My strange plan for saving for DVC trips!

[tvwalsh]

After I returned from a trip to England in 2002, (staying at the wonderful Royal Gardens Hotel in London, a DVC concierge offering) during which the exchange rate was about $1.50/pound, I returned to Wisconsin with about 80unspent pounds.

Last summer the pound was worth $2.00 and I sold those pounds.

Now the exchange rate is back to $1.45/ pound. and I am buying pounds again at my local bank, 250 so far.

Since I can buy or sell and use the currency whenever, I can use the pounds in England when they are low or sell them for a WDW trip when they are high.

This, or course, only works if you don't need the money at a specific time.

It is also kind of fun, and would work with any readily available foreign currency.

 

[JasonDVC]

Just be careful. The dollar may crash in the next 12-18 months.

My plan...yard sales & poker. So far $800 this year saved for our 2010 trip!

 

[logan115]

Mine is to quit smoking (although I'm only about a 1/4 of the way there) and use the $6/day I spend on smokes to buy our family DVC.

Each time I light up (no flaming please) I think of what better uses I have for the money and it seems to help me limit the amount I'm smoking. Now, I'm also the proud father of 2, so clearly I have much bigger factors than DVC to help motivate me, but after 18 years of smoking a pack a day every little bit helps.

Chris

 

[jlewisinsyr]

After I returned from a trip to England in 2002, (staying at the wonderful Royal Gardens Hotel in London, a DVC concierge offering) during which the exchange rate was about $1.50/pound, I returned to Wisconsin with about 80unspent pounds.

Last summer the pound was worth $2.00 and I sold those pounds.

Now the exchange rate is back to $1.45/ pound. and I am buying pounds again at my local bank, 250 so far.

Since I can buy or sell and use the currency whenever, I can use the pounds in England when they are low or sell them for a WDW trip when they are high.

This, or course, only works if you don't need the money at a specific time.

It is also kind of fun, and would work with any readily available foreign currency.

So you're basically doing FOREX type trading on your own and probably spending a lot on conversion fees/spread at your local bank (difference between current exchange rate and bank exchange rate).

 

[Metsoskil]

After I returned from a trip to England in 2002, (staying at the wonderful Royal Gardens Hotel in London, a DVC concierge offering) during which the exchange rate was about $1.50/pound, I returned to Wisconsin with about 80unspent pounds.

Last summer the pound was worth $2.00 and I sold those pounds.

Now the exchange rate is back to $1.45/ pound. and I am buying pounds again at my local bank, 250 so far.

Since I can buy or sell and use the currency whenever, I can use the pounds in England when they are low or sell them for a WDW trip when they are high.

This, or course, only works if you don't need the money at a specific time.

It is also kind of fun, and would work with any readily available foreign currency.

Like any other investment, investing in currencies is risky. More risky than most, less risky than some.

The general rule for risky investments (anything more than safe bonds, CDs, etc.) is not to invest money unless you can afford to lose it. If the British Pound goes into the tank and the exchange rate is equal (1 pound = 1 dollar)or worse, can you still take your vacation? If not, stick that money somewhere safer.

Good Luck.

 

[TIGGERmetoo]

Mine is to quit smoking (although I'm only about a 1/4 of the way there) and use the $6/day I spend on smokes to buy our family DVC.

Each time I light up (no flaming please) I think of what better uses I have for the money and it seems to help me limit the amount I'm smoking. Now, I'm also the proud father of 2, so clearly I have much bigger factors than DVC to help motivate me, but after 18 years of smoking a pack a day every little bit helps.

Chris

Good Luck to you. It sounds like a great incentive (other than the obvious). I know how hard it is - I quit over 20 years ago and still say it's the hardest thing I ever did. Keeping thinking about your 2 kids and how much they'll miss if you can't take them to WDW because of your smoking.

Hang in there.

 

[ammo]

Just be careful. The dollar may crash in the next 12-18 months.

That's what the OP is anticipating by buying pounds.