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7 Financial Tips for Every Nigerian Expat in Ireland

7 Financial Tips for Every Nigerian Expat in Ireland

04 Dec 2023


A report by the Central Statistics Office (CSO) in Ireland said that over 10,000 Nigerian migrants are residing in Ireland for employment and education opportunities. These Nigerians work in Nigeria to earn a fairly reasonable income to support their families in every money transfer from Ireland to Nigeria.

 

Choosing Ireland for work, employment opportunities, and education purposes is a natural choice for people from developing countries, including Nigeria. But the foremost reason for the Nigerians to work in Ireland is financial. But do you know what is important to ensure your purpose of working in a foreign country is served optimally?

 

Well, first, you have to ascertain the purpose of trying to scratch a living from foreign soil. This purpose is to support your family financially. Right? But do you think you have the essential tools to do it, or do you rely only on earning and sending money back home non-stop?

 

These tools are the tips to manage your financials as a Nigerian migrant in Ireland.

 

This blog will provide you with the necessary tips to serve the purpose, but let’s first look at how you benefit while working in Ireland.

 

How Does Working in Ireland Benefit You as a Nigerian Migrant?

Apart from the professional benefits, explained below briefly, you cannot quantify the joy of being in Ireland alone. The country’s rich and diverse culture, its picturesque landscape, and its mostly cloudy weather (one of the big attractions for visitors from regions with hot or tropical weather) are all allurements that you cannot afford to ignore while living in Ireland.

Some of the employee benefits are, however, detailed below.

 

Personal Retirement Savings Account (PRSA)

All the companies in Ireland that employ you are legally bound to open a Personal Retirement Savings Plan (PRSA) for their employees. Whether your employer makes a financial contribution to this account or not depends on them, but opening a PRSA is mandatory.

 

This is a great help for you because opening a bank account as a Nigerian migrant in Ireland can be a complex process to navigate. But Irish laws make it easy for you.

 

Relatively Higher Wages

As mentioned earlier, your purpose of supporting your family financially can be better served while working in Ireland, as the country offers relatively higher wages. Coupled with other advantages, these high wages enable you to send a larger amount of money in every online money transfer from Ireland to Nigeria.

 

Protection of Income

One of the biggest advantages of working in Ireland is that most employers offer you income protection. It means that if you cannot come to the office because of an injury or ailment, you will get a replacement income. It is one of the common benefits in Ireland.

 

Healthcare Services

All of the residents in Ireland are entitled to healthcare services through the public healthcare system (Health Service Executive). This healthcare service is funded by general taxation. However, several employers still offer private healthcare services to their employees.

 

Miscellaneous Benefits

You can get several other benefits while working in Ireland, including paid holidays, gym memberships, flexible working conditions and timing, and training and development courses that your employer has to arrange, and you have to attend.

These are some of the top benefits that you can get while working in Ireland as a Nigerian migrant.

 

Let’s now learn the financial tips that you must be aware of and practice to attain financial soundness as a Nigerian in Ireland.

 

Financial Tips to Attain Financial Soundness and Freedom as a Nigerian Migrant in Ireland

Financial tips are critically important to know and practice because it is through these tips that you can save money and attain financial freedom. Although you can also follow several other equally important yet easy tips to save money as an expatriate, these tips are savings-oriented and are rooted in the following financial tips. Take a look below.

 

Set Clear and Realistic Financial Goals

The first tip is to set clear financial goals, which you cannot achieve by continuing to send money online to Nigeria from Ireland because always remember that your stay abroad will come to an end one day. Therefore, before you have to start from scratch, set financial goals based on your income and expenses and align other activities around these goals to achieve them.

 

Understand Taxation

You must be aware of your tax obligation thoroughly. It is a complicated matter, but mortgaging your attention to it is worth it. If you are oblivious to it, you are likely to fall victim to over-taxation or double-taxation, which you cannot afford as a Nigerian migrant in Ireland. Right?

 

Keep Reviewing Your Existing Investments and Insurance

You already have certain investments and insurance that you tend to retain while moving abroad. Right? But always remember that investing once and then just keeping it without reviewing your investments will do more harm than good. Therefore, the ideal practice is to keep reviewing your investments and insurance policies for tweaking and replacement, if needed.

 

Create a Budget and Live on It

Resisting the temptation to spend money impulsively in a foreign country is hard. Therefore, it is critically important for you to create a budget for a fixed time based on your real income and expenses and then live on it. Sticking to a budget is more important than making it.

 

Seek Advice from Financial Experts

Find a financial professional and share your clear and honest financial situation as well as your financial goals and objectives with them. Their advice based on your situation will help you a long way in attaining financial freedom and viability.

 

Utilise Your Excessive Cash Effectively

Nowadays, relying on one income stream is both difficult as well as unfeasible. Therefore, try to generate multiple income streams, which is relatively easy due to online opportunities, and utilise the cash you generate from other income streams effectively.

 

Prepare for Emergencies

Always remember that life has a unique habit of throwing the unexpected at you regardless of your condition and situation. Therefore, keep yourself fully prepared for such emergencies. The best way for such preparations is to have enough savings to attend to emergencies requiring your financial attention.

 

Following these easy tips will help you immensely with attaining financial freedom.

 

Wrapping Up the Discussion

It is already established that you work in Ireland as a Nigerian migrant to earn a living, and you send money to Nigeria from Ireland to offer financial aid back home. Right? But have you ever thought about how choosing the right service provider for this purpose can help you add more to the financial aid? In this context, your choice of ACE Money Transfer will help you in more ways than one, including offering you live and market-competitive currency exchange rates, speed, safety, a wider network with 24/7 service availability, and much more from just one stop and, that too, in exchange for a low fee! You can add this amount to your home-bound financial aid to increase the quantum. Don’t you think?
 

FAQs

What is financial planning?

Financial planning is the art of taking stock of your income and expenses and making a financial plan for the future. In other words, financial planning is about monitoring your income and expenses and managing savings for the future regardless of the quantum of your income.

 

Why is financial planning important?

Financial planning is important because it helps you understand your income and expenses, your earning and spending patterns and behaviours. It also helps you create a budget for you and also helps you live on that budget.

 

What employee benefits can I get in Ireland as a Nigerian migrant?

Some of the most important employee benefits you can get in Ireland as a Nigerian migrant include the opening of a Personal Retirement Savings Account (PRSA) by the employer, higher wages, income protection, subsidised healthcare services, and miscellaneous benefits, including gym memberships, paid holidays, and training courses.

 

What are the key financial tips?

The key financial tips include setting clear and realistic financial goals, understanding taxation, reviewing your investments and insurance policies, creating a budget to live on, seeking advice from financial experts, using excessive cash effectively, and saving for emergencies.

 

How can a remittance transfer service provider help me financially?

Sending money online to Nigeria from Ireland is a regular activity which incurs costs of different types. Therefore, if you choose a service provider that offers you market-competitive exchange rates, speed, safety, convenience, and several other benefits for a low fee, it will add to your savings and benefit you financially.


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