Making Money From Vacations

Henry James By Henry James, 18th Aug 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/g58z3vyc/
Posted in Wikinut>Travel>Tips>Planning

Use your holiday money to increase your wealth. Make it work for your while you’re away!

Use your holiday money to increase your wealth. Make it work for your while you’re away!

Many people go on Vacation and need to change their money into the local currency. This offers a few options for the financially intelligent traveller.

Sometimes people don’t worry about it and spend money on their debit and credit cards.
Either way, we should find a way to play the system on holiday.

Travel somewhere cheap

First thing is to look for a cheap country to stay. Where the food is cheap, the weather clement and the atmosphere and culture easy to lap up for free. Perhaps the flights should also put into the equation. If you have an expensive flight, the savings should be worth the initial outlay.

When you are there, remember to look out for good deals and buy up things you need or want. A good financial mind always is awake to the possibilities

Pick a Bank with a good policy for foreign use.

Check before you go. Some accounts don't work outside your home country and some have extortionate exchange and comission rates. Some banks offer a comission free account with a competitive exchange rate. This will save you money big time over the holiday if you have to take out anything from the 'Hole in the Wall'.

Your Bags

A sneaky way to make a bit is bring stuff you can sell on or throw away. Perhaps some brands are very rare in the country you’re travelling to. In the old days of the Berlin Wall, Students used to get day passes into the East dressed in Denim and come back to the west wearing a pair of boxer shorts and a t shirt. Sell on stuff you might not need, or throw out the clothes you don't need to make space for your new purchases. Either way, be careful so you do not end up paying the high charges on bagagge allowance.

Speculate

Make sure you buy the holiday currency when it is weak against your own currency. Check out websites and banks for the best deal and rates.

http://travelmoney.moneysavingexpert.com/

And on your return, If you think the currency you bought in the foreign country may get stronger, keep it in a jar. When the currency gets stronger, cash it in and feel the currency speculation. You’ve become a trader!


Don’t forget to enjoy the vacation!

http://en.wikipedia.org/wiki/Currency

Tags

Breaks, Buying, Currency, Demin, Finance, Free, Get Rich, Holidays, Making Money, Money, Selling, Speculation, Trading, Vacation

Meet the author

author avatar Henry James
Everything and Nothing. Writing whatever catches my fancy.

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