News & Observer | newsobserver.com | G Work & Money

Published: May 11, 2008 12:30 AM
Modified: May 11, 2008 01:46 AM

Americans abroad lose buying power

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Costs more to live

Hickory native Lindsey Hendrix, 24, at Campus Crusade for Christ at Uppsala University in Sweden, is carefully considering purchases and eating dinner at home more.

In late 2005 and 2006, when she raised money to support herself and her ministry, she expected to need $3,600 a month. With the dollar down more than 20 percent against the Swedish krona, that figure is now $5,000. Her rent has risen $100 since she signed a lease in June.

Hendrix had planned to remain in Sweden three to five additional years but will come home for a year starting in June to recharge and raise enough money for a future stay.

The currency drop is also affecting outreach funded with U.S. money. In Armenia, a service project supported by N.C. Methodists needed a $5,000 grant to make it through April and will have to cut expenses, said Michael Collins, mission and outreach coordinator for the denomination's Western North Carolina Conference.

The dollar has lost more than 30 percent of its value against the Czech crown since Phil Davis, his wife, Shanna, and their children arrived in Prague in 2005. It has fallen 21 percent in the past year.

Rent has jumped $664 a month. A gallon of milk averages $4.75, up from $3.25 a year ago.

"It's kind of like the frog in the kettle thing," Phil Davis said. "It just creeps up on you."

The family is facing a $7,000 deficit and needs an additional $2,500 a month to cope with the exchange rate. They hope to raise money while in the U.S. this summer and are explaining the situation to friends via e-mail. Though they say it's frustrating to see money dwindling, they are excited about the 50-member church they have established.

Missionaries "are totally dependent on the Lord to carry them through, and he does, and the work goes on," said Vince Eaton, who coordinates the missions/outreach leadership team at Calvary Church in Charlotte. "It's not going to stop the spread of the Gospel, believe me."


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