We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Next years holiday

Well, for the first time ever we've nearly paid for next years holiday upfront. We put it on an interest free card and there's just under £500 left to pay. It sounds extravagant but we're going to stay with my sister in the states as it's actually one of the cheapest ways we can have a good holiday.

What i'd like advice on is....the rate of the dollar to the pound is so good at the moment, do I buy the spending money now and hold off paying the interest free credit card as I'll get more dollar for my money or do I just pay the cc off first so it's gone? We want about £250 in dollars for the two weeks we're there.
January budget
Nothing left!

Comments

  • Cant help on exchange rates , but I guess the benefit is that if you buy now , at least you have your cash for spending.

    I have saved ebnough for a flight to my girlfriends for 6 weeks (free accomodation:) ) So now saving spending money.

    It feels so much bette rhaving a break and knowing its pai ofr.
  • FatJock
    FatJock Posts: 196 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    LJD1,

    Under normal circumstances I'd say pay off the CC but as the US$ is worth $1.89 to the £pound (last time I looked) I'd be tempted to divert some money to buying dollars at the mo. Obviously I'd encourage you to ensure the CC is paid before the %free rate expires.

    good luck with it.

    Cheers,
    FatJock
  • WelshWoofer
    WelshWoofer Posts: 5,076 Forumite
    I'd buy the dollars now - you'll get far more than in the future. Also, once you pay them off on the card you'll have the spending money ready and not have to rush around trying to scrimp together the cash to buy them just before the holidays. I did a similar thing with Euros for my hols this year - you can't spend Euros here (obviously) so it stopped me frittering away the money I had saved up for the holiday. (No interest from leaving the money in the bank I know, but also no unnecessary squandering - which I am very prone to!)
  • LJD1_2
    LJD1_2 Posts: 2,173 Forumite
    Thanks for your advice everyone. I think I knew the right thing would be to buy some dollars now but just wanted someone else to tell me too! Rachelmk, that's my thinking too, if I put it into dollars then I can't spend it!
    January budget
    Nothing left!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.