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Bridging Financial Borders: Key Tips for Gambian Expat Workers in the UK

14 Mar 2024


If it were not for the financial woes of the Gambians, they would not have considered traveling to the UK, or other developed countries for that matter, to earn a living. Owing to the sluggish economic growth of the Gambian economy, the Gambians suffer from unemployment and thus travel to the UK for employment opportunities and send money to Gambia from UK to offer financial support to their families.

An IOM UN Migration report said that about 118,000 Gambians live outside of the Gambia to earn a living and for many other reasons. Slightly over 36,000 Gambians are residing in the UK.

They have been making significant contributions to their country’s economy through the inward remittances they transfer. But have you ever wondered why people migrate to foreign countries, particularly countries like the UK? Is it to earn a living to bridge financial borders by sending money back home during their stay, or is there something more attached also?

Let’s find out together!

Understanding Financial Borders

Financial borders are the limits you set around your finances to achieve your financial goals and attain financial health.

It means learning everything that will help you to be financially healthy and lead the life that you wish to live. And remember, it has nothing to do with how much you earn, where and how, except that your every money transfer from UK to Gambia bears an impact on it in terms of choosing a service provider that offers you the best money transfer deals.

Let’s now see what benefits you can enjoy while working in the UK as a Gambian migrant.

How is Working Beneficial in the UK?

Working in the UK comes with a wide variety of benefits. These benefits cater to a large array of your needs such as easy access to Europe if the need arises. But, two of the critically important ones are discussed briefly below.

Monetary Benefits

Every expatriate does not earn big enough to enjoy their dream financial life. But the amount you earn in the UK’s currency gives you more financial benefits after being converted into the local currency in Gambia, compared to the Gambian financial standards.

Take, therefore, a closer look at how to calculate and get the best currency exchange rates on every online money transfer in Gambia.

The Strong British Economy

  •  The World Bank said that in 2022, the UK’s nominal GDP was $3.07 trillion.    
  • Another World Bank report said that the GDP per capita income in the UK in 2022 was $45,850.4.        

This strong British economy helps you find a job there, earn a living and offer financial aid to your family back home.

Otherwise, it comes through the following few tips that are easy to follow.

Tips to Bridge Financial Borders

The following tips are important to attain the objective of bridging financial borders. The following tips will not only help you bridge financial borders, but they will also help you achieve your financial freedom and liberty.

Define Your Limits

The first step is to define your limits. And this comes with adopting a realistic approach towards what your current monetary position is. Keeping an eye on your past financial decisions can help you a long way in this regard only if you can learn from those.

A holistic and realistic approach towards your financials will help you define your limits.

Set Financial Goals

Have a clear understanding of your current financial position and set your goals accordingly. Do not be too ambitious while setting these goals. Make sure that your financial goals are rooted in realities rather than in wishes and ambitions.

Always remember that without financial goals, you cannot begin your financial journey, let alone complete it. 

Learn to Say No

Saying no to someone is easy and simple, but not when you have to do it with grace and in a way that does not affect your relationships and the people around you. So, learn to say no with grace and dignity when someone requests financial help.   

It is an art but not one whose learning is challenging.

Plan to Lend Money

You do not live in space, do you? You are surrounded by people and relationships who can request financial help. So, make sure to lend money in a planned and organized manner because otherwise, lending money can be risky for obvious reasons.

Therefore, thoroughly understand who you lend money to and what the chances of getting it back are – timely!

Shortlist Reputable Service Providers

Conduct research and shortlist some of the world’s most reputable and best remittance transfer service providers out of a pool of innumerable institutions. Their service features, such as fees, exchange rates, speed and, safety, will help you bridge the gaps. 

As you send money online to Gambia from UK, which is a repetitive process, so are the charges involved. So, make sure to choose a service provider that offers financial room and comfort.

Create a Budget and Live on it 

It is difficult for you to resist the temptation of spending when earning in a foreign country. Impulsive buying is common among expatriates. Therefore, create a budget and live by it no matter what. It will help you with the achievement of your financial goals.

But remember that while creating a budget, living on it might require effort, yet the fruits are the sweetest and worth the effort!

Save for Emergencies and Be Ready

Create an emergency account and contribute to it regularly. Always remember to save for emergencies first and then spend from the remainder against the notion whose followers spend first and save from the remainder.

Keep in mind that emergencies never knock on arriving at your doorstep. So, be financially ready to welcome them!

Know the Difference between Needs and Wants

If you were to list down your needs and wants, you would realize that your needs are finite, whereas there is no limit to your wishes. But setting needs apart from wishes is hard. Yet, if you can distinguish between the two, it is a great step for achieving financial liberty.   

Furthermore, impulsive buying leads to spending on wants. If you can control impulsive buying, it will benefit you also in this context.  

Pay Your Debts

Pay off your debts, but not randomly. First, try to pay off the larger amount because with a big amount being paid off, you will get rid of the interest (if applicable) on top of the principal amount, easing your financial burden.    

It is better to create a plan for paying your debts like you would create a budget.

Wrapping Up the Discussion

One of the key areas to attain financial health and save money while transferring funds back home is to choose ACE Money Transfer to send money online to Gambia. Doing so will offer you market-competitive and live exchange rates, speed, safety, 24/7 service access and availability and much more from one stop in exchange for a low fee.

FAQs

What is meant by financial borders?

Financial borders are the limits you should set around your finances. It also means having a clear idea about your current financial position, which should be based on your real income and expenses rather than your wishes and financial ambitions.

Why is setting financial borders important for me?

Setting financial borders is critically important for you because it helps you achieve your financial goals and save money for the future you will need once you return from abroad at the end of your expatriate life.

What to do to set financial borders?

You should define your financial limits, set realistic financial goals, reframe your conversation if you think it is going wrong, learn the art of saying no with grace and dignity, and never lend money to anyone if you have not planned for it. 

Why do I need to leave Gambia to find a job abroad?

You need to leave the Gambia to work abroad because the country’s economy does not offer you the jobs that you need. Besides, what you earn in the Gambia is not sufficient to even make ends meet, leading to acute poverty and high levels of unemployment.

Why should I work in the UK?

You should consider working in the UK because you get high wages, and have multiple job opportunities. Also, you get paid leave and enjoy a high living standard even if your earnings in the UK are modest by some standards. Moreover, you can always make online money transfers from UK to Gambia to uplift the living standard of your family.


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