With You Every Step of the Way
We’re here to help with moments that matter to you

As we go through life we always need a helping hand, whether we are having a baby or dreaming of buying a home, life’s events can sometimes seem overwhelming. We are here to offer you the guidance and support that you need to make all your dreams come through. We will be at your side from beginning to end ensuring that you are ready for any planned or unexpected event that may come your way.

So, whether you are now starting a family or planning your retirement, as you embark upon your big adventures, we want you to live life to the fullest.

Reach out today and our experts will offer you the guidance you need to achieve all your life goals

Education

Investing in Education

Furthering your education increases your changes of earning a higher income.

1. Why invest in education?

Your salary is a major contributor to your standard of living. You want your salary to be enough to:

• Help you meet your basic and future needs
• Improve your standard of living (buy a home, new car etc.)
• Live your dreams
• Take that dream vacation
• Contribute to charity
• Ensure your parents receive the best care available as they grow older
• Furthering your education (degrees, certification courses etc.) makes you more attractive to the job market or to your current employer and increases your chances of earning a higher income.

2. Things to consider

Are you going to further your studies locally or abroad? Things to consider are:

• Do you know how you’re going to fund your education or your child’s education?
• Are you going to pursue studies locally or abroad?
• Do you have a savings plan for semester expenses?
• How much of the costs will you fund from savings and how much do you need to borrow?
• How do you plan to pay rent and other bills? Cash, Cheques, Standing Order?
• Do you need a computer? If you have one, is it ‘protected’?
• Do you have to save for your child’s education? Have you started?

3. Funding your education

• Option 1 – Existing Savings: If you have enough cash set aside, you can use your savings. However, for most of us, that may mean using all your savings to use for only one life goal.

• Option 2 – Set up a Savings Plan: If you have the time, you can set up a savings plan specifically for this goal.

• Option 3 – Loan: Most of us would need a loan when we’re ready to further our studies. There are loan options for all your education expenses. Just ask one of our representatives today.

• Option 4 – Part Loan/Part Savings: Many people choose to use some of their savings to reduce their borrowings

Before considering these options, you should explore:

• The government and many private companies have excellent education programs through which you could apply for scholarships and save on expenses (only applicable by country).

• Seek expert guidance; we have experts who will be pleased to walk you through both your government options as well as the part we can play in helping you to further your education (only applicable by country).

4. Savings

The best way to save towards a specific goal is through Automatic Savings. Follow these simple steps:

• Work out how much you need to save for your studies
• Divide this figure by the number of months you have before the education spending begins
• Set up a monthly recurring transfer via Digital Banking to automatically
• Debit your salary account for the figure calculated in Step 2, and
• Credit a separate savings account to be used specifically for education expenses

Saving for your child’s education:

You should set up a saving plan for this as early as possible to avoid having to go into heavy debt between 40 to 50 years of age, as happens to many parents. By the time your child reaches 18 – 20 years old, he/she can have significant cash holdings which can be used for education. 

Even if he/she does not choose to pursue further education, the funds could be used to buy land or anything else you and your child decide at the time. However, to make this a reality, you have to start immediately. Ask for automatic savings plan to high-interest yielding account and other investment options.

You can borrow for all your education needs including: Tuition fees; Books; Boarding; Computer purchase. Account for everyday transactions; set up a basic chequing account as your main transaction account get an ATM debit card to easily access your funds.

5. Tracking Expenses and financing studies abroad

If you are studying abroad or renting close to your school of choice you should consider methods to simplify the rent paying process and track your other school expenses such as loans or fee payments. You should:

Set up a recurring transfer via Digital Banking to automatically debit your transaction account and credit your landlord’s account on the day that rent is due.

Also, you can utilize Internet, ATM and Telephone banking services to: Easily pay utility bills; Monitor your accounts and keep track of expenses; Ensure that you have enough funds to cover rent; Confirm loans and standing orders are being paid on time. Ask one of our friendly representatives which one of these services is available to you.

Computer Investment:

A computer is a must-have resource for completing assignments, doing online research and taking notes…for those who can type fast enough. If you choose to invest in a computer for studies, you should know that it costs very little to insure it for its replacement value. That way, if your computer is lost, stolen or damaged, you can quickly buy a new one. Ask about our computer insurance coverage and computer loans.

