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Everything You Need to Know Before You
Make Your Relocation Plans.

MoneyAfrica
If we ask ten Nigerians about their
future, we can bet eight out of ten
would mention relocation, most likely
to Canada.

But, we all know that relocating is

expensive. It costs a lot to set up
shop in another country.

So, if you have decided that it is

time to move on to greener pastures
despite all of these fears, a solid
financial plan is what you need to
set the ball rolling.

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Relocating to another country is both exciting and scary. The
excitement comes first but is very short-lived when you learn of the
amount needed to achieve this goal. After this, the scary part kicks in.
However, you can still achieve your relocation plan if your finances are
well-planned. Every stage of the relocation process requires planning,
from how you are going to support yourself and your loved ones, to how
to source your proof of funds, cost of living on arrival, job prospects,
retirement and healthcare. The thought of this alone could be daunting,
but good planning will make it easy on you.

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 Decide which country you
want to study or move to.
Two key determinants to consider
when moving abroad are;
affordability and income
opportunities. You need to
research and brainstorm where it
makes sense financially to move
based on what you can afford,
without having to subject yourself
to unnecessary pressure. You also
need to consider the nature of job
opportunities in the country you
are moving to. How easy it is to
get a job to sustain yourself while

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studying, either part-time or remote. Another important thing is to
find out if the school or country you intend to study in offers a work
permit after completing your programme.

The cost of living will affect your budget, regardless of the program
fee. Conversely, a study abroad program in London, for instance, will
come with a hefty living cost, compared to studying in other places
like Lancaster or Durham. Research the comparable cost of living of
the country you are moving to. This will show how much you need
to live comfortably.

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 Budget for Relocation
You may not understand how this helps because you do not have
any money/sponsor at this point. But putting away money does
something to your psyche, and will ensure you have the confidence
you need when the time comes for you to approach anyone for
financial help.
While it’s important to have savings, you must know how much it
will cost to relocate successfully to your new country, the number of
dependents and your preferred relocation route. We spoke to people
who have successfully relocated to other countries, and we have
presented the cost breakdown below.

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Cost of relocating to the UK
International passport N45,000
Transcript N20,000 - N50,000
English Proficiency Test

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N83,500
Medical test N40,000

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Police character certificate N10,000
Visa fee N348,890 ($502)
(Standard visa and per person if you’re applying with dependants)

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IHS fee $1038 N721,410
(per person if you’re applying with dependants)
Proof of funds (including living expense and tuition)

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Tuition ($15,000 to $30,000) N11,000,000
Living expenses $1334 * 9 months (in London) N7,143,570
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$1023 * 9 months (outside London) N5,478,165
Flight cost N550,000

Note
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The estimated cost is per person, it will be slightly different if you’re relocating with dependents. Budget an average of
N20,000,000 to N30,000,000 depending on your dependants and school tuition.

**Some schools will require you to pay the full amount at once, while some others require you to pay in installments or
twice. Do proper research on the school you intend to study.

*** 595 is the exchange rate used.

Cost of relocating to Canada
IELTS N83,500

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WES N159,850 ($230)
Transcript N20,000 - N50, 000

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International passport N45,000
Medicals N40,000
Police clearance certificate

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N10,000
Application fees IRCC N379,500 (C $825)**
RPRF IRCC N230,000(C $500)**

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Dependent (children) N103,500 (C $225)
Proof of funds $13,213 $16449(2), $20,222 (3) $24553 (4) N6,077,980 **
Flight N550,000
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Tuition (20,000 - 30,000 CAD dollar) N10,000,000 ***
On average, your budget should be N10,000,000 to N20, 000, 000 depending on your dependants and school
tuition for those exploring the study route.
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** This is the cost per person
In addition, you also need to consider some other costs like; food, housing, utilities, transportation, insurance and other
recurring expenses at your destination.

*** Will not need to pay tuition if going via the express entry route.
*** 460 is the exchange rate used
This is just an estimate, not the actual cost. Kindly carry out proper research on how much it will cost you to move to
any of these countries.

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 Save towards your relocation
Now that you know the amount it will
cost you to relocate to another country,
the next step is to save towards
achieving your goal. The question I
assume you are asking now is; how
much should I save? Where do I save?
How long do I need to save?

For instance, if you plan to relocate

within a year, and you need a sum of
N15,000,000, then you need to
consider saving in a short or
medium-term investment.

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Short-term: This is for investments
under a year, where you need the
money to meet a goal or obligation
that will fall due within a year. Avoid
mismatch by ensuring that
short-term goals should be met
through short-term investments.

If you put short-term money into

risky investments, you face the risk of
losing money that will make your
goals unattainable.

Short-term investments are not to

make extraordinary returns, nor can
they. What is important is that you
achieve your short-term goals.
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Examples of short-term investments that won’t put your
short-term goals at risk are:
Fixed deposit
Treasury bills (government debt)
Commercial paper (corporate debt)

The good side of this category of investment is that the risk level is
low to moderate, and you can withdraw your money anytime you
need it without worries.

However, the return is usually low compared to long-term

investments like stocks, real estate and cryptocurrencies which are
categorized as high-risk investments.

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 Set a Saving Deadline
Setting yourself up for success means a plan and a schedule.
Figure out the monthly or weekly contributions that you'll need to
reach your goals. If you know you need N15,000,000 to move,
you may need to set aside N1,250,000 a month for the next 12
months.

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 Create a different account for each goal
Since relocation will not be the only goal you are trying to
achieve in the next year, you may require creating a different
account for each goal.

Break other goals into an account, whether it’s for a car, house,
children’s tuition, retirement or anything else. That way, you
can decide how to divide your resources into the accounts
based on your savings timeline and the amount you need to
reach your goals.

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 Automate your Goals
Rather than trying to remember to
set aside money for a goal, consider
setting up automatic transfers and
deductions.

You can create automatic transfers

from your bank account to a fixed
deposit account or any other account
to occur on the same day each week
or month, creating a situation where
you don’t have to remember to make
the move and take a separate action.
All you need to do is to give a
standing order to your bank to act on
your instruction.
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Conclusion
You may have concluded that you
will never be able to relocate
because of the costs involved. Well,
that's not true. With a bit of
planning and budgeting, you’ll be
able to cut costs drastically and
afford the trip of a lifetime!

If you are a student, before your

trip starts, look for scholarships
and financial aid opportunities.
Many universities offer money for
overseas tuition, and since lots of
students don’t take advantage of
it, these scholarships are readily
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available to those who seek them. Some scholarships may even
cover things like living expenses, student visas, and airfare.

In the end, we hope this handbook will enable you to take more

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calculated risks and effectively plan your relocation before you bid

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this country farewell.

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