If you are trying to help family or friends back home, it’s pretty easy to do a money transfer to Nigeria from UK. However, the transfer isn’t the hard part. The hard part is saving up money for the transfer.
With the high cost of living in the UK, this is getting even harder, but with the right money strategy, you can do it. Try these tips.
First and foremost, saving needs to be a priority in your life. When you get your paycheques, always set aside the amount you want to save before you do anything else. If you save at least a little money from every paycheque, you will have funds you need when it’s time to do a money transfer to Nigeria from UK.
Make a Budget
However, it’s hard to save if you don’t have a budget. Sit down, write down what you earn each month and make a note of all your bills. Only include your critical bills such as rent, food, utilities, and transportation. The remaining money is your discretionary income.
That’s the money you have left for eating and enjoying life. It’s also the money that you need to use for your money transfers to Nigeria. To help yourself stay on track, set a budget for groceries, clothing, going out, and whatever other expenses you have. Then, put that money in a series of envelopes, and label the outside of each envelope. When the money from the envelope is gone, don’t let yourself spend anymore in that category.
At first, this can be hard, but it gets easier and easier with practice. The envelope system helps you stay on track. Then, you know you’re not overspending, and you can leave the money in your bank account to send to relatives or friends back home.
Find Ways to Save
When you’re creating your budget, try to find ways that you can save. If you’re spending too much on rent, can you find a cheaper place? Is it possible to get another roommate? Those big changes can help a lot.
Small changes can also help. For example, instead of going down to the pub, grab some drinks at the off license. That’s usually cheaper. Similarly, skip eating out and try to focus on cooking at home.
If you’re paying for satellite TV in your flat to watch football games, it may be cheaper to cancel that and go to the pub for the important games. A few quid for a lager is probably less than the TV license and the cost of Sky.
Find a Cheap and Easy Money Transfer Service
Now that you’ve taken steps to budget and save, you need to make sure that you don’t lose money in expensive transfer fees. Look for a company that does money transfer to Nigeria from UK for the lowest rates possible.
Ping Express offers great rates. The company exists completely online so it doesn’t have all the expensive overhead that brick-and-mortar companies have. Additionally, how it works is designed to be easy.
Ready to learn more? Want to send money now? Then, get started sending money online or download the Ping Express app.