28 Feb 2025
Do you know that the Netherlands has a lively culture? As an economic hub facilitating remittances from the Netherlands to Ghana, many young and middle-aged Ghanaians are seizing new opportunities in this thriving country.
However, managing finances in this new environment might seem challenging. Data gathered in the past few months indicate that the cost of living in most Dutch cities grew by 8% in 2023, hence the need to manage one’s budget properly. Now, let's explore what it takes to manage your finances successfully in this country, the Netherlands!
Knowing your outcomes when you are a Ghanaian expat in the Netherlands means knowing your monthly expenses. Here are the key areas to consider:
It is possible to rent an apartment in Amsterdam for €1,200 to €2,000 per month, depending on the locality. Perhaps smaller cities may offer cheaper prices for borrowing such items.
You will likely spend €150–€300 on your electricity, heating, and water bill.
A monthly pass to use public transport costs about €90, while cycling is a cheap and widely used means of transport.
The monthly grocery bills typically vary from €250 to €400. This range reflects factors like dietary preferences, household size, and shopping habits. Opting for local markets and seasonal produce can help reduce costs. Meal prepping and bulk buying can also contribute to significant savings. It's essential to track grocery expenses to ensure they align with your overall budget.
It is thus essential to know these costs to set a reasonable budget for making a money transfer from Netherlands to Ghana and live or spend within that budget.
Living in the eurozone means being aware of the euro's strength against the Ghanaian cedi today. Currently, 1 euro is equivalent to about ₵9.50, although this rate may vary in the future. It is relevant to make checks frequently with the exchange rates to utilize most of the expenditure.
When transferring money back home, ensure you choose a remittance service provider with relatively low charges and relatively good interest rates. For instance, ACE Money Transfer offers great rates and even efficient transfer services to ensure that your family in Ghana gets the maximum every time.
The first thing you need to do to have any kind of financial stability is to set a budget. Here’s how to do it:
Discover how much money you earn after tax deduction.
Keep track of all monthly spending, both fixed and variable, such as rent and utilities, food, and nights out, to save more.
Set aside 20% of your pay to save for the following month. This could be for a rainy day or for a future investment, whether in a property or another investment.
Some apps that can assist include YNAB, which stands for You Need A Budget, or PocketGuard. These tools offer features like expense tracking, budget planning, and financial goal setting, making it easier to manage your money effectively.
The immediate outcome of an emergency fund is critical for unexpected emergencies, such as a medical emergency or losing a job. Ideally, you should accumulate enough money in this fund to cover at least 3-6 months of living expenses.
Moreover, there should be certain concrete savings targets. If you have set goals of traveling, acquiring a home, or even pursuing further education, knowing your targets will help you work harder towards saving.
Good and effective financial management to make remittances to Ghana from the Netherlands is essential for Ghanaian people living in the Dutch territory. Thus, when planning your new life, knowing your cost of living, making a feasible budget, and putting together your rainy day money is the key to confidence.
Welcome to the realm of finance, and get your financial path today! Here is how you can benefit from the tips to help you set a budget that will help you and, more so, give you the best remittance services: Visit ACE Money Transfer. Besides, our rates are very affordable, and our services are high-speed to ensure that you can support your family back home as you build your future. Identical to you, and let’s get started by clicking the button below to sign up now and manage your money!
Housing expenses refer to rents, water rates, and electricity tariffs, among others; transport costs are fares, gasoline, and the like; while modes of food include the costs of meals, groceries, and related expenses.
Begin the budget process by tallying your income and recording every single expenditure. After that, establish the savings objectives.
The rental price of average housing is from 1200 € to 2000 € in cities such as Amsterdam.
The following services should be used most of the time due to the good rates and low charges, such as ACE Money Transfer.
An emergency fund avails a reserve against dislikes of hard luck and engulfs all the emergent contingencies.
