THE IMPORTANCE OF SAVING IN DOLLARS – PART 6
In the case of Mexico, for example, where dollar fluctuations are constant, dollar-savvy people not only see this as an efficient manner to save but also to understand the economy of their own country. This helps to have clearer savings prospects.
Saving in dollars, of course, requires adopting a particular type of strategy. It is necessary to say, in the first place, that the most significant profits will only occur in the long term and when large sums are available. It is a type of savings that in most cases happens manually, i.e. that follows the traditional method of saving money in the piggy bank.
Since talking about saving in dollars under one type of foreign account requires another much more advanced process and, foremost, to have a good sum before depositing it into a trust account that will allow you to increase your savings more quickly.
The latter would be the most idea. Today, many banks that allow you to save in USD, without mentioning the many electronic payment processors on the Internet that facilitate such savings. However, to get this instance, it is necessary to follow the traditional model.
Following the Guidelines of the Classic Model
This model of saving in US dollars will require that you use those extra pesos that you have at the end of the month to buy US dollars. Perhaps just a few at first, but as your goal to keep accumulating US dollars becomes a hobby similar to collecting stamps, then be sure that the practice of saving will become much easier to you and that you will soon see the profitability of this discipline.
Do you remember what was said earlier about saving in a credit union and how can you use your savings for a particular purchase of high value? Well, your savings in US dollars is something that works the same logic, only that you own the credit union and only dare to sell off all your US dollars when you reach a figure that you have previously set as a goal.
When it comes to saving, it is always necessary to establish a goal: it can be for that car you admire, an apartment or any investment of high value. As you accumulate US dollars, you are aware that so much money you carry and it will only be a matter of which you proceed to sell them when the currency of the dollar is at its highest point.
Other Resources to Stimulate and Reflect Savings
One of the most used methods to encourage saving in dollars is to sell dollars frequently. In this case, it would be a resource to take advantage of the value of this currency with some frequency, but not to achieve prolonged savings.
For example, you set the goal to save $500 dollars, and as soon as you reach that figure, you take half and make the sale. You acquire the value in your national currency, and you can use it to pay debts, to fulfill needs or make immediate purchases that you may wish to make.
This is a method that simply takes advantage of the circumstances of how the value of the dollar increases in order to obtain a much higher “interest rate” than a bank can give you.
Saving, buying and selling US dollars constitutes a safe investment method. Economies are growing as inflation goes up or down, so the value of this currency is always at stake.
The simple action of buying and selling is to act as an investor, and that in itself represents an open-minded attitude to business, and it is something that stimulates your finances and your prospects of saving. In other words, you will always see reflected savings.