Save in dollars or pesos?

When we start our savings or when we already have accumulated savings, the question arises. Wouldn’t it be better to save that money in dollars? Perhaps the automatic answer that comes to mind is, of course, the dollar is worth more than the peso every day and this, until today is true, at least, if we compare it with our currency, but that is not necessarily the correct answer to this question.

Save in a strong currency

cash

When you decide to save in a strong currency, as in the case of the dollar, you should keep in mind that when you buy the dollars to deposit them in your account, they have a more expensive price, than when you are going to withdraw it, for example , you buy from the bank 1 dollar for $ 47.60 pesos and sell it for $ 46.90. That is, if you decide to start saving in dollars and want to start with $ 100.00 in terms of Dominican peso you have $ 4,690 pesos instead of $ 4,760, this is as long as you decide to withdraw your savings in dollars in the short term, for example 1 or 2 months

Key to saving in dollars is to wait in time

money

So now you ask yourself, what is the benefit of saving money in dollars? The point or key to saving in dollars is to wait in time, since, as we mentioned at the beginning, the dollar has a tendency to strengthen and therefore in a period of 1 or 2 years you will have more money than now, first, because it will have a greater value and secondly because those dollars, if they are in a savings account, generate interest.

Do not put your savings in a single currency

Do not put your savings in a single currency

Knowing this What do we recommend? Do not put your savings in a single currency, save both in pesos and dollars, if the saving is in dollars, it must be long term, for example, to acquire a property, change your vehicle in 5 years or study of your children and if you save your short-term goals in pesos, for example, your next vacation, buying furniture or remodeling.