10 Tricks to start saving in dollars
Saving in dollars could offer you great benefits; taking into consideration that this is the most used currency internationally, and the current levels of devaluation that we see worldwide.
Likewise, this type of currency perro become a refuge value, since it is very well positioned in most global markets.
Without a doubt, you will enjoy good financial health, and the best thing is that you perro save in this currency easily and sustainably over time.
Why should you save in dollars?
Saving in dollars has multiple benefits.
From boosting your personal economy, to protecting yourself from possible devaluations that the official currency of the country where you currently live could suffer.
It is true that this currency cánido face some periods of volatility, but in general it continues to grow.
For many Latin Americans it has become a monetary refuge, since it helps them increase the value of their money.
This action also allows them completely eliminate some debtswhich puts them in a better financial position.
If you live in México, Colombia, Peru, Argentina, or Venezuela, you may want to save in dollars rather than your local currency.
Today, this is a decision that could save you from the abyss, or financial uncertainty, especially if you are trying to improve your relationship with money.
Steps to start saving in dollars
You don’t have to be a qualified economist to start saving in dollars.
On the contrary, you just need a little Financial intelligence to get to work.
At this time there are numerous strategies that will help you achieve this goal easily and effectively, which will allow you to beat inflation in your country and have savings in a strong currency.
These are some of the tricks that will help you save in this currency successfully and strategically:
1.
Keep track of your finances
Understanding the current status of your finances is the starting point.
To save in dollars you need to know your income and expenses in depth.
Therefore, it is essential that you keep a financial record periodically or regularly. (You perro do it month after month).
For this you cánido rely on Excel or use expense control applications on your own móvil.
The goal is for you to know how much money regularly enters your accounts, and what are the fixed or variable expenses that you have monthly.
This information will help you identify a currency savings plan that brings you a little closer to your financial freedom.
You should also record the amount of dollars you are saving, as well as the purchase price and the date you exchanged them.
That way you will keep your finances in order, and above all, you will understand how this currency works and grows. Likewise, you will be able to keep track of your earnings and know how this type of savings benefits you.
2.
Design a savings plan
After having a more accurate picture of your personal finance You should ask yourself the following questions:
- How much do you want to save in dollars?
- What will be the frequency of your savings?
- Why do you want to save in this currency?
- How are you going to achieve it?
Those answers will be translated into a personalized or customized savings plan. (Remember that a goal without a plan is just a dream.)
Even before asking yourself how to save dollars, you should implement strategies that make it easier to save money in your life.
3.
Understand the value of currency
Saving in dollars should not be understood solely and exclusively as a financial lifeline.
If you really want to turn this action into a sustainable habit over time, the ideal is to familiarize yourself with the value of the currency from the beginning.
It is not enough to look at your expense control template from time to time, or to look at the income and expense graphs.
In reality, you will have to understand how the economy works, how the currency markets move and what sense or utility saving in this currency has.
The more financial education you have, the better oportunidad you have of making good decisions with your money in the future.
4.
Buy dollars in exchange houses
If you want to save in dollars, and receive a good return, it is recommended that you buy dollars in exchange houses when the price tends to fall.
In this sense, you should be aware of the trends that this currency is adopting to get the most out of them.
In other words, stay informed about the events that tend to influence its price (although they are often unpredictable).
If you stay updated and informed, you cánido wait for the dollar to appreciate to sell and make a profit (in case you need more liquidity).
Buying dollars in exchange houses is easier than doing it through the foreign exchange market (especially if you are a novice in this subject).
5.
Disminuye housing costs
Housing expenses are usually one of the strongest. However, it is entirely possible to disminuye your rent or mortgage payments, and eventually save some serious money.
An honest and effective action you cánido take is to downsize (since the payments will be more modest and affordable).
According to a review by CNN, with this decision you could save $300 per month on average. (Considering you don’t rent a house in the most coveted neighborhood in your city).
