NYSC was set it up in 1973 with the aim of nation-building and developing the country to foster unity and cohesion amongst its citizens.
During the program, the corpers are on allowance allocated by the Federal Government of Nigeria.
They get paid minimum wage, which is currently thirty-three thousand Naira (₦33,000).
It may seem like a lot of money to a young graduate, but it isn’t much.
Reckless spending is typical among NYSC youth corpers who feel on top of the world after receiving their allowance.
They neglect the problems of the natural world they are about to face after coming out of the camp.
A wise man grows his crops during the rainy season and enjoys a bountiful harvest during the dry season, while the foolish man sleeps during the rainy season and goes hungry during the dry season.
In summary, make the best use of your rainy days by indulging in the act of saving.
You might not be able to secure a well-paying job after your youth service, so have a plan B.
A man who can conquer himself by having self-discipline can conquer the world! Saving comes naturally to some people while others struggle with it.
In this article, we will be helping you with tips on saving your allowance and ensuring a financially secured future.
I would love to hear from you in the comment section of this post.
Table of contents
How to Save Your NYSC Allowance
The following are effective strategies to save your NYSC allowance during your service year;
- Avoid Credit/Debt
- Create a Budget
- Invest in Piggy Banks
- Avoid Overspending
- Avoid Unnecessary Friendships and Relationships
- Taking Great Care of Your Properties
Avoid debts as much as possible because they are fertilizer to failure.
There is something about debts that tempt you to keep spending even when you don’t have any reliable source of income because you know they are someone or an institution that can always help.
It makes you comfortable with spending above your means.
Debts keep piling up. It’s like a drug you can’t get enough of. You borrow again once you are done paying off the previous one.
Think about how you borrow airtime from your network provider.
Immediately you recharge, you pay off your previous debt and still borrow again.
That is some people’s real life. It is an endless cycle!
Having a lot of debts can be stressful as it leaves you thinking about how to pay them off constantly.
This type of stress can lead to issues like anxiety, headaches and migraine, mood swings, and even depression.
Above all, it might destroy your relationships with friends and family when they find out you are an unrepentant debtor.
As a youth corper committed to saving, avoid taking this frustrating journey because it can only lead you to a death trap.
Create a Budget
A budget is a sum of money set aside or allocated for a particular purpose.
It helps you to reduce overspending and makes you feel organized.
Also, it enables you to keep track of your expenses as you might feel overwhelmed with having your monthly allowance at hand.
You can create a monthly or weekly budget depending on your taste.
Do not underestimate your budget because you do not want a situation where you will have to take some money from your savings.
Make it flexible by adding transportation and even things considered trivial.
Having a scale of preference cuts out all the irrelevant things you might not need at the moment. And most importantly, always stick to your budget.
Invest in Piggy Banks
A piggy bank is a box made from wood or any workable material used to save money.
It usually has a small hole for keeping money, big enough to get money in and small enough to keep the money in.
Retrieving the money is nearly an impossibility unless the box is broken.
It makes it an excellent saving tool, especially for youth corpers who struggle with saving. It is cheap to make and costs little money to buy.
You can decide to save a fixed amount from your monthly allowance.
You will be shocked at how much you can save at the end of the year once you are determined and consistent.
Spending more than the expected or allocated amount is known as overspending.
It is a common habit for people who lack self-discipline.
Some youth corpers want to buy everything they see even when it is not planned for.
It may include snacks, trendy clothing, designer wear, and other unnecessary items. It may be a result of peer pressure.
Some people want to own things because people in their circle also hold them, even if it will cost them their savings.
Lack of contentment is often the primary cause of overspending.
If you are not contented with your current standard of living, you are likely to spend above your means.
Avoid Unnecessary Friendships and Relationships
As a youth corper who is trying to save from their monthly allowance, it is advisable that you are picky about the type of friends you hang around.
We tend to smell like the people we hang around with. No matter how hard you try, one way or the other, you will end up getting influenced by your friends.
Pick people worth emulating as your friends so that you will be impacted positively.
As a youth corper, you should try to follow those whose spending pattern matches yours.
Once you are friends with the “big boys or girls” on camp, you tend to eat in places they eat and wear clothes of similar fashion.
It will lead you to empty your account to keep up with that lifestyle.
Intimate relationships, however, are pretty draining if you end up in a relationship with someone who relies on you for their upkeep.
If you can barely save when caring for your needs, imagine adding someone else’s needs.
Taking Great Care of Your Properties
Youth corpers planning to save from their monthly allowance need to ensure they take excellent care of their possessions.
When you take good care of your possessions, they have a higher chance of lasting for a more extended period, thereby reducing the need to replace them often.
You can save more if you don’t have to spend money replacing your belongings constantly.
Being a corper might be akin to living in a bubble. You might not see the need for saving. You might forget that your allowance is only temporary.
One day, that bubble will burst, and you will have to face the real world.
Nigeria is in a terrible state, and unemployment is a significant issue.
Gone are the days when a job awaits you immediately after graduation.
For many, the NYSC allowance might be the only money they ever get from the government.
Corpers need to be industrious. The camp offers a lot of skills and handwork one can learn. Please make use of it.
The money you save today can help pave the way for you tomorrow. Be wise. Make smart financial choices.