Tough times demand difficult thinking to save more cash.
March 18th, 2009
When in the credit crunch, everyone is looking for ways to save funds. When spare cash become tight, money saving becomes more than a passing thought. We are all looking for savings – be it when shopping, choosing a gift, saving on insurance or just going to a different shopping centre. The internet makes it a lot more straight forward to save – you can visit any number of shops in a day and there are even shopping websites that will do the hard work for you.
With a weakening economy, one of the by products is that the home currency drops in strength on the world market, and the GBP devalues against other world currencies – unless that economy is even weaker of course. One can still get better value out of the foreign exchange market if you know where to look. Research can be all that is needed. There are many reasons one might need foreign exchange – for example you may be involved in business abroad and need to make international payments and overseas money transfers in a foreign currency.
You may be purchasing a property abroad as a holiday home or even emigrating. Even if you are just going on holiday, you need to find an advantageous exchange rate. In fact, if you are looking for foreign mortgage this may be one of the most effective measures you can take to save money.
The usual method used by those not in the know, is to use a high street bank. These banks will do the job in hand but these, whilst convenient and secure to the man in the street, do not provide your best opportunity. There are specialist merchants that deal in foreign exchange, buy foreign exchange at the interbank spot rate, and sell these on at a small margin. There are normally no fees or commission rates and the consumer can make significant savings by using one of these forex companies.
Even when things are good, the canny consumer will keep in mind these fund saving methods. You can save thousands or more a year just by being that little bit canny. Keep an eye on financial news, and see if things ameliorate – though I think it is likely to be several years before we see a big change and we can relax from a financial perspective.
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