Saving Money Should You Save Foreign Currency Rather Than Saving Local Currency?

[Good-Guy]

Saving money is something many people do. There are so many people who tend top save extra cash on shopping and they also try their best to avoid unnecessary expenses. There might be various ways to save money and one of the best ways to save money is to save cash and save a good percentage of your income. I have noticed that when it comes to saving money, many people usually save money in their own currency. This makes sense because people usually work and live in their own country and not all the people are earning foreign currencies. However, the case of online earners and people who earn foreign exchange is quite different.

I am earning United States dollars because I am earning online. However, the fact of the matter remains that I am not earning much money because I merely earn money on paid to post forums. I have saved some cash in my local currency but I am thinking that I should rather save foreign exchange because the value of my currency will eventually decrease a lot by the passage of time. on the other hand, foreign exchange and foreign currencies will not lose value that easily. So, it is a wise idea to save money in foreign currency?

 

[Augusta]

Yeah from personal experience I think if ones local currency is always devalued it is always good to save ones money in foreign currency. I know that now in my country having a dollar is a lot better than one giving you equivalent of that in my local currency. That's why I just like to work online because I will get the money in dollars and when changed into our local money it will make sense more than working on a site that will pay with my local currency which the money will be very low

Another good thing about storing money in dollars is that it would be a good store of value. in the future the price might still increase of you are changing it to your local currency. So instead of storing the money in your local currency that might be losing value as the years goes by why don't one store it in a value that will be appreciating as the years passes by.

I know that the money paid on posting sites are low but it is worth the time a little bit when the money is converted to local currency and those in my region can still buy something good with it.

 

[Jasz]

This is a common question among investors, and there are generally two answers to this question.

The first answer is that you should save foreign currency because it may be more valuable than your own. In countries where the local currency is not accepted as a form of payment, or where it is highly taxed, it may be necessary to save foreign currency in order to make purchases or pay bills. The second answer is that you should not save foreign currency because it could lead to inflation, which could eventually cause your savings to be worth less than they were when you started saving them.

In order to determine if you should save foreign currency rather than saving your own, you need to consider several factors. First of all, what type of investment do you want? If you are looking for short-term gains, then saving your own money may be a better choice than saving foreign currencies, since short-term investments usually have less risk associated with them.

However, if you are investing for longer term goals such as retirement or education expenses, then saving in a foreign currency may be a good idea since these types of investments tend to have higher returns over time and will help protect against inflation as well as provide some tax benefits.

 

[sincerem]

If you local currency has value then their is no need holding much of a foreign currency. I am holding USD at the moment dye to the fact I work online just as you do, and again my country's fiat currency is weak, trailing others currency by large volume. Such constituted the reason why I don't save funds much in my local currency due to it's devaluing nature caused by high level of inflation. Do, saving in USD gives me value for my monetary assets, due to the fact that, it is always on the rise. In the past 24 months that I started earning money online, my country's fiat currency have always been on the trailing side to USD. USD have gained over 20% increase since then, which shows how valuable the USD have been in the last 24 months. And if things continue going at the tough end here in my country, it will get more devalued, which will result in more devaluing and it will trail USD by wider margin. I don't care much about it's devaluing since our heads aren't doing anything tangible to make it valuable anytime soon, because my funds are always stored in USD.

 

[Shigobad2020]

In my own point of view and with my own experience , saving either local currency of saving in dollars really depend on the economic condition and situation of your country and how your country currency is being valued in the world .
Using my country currency as an example some years back the price of just $1 to naira was around #200 but the price started increasing due to the bad econmoic condition of the country and when their was inflation in the country back then , the price of dollar quickly rises and our currency started getting devalued.

But starting from January 2022, the price of $1 started with #415 Nigerian money and it keeps increasing , around March it was #419 and currently it was #419 per dollar ,
So , in my own opinion I will prefer saving my money in dollars because I know the price of my currency money cannot be reaches the price of dollar.

 

[sincerem]

I love saving money in dollar dominated currency, due to it's power over my local country's currency. Dollar have been on the massive surge ever since I came out to life, I knew about dollar to naira rate, when it was around 200/$, at the bank rate in 2022, it is '419/$. But when you own a digital dollar, and tries to sell off for a digital dollar or euro, you'll sell higher than 419. I don't hold Naira much, I hold foreign currencies with greater value, since they always stay atop my local country's currency.