The Brexit! wetin be my own?
So....the election has come and gone. We have a referendum for leaving the EU. What does that mean for us and how can we keep our cash?
Send money home - although the pound is dropping, its still goes a long way in Nigeria. If you dont have an account on Nigeria, open one asap. Send some money back home to take advantage of the currency situation in Nigeria too.
Buy foreign exchange online in advance for the best rates before you travel. But wait a month: right now the markets are unstable. However, this is primarily caused by panic so wait till things stabilise and get some money value then when the pound gets stronger.
Get some forex training! - uncertain times also and major losses also means someone is making major profits! The drop of the pound meant a rise in the Yen... This is regardless of what the vote would have come out with last Thursday. Learn some forex trading tips so you can cash in if we do have a second referendum! (If you are inclined to want a second referendum; see petition here https://petition.parliament.uk/petitions/131215)
Boost your resdiual Income: as your salary might need to stretch even further you need to have other means of generating income. Here are 4 I love doing:
1. Write an E-book or two. If you have any sort of expertise on a subject, write it down and sell it as an E-book. You can easily publish via crestespace or just create a one page website and sell it yourself.
2. Have a clear out - go through all the odds and ends you have at home and brutally screen everything you dont need. If it is new or in good condition sell it! Www.ebay.co.uk www.shpook.com.
3. Invest in stocks - the stock market is a great way to make money....invest in management funds like nutmeg (www.nutmeg.com) which has a diversified portfolio so you have better options. (You can loose money as well as make money when investing in stocks).
4. Airbnb your flat /spareroom- if you have an extra room (or even just a pull out sofa in your lounge) you can make a few hundred a month ( tax free till almost 2k).
Get ready to buy property: the bright side of Brexit and the prophesy of a recession means that property prices are likely to fall. (You have to have already saved up a deposit right now though as infalation means the worth of your money will be less over time.)
Ask for a raise at your next appraisal - if you have been doing great job this year at work. Ask for a raise now as during any recession those are hard to come by. Make sure you have a justified reason to ask though or it might backfire. If you want to swap jobs... great time too before hiring freezes set in!
Stay fabulous! Vee x