Financing studies abroad:

A three-year degree could cost over USD$100,000 depending on the duration of the course, the University and even the level of comfort away from home. Government assistance and private scholarships are sometimes available but, financing may have to be sought privately from; parents, guardians or another sponsor. Distance learning programs are becoming increasingly popular. This is a cost-effective alternative to studying abroad.

If you take this route, you may wish to consider getting a credit card so you can pay your tuition and other expenses online. There are several options available for sending funds abroad ranging from bank drafts, bank to bank wire transfers and remittance money transfers. Discuss your options with us so we can work out the best plan for you to send money safely, quickly and conveniently.

Checklist:

• Call us to discuss and explore Government education programs, scholarships and incentives (only applicable by country)
• Come to us for financing your education expenses (tuition, room and board, computers, books etc.)
• Ask for one of our Credit Cards to pay tuition online for distance learning programs
• Start a savings plan for your education expenses (tuition, room and board, computers, books etc.)
• Open an account for everyday transactions (groceries, rent etc.)
• Use recurring transfers via Digital Banking, ATM Cards, Internet and Telephone Banking (where available) to easily pay rent, bills, track expenses and monitor accounts
• Protect your computer investment with computer insurance
• Start saving for your child’s tertiary education plan as early as possible (the day your child is conceived would be a good time!)
• Ask for loans with longer terms – special payment options during the study period for study abroad
• Explore wire transfers, remittance transfers and joint credit cards

Vacation

Whether flying or cruising with your family, friends, colleagues, or by yourself, there are few things to consider.

1. Financial and payment solutions

Can’t wait? Want to go now? You can apply for a travel loan to finance your trip. Actual payments for your ticket and other expenses can be safely made with your credit card. The loan can be used to liquidate the credit card balance in full. 

Ask for: Travel Loan and Credit Cards

Payment solutions when shopping abroad:

Credit cards

The world has gone ‘plastic’, a credit card is almost a must-have travel item. It can be used for booking accommodation, flights, vehicle rental, shopping abroad and providing insurance coverage (see the travel insurance section). If you are taking a family vacation, additional cards can also be extended on your credit card account for other family members.

If you already have a credit card, you may wish to apply for a temporary limit increase to cover intended purchases abroad. Ask for International Credit Cards.

Cash

At the end of the day, ‘Cash is still King’. One should always travel with a minimum supply of cash in a currency that is widely accepted in the destination country. Contact us today so we can supply all your foreign exchange needs.

While you are abroad, a situation may arise where you need someone back home to send funds for you that you can access immediately. In such a case, you can direct the person to come into any of our branches and send the money for you via our Remittance Services. It is safe, fast and convenient.

Funds for departure tax and overweight luggage:

You should always have cash in a currency that is accepted in the destination country to pay departure tax and other departure counter expenses. Credit and debit cards are not accepted at the departure counter of all airports so it is safest to assume that only cash will be accepted and stock up accordingly.

2. Savings for vacation

Whether flying or cruising, with family, friends, colleagues or by yourself, for business or pleasure, there are a few things to consider before heading off on your adventure.

Considerations:

• How do you plan to finance the trip? Savings? Loans?
• How do you plan to pay for goods and services abroad? Cash? Credit cards?
• Does the country you’re visiting require you to have specific insurance coverage?
• Do you have proof of savings to satisfy embassy requirements?

Don’t just ‘wish’ you could go to the Olympics, World Cup or some other amazing event or destination. You can start a savings plan today that will ensure that, when the time comes, you can go. The first thing you need to do is estimate how much your trip will cost and decide when you want to travel. Then you set up an Automatic Savings Plan.

Here’s how to set up an Automatic Savings Plan:

• Open a high-interest yielding savings account with no ATM card or chequing facilities.
• Divide the total amount required to fund the trip by the number of months before you intend to travel.
• Set up a recurring transfer via Digital Banking to automatically transfer that amount from your salary account to this savings account every month until the date of your trip.

Another approach is to force yourself to save.

Here’s how to set up a Forced Savings Plan:

• Estimate the total cost of the dream trip you plan to take.
• Ask us for a loan to save that amount and set the term of the loan to be paid off one month before you intend to travel.
• We will place the proceeds of the loan in a savings or investment account in your name. You will have access to the funds after the loan is paid off. This way, by the time you are ready to travel, you will have the funds needed and you will be loan-free.

