So, what do a couple of thrifty American retirees living in Mexico do during self-isolation in the midst of a pandemic? Why go online shopping, of course!
Since COVID-19 came on to the scene, much of the financial news has focused on the devastating effect on stock prices and the volatility of the market in general; however, not all of the financial news is bleak.
For Americans who live in Mexico and whose income originates in the U.S. (e.g. pensions, social security), this is a unique opportunity to make their money go about 23% further than it did back in February. This is because the U.S. dollar has increased substantially in value against the Mexican peso since the onset of the pandemic.
You don’t have to be a financial genius to make this work. All you have to do is buy items priced in Mexican pesos with U.S. dollars. Yep, basically just do some shopping.
The recommended method to do this is online (social distancing) with a U.S. based credit card that doesn’t charge foreign transaction fees and gives either cash back or points to use towards other purchases (e.g. airfare).
If you can combine your increased buying power with some great sales prices, you’ll really be killing it.
Let’s Wrap This Up
Exchange rates are in a constant state of flux, so it pays to monitor them on a regular basis and to take advantage of shifts that work in your favor.
In our case, there is no way that a thrifty bargain-hunter like Linda is going to let a golden opportunity like this slip by. She has spent the majority of the morning searching through sites like Amazon Mexico, City Club and Liverpool looking for ways to maximize our savings.
Well, that’s it for today. While Linda continues to do what she can to support the Mexican economy, I’m going to divide my time between two of my favorite activities: TV watching and napping.
Take care and stay healthy!