Business

Strong Dollar Makes World Travel Cheaper for Americans

Published

11 years ago

January 6, 2015

In this Tuesday, March 22, 2011 file photo, tourists take pictures in front of Rome’s ancient Colosseum. A strong U.S. dollar is making world travel cheaper for Americans in 2015. (AP Photo/Gregorio Borgia, File)

DAVID KOENIG, AP Airlines Writer

DALLAS (AP) — If you’ve been putting off a trip abroad because it’s too expensive, start packing your bags.

A stronger dollar has reduced the price of travel, from a hotel room to a glass of beer, in much of Europe, Japan, India and elsewhere.

“This is one of the best times for Americans to travel in years,” says Matt Kepnes, author of “How to Travel the World on $50 a Day” and other travel books.

WHY THE DOLLAR IS STRONG

Other economies are shaky, making their currencies less valuable. Europe is barely growing. Japan is already officially in recession. China’s growth has slowed. Meanwhile, the U.S. economy has been chugging along, and the dollar has gained too. Many economists expect that steady U.S. growth will compel the Federal Reserve to raise interest rates later this year, making dollar investments more attractive and leading traders to sell other currencies and buy dollars.

WHAT IT MEANS

Let’s say that in June you had a charming dinner for two in Paris for 75 euros. First, congratulations. Second, it cost $103 then; today it would be $89. Expensive countries may not be cheap, but at least they’re more affordable now.

BEST BARGAINS

Thanks to the pound’s decline, England is cheaper than it was six months ago. But the euro has slumped more, making most of continental Europe an even better bargain. Travel writer Kepnes says Greece is attractive right now because hotels and tour operators have been slashing prices to fill rooms. The same thing is happening in Portugal and parts of Spain.

“Be the contrarian traveler,” Kepnes says. “If you want to go to Europe, consider eastern or central Europe, where prices are generally cheaper,” he says. He recommends going during the “shoulder season” — late spring or early fall — rather than in the peak summer season.

WHEN TO BOOK A FLIGHT

Demand for travel is so strong that most airlines don’t have to cut prices to sell seats.

“The summer fares are still very expensive,” says George Hobica, founder of travel website airfarewatchdog.com. But airlines might cut prices this spring if the strong dollar discourages Europeans and Asians from flying to and from the U.S.

CONSIDER ALL THE OPTIONS

Hobica recommends checking foreign airlines. He says Etihad, Qatar Airways, Turkish Airlines and others sometimes offer better prices to Europe than U.S. carriers do, although they could include a distant stopover.

___

AP Markets Writer Matthew Craft in New York contributed to this report.

You can reach David Koenig at http://twitter.com/airlinewriter

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC