The status of the dollar affects not only those who are earning in dollars, but everyone around the globe. The dollar is the most powerful currency in the world that a single appreciation or depreciation results in a global situation. So when the dollar falls in particular, it spells a hundred many ways of economic problems. Learning how to cope with a falling dollar might just save you from total economic meltdown.

Convert Your Dollars. If you have no plans of holding on to your dollar especially now that it has depreciated, exchange it to your local currency to get a higher value for your money. Every dollar you hold on to right now, you’re losing a certain amount of it in your local currency. So save your money and go convert that dollar right now.

Find the Best Exchange Rate in Town. Before exchanging your dollars, make sure to go around and look for the money changer that offers the relatively highest rate. Money changers in airports, tourist zones and malls usually have low exchange rates. Black markets have higher rates but be sure not to be fooled with fake notes. Check and count your money before and after a transaction and secure your money in a safe place.

Be Your Bank’s Preferred Client and Get Higher Rates. Perhaps unknown to some, you get the privilege (though not necessarily) of negotiating for a higher exchange rate if you are your bank’s Preferred Client or VIP. Ask your bank how you can be a VIP or Preferred Client to enjoy this limited offer.

“Hedge” with Your Bank. “Hedging” means negotiating and entering into a “forward contract” agreement with your bank. A forward contract “allows an individual to lock in the exchange rate in future conversions.” This means that if you expect the dollar to further slide, you can ask your bank to lock in your exchange rate a little lower than the current value but slightly higher than the future exchange, for a certain period of time. In this way, you end up in a win-win situation. Inquire with your bank regarding their policy on foreign exchange transactions and forward contracts.

Look for High-Yielding Dollar Investments. If you still want to hold on to your dollars despite the fall of its value, put them in high-yielding investments in order to offset the value lost as the dollar depreciates. Certain banks offer Global Equity and Emerging Markets Equity Fund that produce above-average returns, sometimes even yielding 30-60% return per year. You can ask your bank how to put your money in their investment offerings. But keep in mind that this is a high-risk investment since the funds will be invested in equities. So before deciding to enter into this kind of transaction, assess yourself first if you have the adequate risk tolerance to enter into such a high-yielding but high-risk investment.

Invest in Gold. Whenever the dollar declines in value, people run to gold for safety. This is because gold is priced in dollars and as the dollar depreciates, gold becomes cheaper. The more people buy gold, the higher the price of the gold becomes. Recently, the price of gold hit its highest value so far because the U.S. dollar continues to fall. If you have no access to acquiring gold in any way, invest in companies instead that deal with gold and precious metals.

The U.S. dollar is predicted to fall even further this year. As a wise investor, consumer and citizen, it is both your legal and personal responsibility to learn and know how to cope with this economic situation because it affects not only you, but the whole world in general.