At the core of the products and services offered by Fidelity Bank (Bahamas) Limited is Personal Financial Planning, with accountability to a Financial Coach. This core service entails using the following Financial Planning ‘Smart Steps’:
1. Set your goals (in order of priority & with a time frame).
2. Prepare your monthly budget (a spending, giving, savings/investing plan) to:
(Request a goals form and budget form from a Financial Coach at any branch of Fidelity Bank (Bahamas) Limited to facilitate the aforementioned).
3. Prepare a weekly time allocation plan (a time table of activities and pursuits to assist you in working towards your goals).
4. Develop an ACTION PLAN (a list of DOs, DEFERs and DON’Ts based on your goals and budget forms) with the help of a Financial Coach (or mentor) who will keep you accountable.
5. Reduce and consolidate debt using a Debt$aver Loan (to provide more money for savings and to fund your goals).
6. Establish an Asue Savings Account & Fixed Deposits to fund your goals, i.e.:
7. Only borrow to buy something which increases in value or to increase cash flow for saving (e.g. Debt Consolidation Loan or an Automobile Loan so you can go to and from your job).
8. Contribute to a Retirement Fund (to supplement National Insurance).
9. Prepare an Estate Plan (Term Life Insurance and a Will or Trust).
10. Invest to fund your long term goals (e.g. a Lot Loan for Real Estate).