desk to remind me about the power of steady investing: Based on a 9% interest rate, a monthly contribution of just $50 translates into $3,737 in 5 years, $9,486 in 10 years and a whopping $52,884 in 25 years.