One of the big risks for snowbirds is the changing value of the Canadian dollar. If it drops even a few cents, it can really affect how far your money will go in the United States (US) or Mexico. Before you head south, make sure you take steps to protect your savings. For example, you can:
- Save money in a US-dollar bank account
- Invest in US mutual funds
- Earn interest in US dollars
These strategies can protect you from the ups and downs of the dollar.
Three ways to protect your money from currency changes
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.