28 Jun 2024
According to a report by the Australian Bureau of Statistics, over 15,000 Nigerians are living in Australia. The robust Australian economy accommodates job-seekers from different countries, including Nigeria. Nigerians earn a living in Australia and send money online to Nigeria from Australia to offer financial support back home.
The purpose of migrating to another country is to earn a living. But if you just focus on earning a living and sending money back home, you will do so as long as you are working. The day you stop earning, you find yourself without cash until you save it. Saving money is central to your life abroad, and this blog aims to shed light on this.
It is fascinating to work in a developed country like Australia. The country’s robust economy, with a nominal GDP of $1.79 trillion and a GDP Per Capita income of $66,589, is enough to accommodate job seekers.
But have you ever considered your financial position after retirement, considering you do not save money? Will it not take you back to where you started? Who knows if you could still work with the same amount of energy as before? Therefore, it is critically important for you to save money as much as you can during your stay in Australia by taking the following small and simple steps.
You live in Australia as a Nigerian migrant, so you can earn a living and send money to Nigeria online from Australia. Of the funds you send back home, you must ensure that you save some amount regularly. If you find it challenging, then make sure to tell your family to create an emergency fund and make regular contributions to it. For this purpose, a simple savings account at any bank can be helpful.
You cannot just sit back and let time go by without exploring Australia after you arrive there. The country’s immense attractions will pull you out of your comfort zone. So, when exploring the city you live in becomes unavoidable, budget your travel.
Make sure to use cheap public transport to move around. To begin with, ride a bicycle to explore the surroundings. As the circumference of the area you wish to explore widens, travel on buses instead of trains and planes to save money.
This is one of the greatest tips for saving money. You must know your income and where you are spending it. Start recording your income and expenses right away, and you will soon feel the difference.
To do so, you can use several digital tools like apps or manually record your expenses using a register. But the most crucial part is to look at what you have earned and spent. This habit will lead to saving money.
You might have borrowed money to come to Australia, thinking you will pay it back gradually alongside offering financial support back home in every money transfer from Australia to Nigeria.
Make arrangements to pay off your loans. The best way is to start with the more considerable amounts first. The reason? The sooner you pay, the more significant the amount and the more financial space you get, as you no longer have to pay the interest on top of the principal amount.
Make sure to replace the existing electric appliances with more energy-efficient equipment where you are living. This will reduce your energy consumption. Yes, this process will cost you money, but this is only an expense you will make once. However, this one-time expense will help you with the repeated payments of enormous utility bills.
You are not alone as a Nigerian migrant in Australia. Many others, too, are probably looking to save money like you. So, make sure to find an apartment that you can share with others. This will reduce the cost of rent and utilities as it will be divided among all the mates. So, instead of paying the rent in full, you will only have to pay a small portion. And the more the people, the less the financial burden.
It is easy to enter a shop and get what you want. But this can lead to financial wastage. Therefore, make sure to sift through the entire market and ascertain the rates of stuff you want to buy from different shops. This will help you get better and cost-effective deals as the prices of the same item at other stores will be different.
Creating a budget is essential for saving money. When you create a budget, you take a realistic view of your income and expenses, which will help you set financial boundaries. However, where creating a budget is critically important, living on it acquires more significance as it will keep you within the limits you have set.
Moreover, creating a budget is not complicated. However, it seems difficult and complex, given that it involves finances. But if you know the proper techniques to make one, you can create one easily yourself. Learn HERE all about creating an adequate budget as a migrant.
You send funds back home regularly. Each time you initiate a transaction, you pay fees and service charges of different types, including currency conversion fees. This, given the frequency, is an antithesis of savings. Therefore, make sure to find a service provider that:
· Charges you a low fee
· Offers you market-competitive and live currency exchange rates
· Does not charge you for currency conversion
· Does not have hidden charges
The temptation to eat at restaurants is hard to resist, mainly when living in a foreign country. Although having food at an eatery is easy—pay the bill and return—its repetition can be financially burdening.
Therefore, try to avoid eating at restaurants regularly. If it's once a month, it is allowed. But making it a habit will disturb your finances. Moreover, if you have to eat at an eatery, go to the restaurants late at night. Since the eatery is nearing its closing time, it tends to reduce prices substantially to offer cheap and cost-effective deals to avoid food wastage.
If you know how to use the window of online remittance transfers correctly, you can easily save money each time you send money to Nigeria from Australia. But for this, you will have to find the right service provider.
Therefore, make sure to find a service provider that not only charges you a low fee but also offers you live and market-competitive currency exchange rates. These rates will help you save money on your money transfers as these will compensate you for the fee you will pay for the transactions. Moreover, the absence of hidden fees and currency conversion charges also adds to your savings.
Saving money as a migrant is essential because your job in Australia or any other country, for that matter, is temporary. No matter how much you are earning abroad, once your job draws to a close, you will depend on your savings until you find another job. Therefore, saving money as a migrant is critically essential.
You can face several challenges if you do not save money. Life is always unpredictable. You might well come across an emergency that requires your immediate financial attention. In such a scenario if you do not have money to attend to the emergency, it may well aggravate to unmanageable proportions. Therefore, if you do not save money, a minor issue can turn massive.
You can save money in Australia as a Nigerian migrant by creating an emergency fund, travelling on a budget, recording expenses, paying off loans, reducing energy consumption, sharing accommodation, sifting the market for cost-effective deals, creating a budget, and living on it, finding the right online money transfer service provider, and avoiding to dine out regularly.
Several people from Nigeria travel to Australia for jobs. They cannot find sustainable jobs in their native country, which leads to rampant unemployment and acute poverty. It is difficult for people to put food on the tables and make ends meet, so they travel to countries like Australia to earn a living.
Working in Australia is beneficial as you will find employment opportunities in several professional fields. The wages are relatively high, and the cost of living is low. Moreover, the working conditions are flexible. Employees are entitled to several paid maternity and paternity leave. Also, you will have access to the best healthcare services at subsidized rates.
Resource(s)
· Nigerians in Australia
(Australian Bureau of Statistics (abs.gov.au)
· Australian GDP
(Australia - Gross domestic product (GDP) 2029 | Statista)
· Australian GDP Per Capita
(Australia - gross domestic product (GDP) per capita in current prices 2029 | Statista)
