27 Oct 2023
Ireland has more to offer to migrants than its arctic weather and beautiful landscape. Its robust economy allows job-seeking migrants to work and earn a living here. For the people of Ghana, the strong economy of Ireland is reason enough to come here, earn a living and send money from Ireland to Ghana to support their families financially.
But earning a living alone in a developed country like Ireland is never enough. However, financial support is rooted in money. But random earnings and expenses will lead you nowhere.
You wonder about what is required to support your family efficiently.
Well, that is budgeting.
This blog will walk you through budgeting and a few essential tips to create an effective budget while you live in Ireland as a Ghanaian migrant.
Budgeting is a spending plan that you create based on your income and expenses. The process of budgeting can also be understood as an estimate of how much money you will earn and how much will you spend in a given time.
There is no hard and fast rule of budgeting. You can do it manually or by using a digital tool or app. One way of budgeting that works for you may not work for others.
As a Ghanaian migrant in Ireland, the process of budgeting must also include the quantum of money you wish to send back home in your every money transfer from Ireland to Ghana to offer financial support.
If you keep sending funds without a check and routine, it can throw your financials into disequilibrium.
The purpose of budgeting is not to deprive yourself of the happiness that money can bring. Because normally budgeting is understood as savings. But it is only a misunderstanding. The core purpose of budgeting is to take control of your finances.
Budgeting allows you to have kinds of fun and entertainment that you cannot have access to when you are not living on a budget. So, the purpose of budgeting is to a) allow you to take control of your finances and b) prepare financially for the future.
Well, the basic reason is why you travel to Ireland from Ghana in the first place, to begin with. Right? Had you not suffered financially, would you be willing to come to Ireland by leaving your loved ones behind and that too for work?
So, your reason for expatriating in the first place is financial. So, you need to be careful with your money and finances as the allurements of foreign countries prompting you to spend money impulsively are fairly irresistible. But if you are living on a budget and stick to it, you will be able to manage your money effectively, which will ultimately help you in supporting your family back home financially each time you send money online to Ghana from Ireland.
In addition, budgeting helps you set clear financial goals and plans to achieve those goals.
Apart from this, budgeting helps you with the following.
A budget helps you know how much you have been spending on what and why. So, you get to realise what you should have spent on and what you should have abstained from spending on. This is the first step in understanding the value of your money that comes through budgeting.
Budgeting also helps you save for the future and the rainy days you might not have budgeted for otherwise and without a budget. So, when you return from abroad, you have some financial backup to fall back on.
It is through effective budgeting that you can pay off the debts. Because budgeting allows you to spend money in certain areas according to your needs. It prohibits you from spending excessively or less than required.
Tips for Effective Budgeting
The following easy tips will help you create a budget effectively, but the critical part is to stick to it and follow the budget you have created.
Make sure to create a new plan according to the budget you have created every month. Name every penny at the start of the month, which will ensure you do not spend by accident and that not even a single penny slips through the cracks.
If you can find a financial expert, seek their advice while budgeting. But if you cannot seek a professional, try discussing your financial matters with your family members or spouse.
Remember that every month is different from the other. In one month, you might have to budget for car maintenance and the following month, it may be replaced by other needs. So, make sure to keep your budget flexible to adjust to the changing needs.
As mentioned earlier, create a list of the important categories that you will be spending money on. Remember that these categories can move up and down on the list every month.
Prioritise pay off your debts. While paying off debts, always remember to pay the bigger amount first and the small amounts later.
This is a neglected area. Make sure to add a service provider to your budget that offers you the cheapest way to send money to Ghana from Ireland. This will help you financially and in terms of savings. It is a regular practice and not sending funds cost-effectively will affect your finances and budget.
Be ready to trim your budget when you feel the need. In times of inflation or other scenarios requiring you to spend money outside of your budget, trimming your budget is all you need to stay afloat financially.
Make sure to set clear financial goals that are time-bound. For example, if you want to buy a car, then budget for it and set a timeline to achieve the goal.
One of the biggest advantages of budgeting is that it allows you to track your financials and your progress in achieving the financial goals you have set. So, keep tracking your financials and financial progress closely.
Make sure to add a head in your budget for miscellaneous expenses. Life is not predictable. So, keep a window open in your budget for the unexpected and unseen.
Given that you are a Ghanaian migrant working in Ireland to support your family financially, you send money to Ghana from Ireland regularly. Right? This process comes with certain charges like fees and exchange rates. It can impact you financially. But if you choose ACE Money Transfer to serve this purpose, you will get speed, safety, live and market-competitive exchange rates, and much more in exchange for a low fee. All of it will have a positive effect on your finances as a whole.
Budgeting is the process of making a plan to spend money on your needs and wants but that plan is based on your income and expenses. In budgeting, you create a spending plan based on your income for a specific time.
Budgeting is important because it helps you avoid going into spending overdrive, set up clear financial goals, know your income and expenses, make saving plans for the future, and track your income and expenses.
The core purpose of budgeting is to help you save money, know the value of money, spend on things you need the most, prepare for emergencies, and have a financial backup to fall back on post-retirement.
Some of the essential budgeting tips include creating a new plan for every month, setting up goals, knowing your income and expenses, tracking your expenses, paying off debts, creating spending categories, trimming the budget if needed, tracking your progress, and so on.
A remittance transfer service provider helps with your budgeting exercise if it offers you a cost-effective way to transfer funds both in terms of a low fee and live and market-competitive currency exchange rates.