7 Budgeting Tips for a Smooth Move Abroad from Nigeria

In recent times, Nigeria has seen most of its residents move abroad in search of greener pastures. As economic conditions worsen and political uncertainties heighten, the number of Nigerians moving abroad has steadily been on the increase.

While this seems like the trending escape route, it is important to note that moving abroad can be a costly endeavour. However, with careful planning and budgeting, you can make your move as smooth and affordable as possible. 

Let’s briefly explore seven budgeting tips to help you get started.

Research the cost of living in your new country

Since the cost of living can vary greatly from country to country, it’s important to research the cost of living in your new country before you move. This will help you determine how much money you’ll need to budget for each category of expenses, such as housing, food, transportation, and entertainment.

The purpose of conducting research must be considered as it helps you plan. Remember whoever fails to plan, plans to fail.

Save at least six months’ worth of living expenses before you move

If you want to move abroad, you need to have a substantial amount of money saved up. So start saving early. The sooner you start saving, the more time you’ll have to accumulate the money you need. 

Saving at least six months’ worth of living expenses will help you move abroad from Nigeria smoothly. You will also be able to attend to emergencies where and when necessary.

Create a budget to track spending 

Having enough money should not be an excuse to spend frivolously. So, create a budget to help track your spending and make sure you’re on track.

Life abroad differs greatly from life in Nigeria, so learn to work with a budget. When creating your budget, it’s important to consider your lifestyle and what expenses you’ll need to factor in. Identify a budgeting tool that works for you and stick to it.

Consider downsizing and selling some items

For those moving abroad permanently, it is advisable to sell or donate items that you won’t need abroad. This may not be particularly easy as individuals tend to grow attached to some of their belongings. But it will do you a lot of good.

It will save you from worrying about shipping or storage fees. Focus on taking only essential and sentimental items. Importantly, the items you sell can also fetch you more money that can help you take care of other stuff.

Open a local bank account

Before moving abroad, find out about the banking system in your destination country. When you use a local bank account, you can avoid currency exchange fees when you make payments or withdraw money. This can save you a significant amount of money over time.

It will also make it easy for you to make payments for rent, utilities, and other expenses. More so, local banks often offer products and services that are tailored to the needs of expats. This could include things like international wire transfers, foreign currency accounts, and travel insurance. So go for it.

Look for temporary accommodation options 

As much as you will desire to get settled immediately, you need to remember that accommodation options vary from one country to another. So, look for temporary accommodation options like staying in a hotel or a short-term rental.

This will give you time to build up your finances, explore different neighbourhoods and find a suitable long-term housing option that fits your budget.

Identify lucrative scholarship and job opportunities 

There are job and scholarship opportunities abroad that make provisions for your visa and accommodation while you find your feet in the new environment.

So, look out for these opportunities. They will reduce the financial burden while relocating abroad.

Once you’ve moved abroad, it’s important to continue saving money. Also, pay attention to their environment, learn their laws, and know your rights.