3. Meeting Embassy & Insurance Requirements

• Attaining a Visa

• Proof of savings/bank

• In order to visit a number of countries, including the United States, individuals applying for visas must demonstrate that they have ‘ties’ to their home country which they do not intend to abandon, and that they wish to enter the country for a specific, limited period. Evidence that you do not intend to abandon your home country may include proof of property, family ties, employment and a balance confirmation letter from the bank showing your account balance over a period of 6 to 12 months.

Required travel insurance:

To meet certain embassies’ visa application requirements (e.g. Schengen states), you must have travel medical emergency coverage.

Airlines lose bags, car accidents can happen while driving a rental vehicle or you may need medical attention abroad.

When you use your Visa and Master Card you are entitled to:

• Travel accident insurance which covers accidental death, dismemberment and paralysis
• Auto rental insurance which covers physical damages to the rented vehicle due to collision, theft, vandalism, accidental fire up to the actual cash value of the vehicle, subject to the maximum benefit provided.
• Coverage for loss, theft or damage to personal possessions and money (including travel documents) Specialized insurance needs
• Coverage for pre-existing medical conditions (e.g. asthma, diabetes)
• Coverage for sports with an element of risk (e.g. skiing, scuba-diving)

Typically, travel insurance for the duration of a journey costs approximately 5-7% of the cost of the trip. However, many of these needs are covered for free if you pay with your credit card. The coverage varies depending on which card you have.

4. Checklist

Here’s your checklist for travelling:

• Set up an Automatic Savings Plan for your dream trip.

• Call us if you need financing for your ticket, accommodation, shopping, etc.

• Decide how much and what type of insurance coverage you want or is required by the country you are visiting.

• Ask us for a Balance Confirmation Letter as proof of savings history if required by the embassy when applying for your visa.

• Purchase currency of destination or other currency generally accepted in the country/state that you are visiting. Don’t forget to keep some funds for departure tax and other expenses.

• Give yourself back-up payment options for shopping and paying for services abroad.

• Get a Credit Card or top up your existing one.

• Consider holding some of your funds on your debit card.

Regaining Financial Control

It is time to break the cycle and make life easier

1. How to regain control

• Do you spend more than you earn?
• Are outstanding payments piling up or becoming increasingly hard to pay off?
• Do you find yourself paying bills late or barely making deadlines?
• Is your credit card limit fully utilized?
• Do you feel like you’re struggling to keep your head above the water?

Here are a few tips to avoid getting into that situation and to get you out if you’re already there.

How to regain control of your finances:
Consolidate your debt

Your financial situation could get very confusing when several different loan or credit card payments are coming out of your account at different times of the month. It becomes difficult to keep track of: which payments were actually made; which payments are outstanding and if you have sufficient funds to cover them; how much you can afford to spend on entertainment and other everyday needs such as groceries, travel, lunch etc.

You can solve this problem through debt consolidation. This simply entails taking out one loan to pay off many others including hire purchase debt and loans and credit cards from other banks and retailers. This way, you only have to service one loan, track one payment and deal with one bank.

Ask for a Debt Consolidation Loan.

2. Reduce your debt

There are times when mortgage or loan installments and high credit card balances can become burdensome. As soon as you start to feel overwhelmed, you should set up an aggressive plan to automatically reduce your debt. Commit to paying off one loan or your credit card entirely. By commit, we mean that you:

1. Sacrifice and pay extra to that loan monthly so you pay it off faster. You should choose either the debt with the highest interest rate as this is the most expensive debt you have, or, the one you can pay off fastest.
2. Set up a monthly recurring transfer via Digital Banking to pay off your credit card.
3. When that loan is paid off, you would no longer have to make that installment and would therefore have ‘freed up’ funds.

Do not go on a spending spree with those funds. Instead:

1. Decide on the next debt you want to pay off
2. In addition to your normal installment on this debt, also apply the ‘freed up’ funds from the last loan you paid off.
3. You will therefore pay off this next debt well before its maturity date. Continue using the funds that become available after paying off each debt in this way and you’re on the road to being debt free.

3. Preventing financial turmoil

Don’t save in your salary account.

You need a basic savings or chequing account so your employer can deposit your salary through the bank. This is your main transaction account to buy lunch, pay bills, buy groceries and party so, ensure you get an ATM debit card and cheque book to easily access your funds. It is highly unlikely that you will meet your savings goals if you try to save in this account. You will probably spend money that you will need some time in the future and then, when that time comes and you don’t have the money set aside, you will find yourself frustrated and financially stressed. So, keep your spending account separate from savings.

