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Home > City Resources > Finance > Tips

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How to live within your budget
Exchanging currency
Tips to invest

How to live within your budget.
  • 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 spending.

Exchanging Currency

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 exchange rates.

  • 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 own time).
  • 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 minimizes risk.
  • Don't use a credit card, as the "cash advance" fees and interest make exchanges costly.

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