How to live within
- Allocate a portion of your income for savings and retirement.
- You may want to set aside 10 to 20 percent of your take-home
income for savings.
- A computer-based financial program can help you track
all income and expenses and compare them to what you've
budgeted. It can also tell you, at the touch of a button,
where your money is being spent.
- Avoid trying to forecast your expenses too far into the
future. Doing so can result in inaccurate budgets and overzealous
When you're travelling abroad, banks and legal moneychangers
offer the best rates when you need to exchange one currency
for another. Here are few steps and tips to help you get better
- Look in the business section of the local newspaper for
the current exchange rates.
- Find a legal moneychanger or bank, which offers better
rates than an airport or hotel. If you withdraw money from
an ATM, you'll receive the bank's exchange rate, but you
may incur transaction fees.
- Show the teller your passport.Use your own calculator
to ensure the accuracy of the exchange.
- Count the money before you leave the desk (taking your
- Get a receipt. Customs officials won't ask to see it,
but it's always a good insurance policy to have one when
you've exchanged money.
- Exchange a small amount of money before you leave for
your trip so that you're not forced to exchange currency
at the airport upon arrival.
- It is better to keep it in mind that some banks do charge
commission on encashment of Travellers' Cheque and foreign
currency. But moneychangers generally don't charge commission.
- Moneychangers often don't exchange coins, so spend your
loose change before you leave.
- It is always advisable to use Travellers' Cheque as it
- Don't use a credit card, as the "cash advance" fees and
interest make exchanges costly.