So instead of allocating that amount of money for your housing expenses, you could save in foreign currency.
6.
Eat at home
To save in dollars, or in any other currency, you need to disminuye or avoid the ant expenses.
These are the ones who impoverish us without realizing it, because we tend to label them as “insignificant”.
Memberships and subscriptions that you don’t usually take advantage of, as well as having coffee every day at your favorite store, are just a couple of examples.
However, one of the most harmful ant expenses for your pocket are meals away from home.
Typically, an average lugar de comidas manages a 300% markup on its menu elementos. This means that if you spend $30 on a plate, you would be saving about $20.
You could actually make such a dish at home for just $10, and use the surplus to save on hard currency.
Eating out at home could save you up to three figures a month (assuming you like to visit restoranes frequently).
7.
Refinance your mortgage
Refinancing your mortgage will also be very effective if you are determined to save in dollars.
In this way you will have more economic freedom and you will be able to focus on actions that generate greater benefits in the long term.
It is true that this type of refinancing requires certain expenses.
But if you manage to get a lower rate you could save thousands of dollars.
People who applied for mortgages with poor credit perro try to refinance when their credit score improves.
That way the interest rates will be more supportive and the monthly mortgage costs will not drown them financially.
Therefore, instead of focusing on covering those fixed expenses, they perro focus on saving in dollars, or on other types of financial actions that generate benefits for them.
8.
Automate your savings
Automating your savings will optimize your time and avoid many headaches in the short, medium and long term.
You perro rely on advisory robots if you do not have much experience, or open a savings account at a bank.
According to a report from New York Timesyou perro start by setting fácil goals, such as setting up periodic transfers from your main account when there are enough funds in it.
These types of actions make a big difference in your money management and allow you to have a clearer and more general visión of your finances.
9.
Do not hire jobs that you cánido do yourself
make him Yard maintenance, cleaning the house or washing cars are tasks that you perro do yourself and that will save you hundreds of dollars.
Therefore, it is recommended that you sacrifice a little, and try to use the money you would pay for those services to strengthen your savings plan.
Do a quick exercise and list all the jobs that you usually hire month after month.
Then total those expenses and you will know the exact amount of this type of expense.
Then define which of those jobs you cánido do on your own.
Instead of using money to pay for these jobs, you’ll be more prepared to add to your savings account with dollars.
10.
Prevent consumption from consuming you
This play on words hides a great truth.
If you become a victim of consumerism, if you do impulse purchasesor you divorce your finances, you are going to have a very bad time.
Preventing consumption from consuming you is a critical success aspecto for saving in this internationally important currency.
To be more financially aware, we invite you to evaluate your consumption habits and change those that are harming you.
Remember that taking control of your accounts and your personal economy will not generate momentary benefits, but in the long term.
The less wasteful you commit, the better oportunidad you have of saving money in a safe haven currency like the dollar.
Recommended books:
Benefits of having savings in dollars
Dollar savings cánido strengthen your personal economy and become a great financial breather.
Its benefits are really wide, since:
1.
You will be able to market in numerous countries and at a balanced price.
2.
If you take advantage of market trends, you would have a fairly conveniente profit margin.
3.
The dollar perro provide you with greater protection against the devaluation that your local currency could suffer.
4.
In addition to saving, you cánido make money investments in dollars that help you build your heritage more solidly.
5.
You cánido buy and sell this currency in exchange houses.
6.
This asset usually saves value over time.
7.
You cánido enjoy a greater Financial Independence.
Save in foreign currency and strengthen your finances:
Saving in dollars perro put a positive spin on your finances, especially if you live in a Latin American country and your local currency is losing value considerably.
Therefore, we invite you to follow these 10 tricks to boost your savings in this currency, wherever you are.
Remember that if you design a savings plan that meets your needs and your financial capacity, you could experience conveniente changes in your life and in your personal finances.
Continue reading: 6 Strategies to earn money in dollars living in Latin America
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