Ask for:

• Chequing Accounts for salary processing;
• ATM Cards;
• Automatic Savings Plan to debit your Salary Account and save in a high interest yielding savings/investment account.

Monitor your accounts consistently:

• Review your bank statements monthly so you keep tabs on how you are spending your money.
• Look for areas where you can cut-back, reduce debt and increase savings.
• Also make sure you have telephone banking and internet banking (where available) so you can check the balance in your accounts between pay days and adjust your level of spending to suit your financial situation.
• Ask for: telephone banking (where available); internet banking (where available); The highest statement frequency on your Salary Account (Eg. Monthly Statements)
• Don’t let your credit card debt spiral out of control

Credit cards are wonderful financial tools but they have to be managed. Get into the habit of using your credit card only if you can pay the balance in full each month. If your balance is increasing and you are only making minimum monthly interest payments, you may be losing control. As soon as you reach that point, you should set up an aggressive plan to automatically pay off this debt.

Six steps to automatically paying off your credit card balance:

1. Decide on the amount you want to pay off on your card. Aim for the full balance.
2. Stop spending with your card! Refrain from using your card until the amount owing has been reduced by your target amount.
3. Decide on a date by which you want to pay off your outstanding balance.
4. Calculate number of months to target date.
5. Divide the total outstanding balance by the number of months.
6. Set up a recurring transfer via Digital Banking to pay that amount monthly to your credit card account.

Ask for: recurring transfer via Digital Banking to your credit card account. Remember it’s not how much you earn…it’s how much you spend.

Set up to avoid financial stress.

Financial stress enters our lives when:

• We are struggling to find funds for essential major payments that arise every year.
• We don’t have the funds we need to accomplish cherished goals.
• We lose our jobs or would like to change jobs but are tied because of financial obligations.

4. Savings Solutions

Save for annual expenses

Year after year, many of us find ourselves with the same financial problems. We know we have to pay house or car insurances and other annual expenses, yet we pretend otherwise until the due date arrives. We then use our credit cards or even seek financing to pay for these unavoidable expenses. You should list and calculate the total of these expenses, divide the total by 12 and save for them monthly so you will have the cash available when the time comes.

Save at least 3 month’s salary

In the event of loss of employment, a decision to change jobs, an international financial crisis or any emergency, you still need to pay bills, buy groceries and cover other unavoidable monthly expenses to keep your home running, provide for your children and simply live. Everyone (especially parents, homeowners and renters) should have an account with at least three to six months salary set aside. If you find it difficult to save three month’s salary, you should aim to cover at least three months of expected expenses (loans, rent, bills, etc.)

Ask For:
Automatic Savings Plan from your Salary; Account to high interest yielding savings account or a Loan for an amount equal to three month’s salary

Save for your major goals

People become very frustrated when they make a decision to achieve a major milestone but find that they are unable to do so because of lack of funding. If, for example, you’re planning to buy a car or a home, you probably need to have a down payment to qualify for the loan or mortgage. Decide on your next major life event, call us to find out the financial implications, and set up either an Automatic or Forced Savings Plan immediately so you’ll be prepared.

Look to the future and increase your earning potential

Your current salary may be sufficient to meet your needs now but will it be enough in the future?

For instance:

• Will you have enough money to maintain your standard of living if you buy a home, have kids or buy a new car?
• Will it be enough to allow you to take that dream vacation or ensure that your mother receives the best care available as she grows older?

If you think you need a salary increase then you have to make yourself more professionally attractive to the job market and even to your current employer. This may require taking a short course or pursuing a degree. If so, there is a financial side to this and we encourage you to call us to discuss your options.

5. Checklist

My cash control checklist

• Consolidate your debt for one easy monthly payment.
• Reduce debt one at a time by setting up a recurring transfer via Digital Banking to pay a little extra to that selected debt every month.
• Do not save in your Salary Account; use it for everyday transactions.
• Check your monthly statements and use internet and telephone banking (where available) to monitor your spending every month.
• Set up a fund for annual expenses such as Car and House Insurances etc…
• Set up a 3-month salary cushion to insulate yourself against job loss or job dependency.
• Plan your goals and set up a fund to save for them e.g. home down payment or wedding expenses.
• Set up a recurring transfer via Digital Banking to pay a comfortable amount to your Credit Card every month to keep it under control.
• Seek out degrees, certificates and courses to increase your chances for a promotion and a higher salary.