Don’t end up losing out more than you have to on currency exchange. Although interest and exchange rates may be low, there are way to maximise your savings, says Hannah Beecham
Is your money working hard enough? No? It’s a vital question, whatever your level of wealth, and one you should ask yourself at least annually. These are uncertain times, with interest rates at historic lows severely limiting the options available to savers, and the mighty pound in decline, so Brits living abroad are finding things particularly tough.
I’ve trawled the marketplace to see what new financial products are available to help you get the most from your money, and I’ve found some useful financial tools. But before we look at those, I want to give you two pieces of general advice that could make a signifiant difference to your financial wellbeing. Firstly, check out your currency exchange arrangements.
If you are regularly exchanging currency via your bank, the chances are you’re losing out. Go to a reputable foreign exchange broker and strike yourself a better deal. Secondly, if your savings are languishing in deposit somewhere, pull them out and invest in fixed term bonds; there are signs on the horizon, not least coming from the latest inflation figures, that interest rates could rise this year, but that’s not now and a one year bond could be just the ticket to see you through to the hoped-for upturn.
Read more in the March issue of Living Abroad magazine
Is your money working hard enough? No? It’s a vital question, whatever your level of wealth, and one you should ask yourself at least annually. These are uncertain times, with interest rates at historic lows severely limiting the options available to savers, and the mighty pound in decline, so Brits living abroad are finding things particularly tough.
I’ve trawled the marketplace to see what new financial products are available to help you get the most from your money, and I’ve found some useful financial tools. But before we look at those, I want to give you two pieces of general advice that could make a signifiant difference to your financial wellbeing. Firstly, check out your currency exchange arrangements.
If you are regularly exchanging currency via your bank, the chances are you’re losing out. Go to a reputable foreign exchange broker and strike yourself a better deal. Secondly, if your savings are languishing in deposit somewhere, pull them out and invest in fixed term bonds; there are signs on the horizon, not least coming from the latest inflation figures, that interest rates could rise this year, but that’s not now and a one year bond could be just the ticket to see you through to the hoped-for upturn.
Read more in the March issue of Living Abroad magazine
