How To Save In Dollars And Secure Your Finances

Tired of seeing your hard-earned money lose its value and get you far less than it used to? It’s time to save in dollars. In particular, US dollars.

Whilst you may be thinking you don’t possess enough money yet to be saving it in dollars, or perhaps you have quite a bit saved up already, there are still ways to start right where you are and improve your current standing by doing more in this regard. 

If you reside in a place with a volatile economy, you should pay particular attention to this and allow yourself be challenged by the words in this article.

Why Should I Save In dollars?

Saving money in one of the strongest and most utilised currencies in the world is a smart way to maintain the value of your money.

A key reason the US dollar is an excellent way to save instead of your local currency is that there are higher chances of yours succumbing to inflation and the unregulated currency supply many nations are currently facing. Plus, the US dollar is global with lots of opportunities for international use and economic viability. Having it saves you exchange rate costs and volatilities, and increases your purchasing power to buy more products when changed to your local currency. Need I say more?

Here are good ways you can save in dollars easily.

Save Dollars In a Domiciliary Bank Account

A domiciliary account is a type of foreign currency account that your local bank can open for you. You can withdraw your savings in cash in the currency you save in (US dollars in this case), any time you choose. People globally can also make dollar payments and transfers to you. So it’s a good option to have.

The drawbacks here include the expenses required to maintain the account and the fact that you are unlikely to get good interest rates for your money if at all.

Save Your Dollars In Cash 

“Cash is king”, and for a reason. It is always a good idea to have some dollars readily on hand especially if you’re a traveler or a business owner who needs to make a good deal of transactions across borders. You don’t want to be left stranded should a new national policy, bank policy, or something else place restrictions on your other dollar stores. 

Save In Dollars Using a Fintech App

Fintech is where everything is at these days and you don’t need to source dollar bills to do it, making it a stress-free process. Some of these apps offer a variety of savings plans, dollar-based cryptocurrency investments, and also allow you to transact with ease with other individuals. 

There are different app options available in your country to help you save in dollars. Whilst I won’t be mentioning any specific names, do go ahead to explore the options and do due diligence to figure out which works best for you. 

Save In Dollars Through Investments 

Dollar ETFs, Mutual funds, Euro bonds, are all examples of investment types that can be made in US dollars. They carry risks of their own but tend to fare better long-term than comparative investments which are made in more volatile currencies. Looking into them would be worth it.

Do these make sense?
My personal opinion is that you diversify and involve all the options above in your savings strategy over time.

P.S. – It’s important to know your risk appetite and do ONLY what you are comfortable with.

Disclaimer – The content above is solely for educational purposes and should not be considered financial advice.