25 Jul 2024
People from Ghana frequently travel to developed countries like Australia to work. They earn a living and send money to Ghana from Australia to offer financial support back home.
Why?
Well, simply because they face financial challenges in their native country.
Owing to this reason, over a million Ghanaians are living in different countries.
Finding a job in Australia is easy given the robust Australian economy, which has a nominal GDP of $1.69 trillion and a GDP Per Capita income of $65,099.8.
But do you become a migrant to earn a living and lead a financially viable life as long as you earn?
Well done! You answered it correctly.
You cannot.
You must save and plan investments wisely so your income continues well into the future.
This is precisely what this blog aims to guide you about.
Do you think you will enjoy a financially viable life even after you stop earning?
Think about it!
If this were the case, why would pensioners be more curious about their pension than someone working and earning well?
If you look closely, you will realize that your level of curiosity deeply depends upon whether you have another source of income.
This means that savings are integral to good financial health and financial viability post-retirement, in old age, and on rainy days.
Against this, imagine that you send money online to Ghana online from Australia to offer financial support but neither you nor your family realize that you are missing out on an essential component of your financial life.
Thinking what is that essential component?
Yes. Savings.
What will happen if you do not save during your stay abroad?
You will likely return empty-handed – a state that prompted you to travel abroad and become a migrant.
Therefore, to avoid such a debilitating scenario, carefully read the following tips and, more importantly, act upon them.
Who says this applies to you only and not to your family?
It applies equally to both you and your family.
You might be tempted to spend as much as you can without much ado because you are earning a reasonable income abroad, right?
Similarly, your family might think the same way, that their breadwinner abroad is sending them hefty amounts regularly.
It seems fine.
But do you grocery shop once in a blue moon or every month?
It is a regular process, and if you calculate how much extra money you are spending, you can save by simply sifting the market before finally stopping at a shop to make the purchase.
Try it sometime. It will give you goosebumps!
Therefore, one must search the market deeply before grocery shopping.
You find going out to have food at an eatery accessible and hazardless. Right?
You are right.
However, spending more on the cost of doing the dishes or simply defrosting the frozen food and simply frying it is not wise.
Or is it?
Therefore, you must slash restaurant expenses and try to cook at home.
It is easy. Bring frozen food that is ready to cook, put in a little effort, and this way, you can save money.
Or even if you have to visit a restaurant, visit them late at night.
Oh… It was thought that you already knew why.
Because certain eateries offer food at subsidized rates before closing to avoid waste.
Every money transfer from Australia to Ghana incurs costs and is a recurring process.
You pay service charges each time you send money back home.
Therefore, make sure to find a service provider that charges you a low fee and also offers you live and competitive currency exchange rates so that they can compensate you for whatever fee you pay for a transaction.
A quick and handy tip is to find a service provider that offers you live and flexible rates.
It is one of the most essential tips to save money.
You must start recording your income and expenses right away. But remember that recording your expenses and income alone is not enough.
You must keep checking your financial records at the end of every day.
Yes. Everyday!
It takes little time because you do not spend money every moment of the day!
So, checking a small number of transactions will consume less time.
A budget is a financial plan that helps you quickly assess your income and expenses and prevent overspending.
While you can easily create a budget using the best techniques, the more critical question is: how prepared are you to live on the budget you have created?
Whether you want to follow this tip as a migrant or make your family follow it, the results will remain the same.
The accumulation of your wealth and savings!
Public transport in developed countries is more comfortable than your conveyance, besides being cost-effective.
Commute in public transport and make it a habit.
The concept of a global economy is on the rise.
It means that investment opportunities are increasingly becoming transcendent, thus allowing you to invest beyond borders.
Wait. It still has limitations.
Therefore, considering the limits, you can find the following investment opportunities in Australia.
You can easily open a savings account in most Australian banks.
But before you go for one, consider the deposit's length and the interest rate the bank offers you.
The length should be aligned with the length of your stay so that you can take the deposit out when you return home.
The other investment option you have is property.
The reason? Yes, you are correct in asserting that you will return home one day.
But property sells like a hot cake! Therefore, consider your investment in property in Australia as capital you can put to use otherwise on short notice.
When you make an online money transfer from Australia to Ghana, you usually consider savings when paying a low fee.
However, choosing ACE Money Transfer will not only make you pay a low fee, which is only applicable when your funds reach a certain level below the cost that does not apply.
It can lead you to initiate seamless fee-free money transfers.
In addition, the live and market-competitive currency exchange rates compensate you for whatever meager amount you pay as fees.
But it goes far beyond it.
You will get safe and swift transactions with 24/7 service availability and access in over 100 countries worldwide.
What else can be done to ensure savings in a repetitive process, such as frequent online money transfers?
Building wealth is a concept that primarily refers to savings and making investments. Both are critically important if you have only one way to earn money or a single income stream. If you lose your job and have not built wealth earlier, you will land in poverty and become financially crippled.
Several tips can help you build wealth, such as researching and sifting the market well before purchasing groceries and slashing your restaurant expenses. It also includes finding a cost-effective remittance transfer provider, recording your income and expenses, living on a budget, and commuting on public transport.
Making investments in Australia or any other foreign country, for that matter, is easy nowadays. However, if you are a migrant in Australia who will return home someday, you can invest in a savings account as fixed deposits or in property. Both investment options allow you to get your capital back if needed and use it otherwise.
You must consider the purpose of your investments, research investment opportunities well, discuss your investment plans with experts and seek professional advice. You can evaluate risks in a particular area of investment, not invest all your capital in one location, and rather look for multiple risk-free investment opportunities to diversify your investment portfolio.
You can save substantial amounts of your hard-earned money by sending money back home only if you choose a service provider with utmost care. ACE Money Transfer, however, is your safest bet, given that the firm charges a low fee and offers flexible and live exchange rates that compensate you for the fees you pay.
