Planning & Advise



PSB Bank helps you build a balanced and realistic plan for your personal financial goals. Here are the five PSB Bank easy steps to turn any dream into a reality.

 

Step 1: Set a goal

Do you have financial dreams or financial goals?


While they may sound like the same thing; they're not. A financial dream is something you hope for; a financial goal is something you've planned for. And it's the planning – not the hoping – that turns financial desires into financial reality.  


It could be anything, from financial freedom to that most desired long vacation or maybe your own business. There is no limit.  


Step 2: Evaluate your current situation

There are many questions to be answered before you can make a realistic financial plan. Here are some examples of what is important before you can start with your plan  


·         Are you in debt?


·         Can you earn more?


·         Are you young, middle-aged or on the road to retirement?


·         What saving plans do you currently have?


·         Do you have kids?


·         What changes do you expect in the future in terms of your income or spending patterns?


·         Will your kids go to college?


·         Are you married or will you get married?


·         Will you earn a degree or do you expect to get promoted
 


Once you have established your current situation and had your “reality check”, it’s time to use that information to make a plan.

Step 3: Get Savvy

Get all the information you can on what your options are on the island. Every bank wants your money and therefore will do anything that is possible to get you as a client. Make sure you know what’s the best deal for you. Find out all you can about saving, borrowing and investing on the island. If you expect your kids to go to college, find out what effect this will have on your finances.


Planning ahead will help you have realistic expectations and a lesser chance of failing to achieve your goals.

Step 4: Create a Plan

Once you’ve establish what amount you will need for your dream and the number of years you have before you need to use the money it’s time to plan.


What you plan to accomplish


·         What resources you'll need to make it happen


·         How much time you'll need to make it happen


·         How you plan to make your goal fit into your overall budget and life



Step 5: Stick to the Plan

Perhaps the hardest part of this 5-step approach is this final one: sticking to the plan. But it is the most important one. Don’t let drawbacks stop your efforts. Continue your efforts to save after each drawback. Even if you don’t realize your dream, you will be able to recover much sooner from a financial drawback once your plan is in place.  And saving will also help you to prepare for any other drawbacks in the future.