How To Get Your Kids To Start Saving
2011 is a great year for the loonie. The CAD is the highest it’s been since September of 2007. The Bank of Canada currently lists the dollar at $1.0529 US. While we’re not international currency experts, we do know a little bit about spending and saving money. The rising Canadian buck could be a great way for you to save money on upcoming purchases.
For Canadian consumers, that gives us a lot of buying power – especially if you live close to the border, or are organizing a trip south anytime soon.
Day Trips
Is it worth it to make a 1-day trip to America to stock up on some savings? Yes and no. Before you make any trip (and subsequent purchases) be sure that you know how much you can bring back duty-free, and what you’ll be paying beyond that limit.
After you’ve checked the duty laws in your region, it could definitely be worth the trip to spend your bucks.
Vacations
Looking for a vacation destination in the short-term? Think America. With the current dollar situation, you instantly have a discount on almost anything in the US – whether it’s hotels, car rentals (that is available in our website) or mid-trip purchases, your dollar now goes a little further than it did before.
Do the Math
Capitalizing on the strong dollar is one thing, but you need to make sure that it’s worth it for you! Saving money is great, but not if you’re ‘spending a dime to save a nickel’. Proximity to the border is key here, as well as a trip you already had planned. Don’t fall into the trap of spending money, just because you can save some bucks. A deal is only a deal if you were going to be purchasing it anyways!
For example, if you’re living in Northern Manitoba, it’s probably not worth the cost to drive down to the US to fill up your car; however, if you’re living 10 minutes away from the border, then a quick trip will be worth your while.
Be rational about these expenses, and for now, take advantage of the strong buck. Go loonie!
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