We hear about Brexit all the time and we all talk about it. It doesn’t matter if you’re for or against it, you probably think about a couple of things related to Brexit and Europe. It’s a natural thing to worry about finances; Brexit is a huge change so it will surely impact trade or currency values in a significant way. And what will happen to the pound?
The pound has already had some rough moments; when you compare its price against the dollar and other currencies, you will see that the pound has gone down. UK exports have become cheaper and the prices of imported goods are now more expensive. There’s a lot going on right now and it’s hard to say what will happen to the pound after Brexit is completed.
Each failed Brexit deal causes the pound to go down so it will stay low if leaving the EU is being postponed. Political uncertainty is never doing any good to currency value. This can be a difficult situation for both companies and customers. Regular shopping can become even more expensive, as well as vacationing abroad.
There’s nothing you can do about past or future changes, but it doesn’t mean that you shouldn’t act in any way. Exchange rate forecasts may change regularly, but you still should stay up to date to be sure that you make the most of your money. Develop a financial plan, reconsider all of your spending and try investing to increase your income. If you plan any bigger purchases abroad, think about it again and don’t calculate too much – the exchange rates are changing quickly and not so favorably (for the pound), so there’s no point in getting an estimate price of, for example, a house in France when in a couple of months it can be totally different.
To know more about money and savings, check out this infographic: