When you live in the USA, the culture seems to just spend, spend, spend. However, if you need to do a regular money transfer to Nigeria from USA, you need to avoid that trend, and instead, you need to save, save, save. To make that possible, you need to start creating a budget.
Wondering how to create a budget? Looking for tips? Then, check out these ideas.
Use Actual Numbers
A budget basically notes how much money you have coming in and how much you spend. Ideally, you want to make as much as possible and spend as little as possible. Then, you can use the difference for a money transfer to Nigeria from USA.
When creating your budget, you should make sure that you use the correct numbers for both your income and your expenses. For instance, when noting your income, you can’t just multiply your hourly rate by the number of hours you work per week.
Your boss takes taxes, Social Security contributions, and Medicare payments out of your paycheck. As a result, your actual take home pay is lower than your hourly rate. To ensure your budget reflects that, you should use the actual numbers from your paycheck.
Follow this same advice when tracking your expenses. Don’t just assume that you spend a certain amount at the grocery store. Instead, keep your receipts or use technology as described below so that you are working with the actual numbers. That way, you really know what’s coming in and going out, and you will have more leftover to do your money transfer to Nigeria from USA.
Set Clear, Realistic Goals
When creating a budget, you need clear goals. To set goals, write down the things you spend money on. Include rent or mortgage, utility bills, food, entertainment, clothing, and anything else that you need. Then, assign a maximum amount that you can spend in each category.
It’s impossible to stick to a budget if you don’t have goals. That said, it’s important to make your goals realistic. If your goals are too low, you won’t be able to hit the targets. Then, you may get frustrated, spend more than you need to, and not have enough leftover for your money transfer to Nigeria from USA.
Explore Tech Tools
You can create a budget using pen and paper, but if you really want to set goals and track what you are spending, you may want to use some tech tools.
If you have a computer with Microsoft Office, try using Excel. That is a spreadsheet, and you can program calculations right into it. Otherwise, Google Drive offers free spreadsheets with similar functionality.
There are also budgeting apps you can use such as Mint. That’s a free app that you link to your bank account. It can send you alerts if you overspend in any category. For instance, if you tell the program that you are only allowed to spend $100 per month on fast food, it sends you an alert if you go over that amount.
Have you already saved some money? Ready to do your money transfer to Nigeria from USA right now? Then, get started on Ping Express. The process is fast and easy, and best of all, your loved ones can have the money in as little as a half an hour.