After the unexpected event of “Brexit” recently, my inbox and Twitter feed have been blowing up on how this will affect travelers and what we should expect heading to Europe over the next few months. This came at a strange time since I’m supposed to head to Portugal in a few days and I’ve been wondering what this will mean. As a result, I decided to talk to an expert: my father. Here’s what we can expect to see as travelers in Europe.
The American dollar is strong.
The first thing I woke up to this morning was the DOW crashing nearly 600 points. My first reaction was to freak out, but this is actually a good thing for those of us heading abroad. The market will sift out over the next week according to my dad (a financial advisor with over 24 years of experience), and we’re going to benefit long term.
Last I checked with the app Currency (an app that gives you up-to-the-moment information on currency exchange), the Euro was at .89 to the US dollar.
Both travel in England and in the EU will be cheaper.
While it might take a while for things to adjust, this change will greatly affect how much we’ll pay while abroad. So if you are thinking about canceling your tickets, don’t. With the economies in Greece, Italy, and Spain nearly bankrupt, now is the time to plan an extended stay. Summer holiday, anyone?
Now is the time to invest.
If you’re a young traveler with a mutual fund or any sort of savings, now is the time to look into some options for investing. While things might be a little chaotic this week, they will become more stable next week. It’s a good time to take a look at putting some money away for retirement (or future travels).
Keep watch on financial markets while abroad.
Even though you are not at home, the markets there still matter. In fact, it seems the American market is going to be a major player in these changes and how travelers (including ones from Australia) will pay for vacations abroad. Keeping an eye out will help you to either invest and make more money, or know what to spend while you are away.