How did you come to the decision that you need a full backup taken on a Monday , with differential backups taken on every other day , with 5 minute Tlog backups ?

How large is your database ? How much data changes and how frequently ? A 5 minute Tlog backup could be a huge overkill but not knowing your system I can not say for certain.

Do you have some sort of backup retention plan ?

What is the reasoning behind the frequency of your Tlog backups ? Are you performing log shipping ?

I am assuming that you can not afford to loose more than 5 minutes worth of transactions.

Depending on your Recovery Point Objectives (RPO) & Recovery Time Objectives (RTO) will play a part on your backup and recovery strategy.

If you do not know the answers to these it makes it difficult to implement an appropriate strategy.