✓ Accepted Answer
Dollar-cost averaging is simply investing a fixed amount on a regular schedule regardless of what the market is doing. For example, £200 every month into an index fund, no matter whether the market is up or down.
The benefit: when prices are high, your £200 buys fewer units. When prices drop, your £200 buys more units. Over time you automatically buy more shares when they're cheap. This averages out your purchase price and removes the temptation to time the market.
Time in the market consistently beats timing the market. Even professional investors with entire research teams consistently fail to time markets better than a simple regular investment strategy.
Set up an automatic transfer on payday so the money is invested before you can spend it. Treat it like a bill. After a few months you won't notice it's gone, but your investment account will be growing steadily.
by tiffanymartin7885
· 58 upvotes
To send money internationally cheaply, avoid banks. Bank international transfers typically charge £15-30 plus a terrible exchange rate that costs you another 2-4%. On a £500 transfer that's easily £30-50 in hidden costs.
Wise (formerly TransferWise) uses the mid-market exchange rate and charges a small transparent fee — usually 0.5-1%. For £500 to Nigeria, you might save £25 compared to a bank.
Other good options: Remitly and WorldRemit are popular for Africa. They sometimes offer promo rates for first transfers. Send money in larger amounts when possible as some providers have flat fees that become proportionally smaller.
For sending to mobile money accounts (M-Pesa in Kenya, MTN Mobile Money in Ghana), services like WorldRemit and Sendwave integrate directly. The recipient gets money in minutes rather than days.
Always compare rates on Monito.com before sending — it aggregates providers in real time.
by karimqureshi5711