Moving to a new country can be both exciting and daunting. Regardless of your reasons for starting over, one thing is certain: you need to keep a close eye on your finances and find a way to manage your money. One crucial part of your success in your new home is setting financial goals. These can help you better manage your day-to-day affairs and build up security for the future.
The first thing you need to do: identify a few clear financial goals. So let’s take a look at what the most important financial goals for immigrants are:
1. Open a bank account
The first and most crucial step to setting yourself up for financial success is opening a bank account in your new home. Having a bank account is necessary to transfer money from your previous country, to receive your new income, and pay your bills. To open a bank account in the UK an immigrant requires the following:
1. Your Passport/valid photo ID.
2. A recent utility bill (less than three months old) or council tax bill
3. A recent bank or credit card statement.
4. Proof of employment (some banks may ask for this)
5. Money to make a minimum deposit and your current address and phone number
If you’re new to the country, you won’t have any credit history and might not yet have a valid proof of address. However, some banks have accounts specifically for those new in the UK, such as Barclays ‘New to the UK’ account. It allows you to withdraw up to £300 a day (subject to sufficient funds) and comes with a contactless debit card, and online, telephone and mobile banking. Other UK banks you can consider as an immigrant include HSBC Basic Account, Llyods Bank Account, Halifax Current Account, Nationwide Bank Account, First Direct 1st Account, and Santander Bank Account.
2. Track your expenses
Unless you know what you’re spending your income on, you won’t achieve your long-term financial goals. Therefore, you must keep track of your expenses to better manage your money.
Perhaps you have a goal of sending money to your family or saving up to book flights back home. To figure out whether your goals are realistic and how to budget your savings, start by making an overview of your monthly cash flow, including:
● Your net pay (or your after-tax income)
● Your fixed expenses (including rent, internet and other bills that are the same amount each month)
● Your variable expenses (these are regular bills that can vary in amount)
● Your occasional expenses (less frequent bills, such as eating out, etc.)
Once you track your income and expenses, pay close attention to your spending and figure out how much you can afford to set aside monthly to reach certain savings goals, such as buying plane tickets home or sending money to your family. An easy way to do this is to subtract your expenses from your net pay to know your budget.
The proper way of tracking your expenses is to record every time you spend money. Once you know what you’re spending your money on, you can identify which expenses you can cut out by changing your habits. The internet offers many free expense tracking apps or you can choose to keep all your receipts and track your money manually.
3. Choose a trusted service for sending money home
Most immigrants make it their goal to send part of their monthly or yearly income home to support their family or save and invest at home. You can choose to simply transfer money internationally through your new bank account, use an international wire transfer company, send cryptocurrency, or use OneFor, a Pan-European FinTech company with teams in Western and Southeast Europe.
OneFor’s goal is to revolutionize the world of money remittances and individual transactions across international borders and to change how people communicate with each other through money by transforming financial transactions into moments of connection, shared experiences and by increasing financial inclusion that fosters economic development.
Some of the benefits of using OneFor include:
● Convenience in one app – Simply send funds, make gift payments, or request money from one or multiple people - all in one app.
● Fast Transfers – 0.2 seconds is all it takes to transfer money home!
● Low Rates – With the OneFor app, everything is at your discretion. The basic app is free, and you can choose a smart package that suits your needs best.
● eWallet – Manage your card, add money to your account, and have an overview of all transactions - with just one touch.
● Security - Backed by Mastercard and owned by a Dutch private equity group, OneFor provides the highest level of security for your money.
● Connections – OneFor is known to be the most personal and connected money app that brings you closer to family and friends around the world. Simply import your contacts from your phone or add any type of payment recipient as necessary - as easy as it could be.
● 24/7 Support – Need help? The OneFor service team is available to you around the clock to answer any questions you may have or offer guidance.
Sending money home across international borders requires a trusted partner that offers you convenience, security, and low rates. While you can transfer money abroad through your bank account, it usually comes with high fees and significant markups in the exchange rate. Instead, use an app like OneFor which allows you to send money fast and saves you fees.
Setting financial goals is key to saving money and building wealth. As an immigrant, you’re likely to have moved abroad for new and better opportunities. So, make the most of your new life and your new home while keeping your finances in check by opening a new bank account, tracking your expenses, and using financial apps like OneFor, and soon you’ll be able to reach the goals you’ve set for yourself.