How to Spend Your NYSC Allowance Wisely

You will agree with me that what you thought was a lot of money does not look like it is enough money once it gets into your hands.

As a corps member serving in Nigeria, with the state of things in the country, the first reality you have to face is that the value of the naira reduces the purchasing power of your allowee.

The inflation rate is so high in the sense that going to the market with #10,000 seems like going to the market with just #1,000.

The allowance would have been a very good development if only market prices were not fluctuating but steady but it is a bad idea to go to the market with your khaki on. Believe me, prices will double.

Another reality you are prone to face as a serving corps member in Nigeria is assuming adult responsibilities and living on your own, this takes more money than we plan for as so many expenses may likely follow such as light bills, bulbs exploding due to inadequate power supply, the subsequent increase in the price of gas, yet some people are waiting for a little from you.

How to Save Your NYSC Allowance

Now is the best time to think about how we can use our 33k wisely.

1. Create a budget: This is very essential though it seems difficult. Most times, we spend more than a thousand naira a day as there are things to purchase, fix and repair. Estimate such expenses as food, shelter, bills, utility, clothing, etc. put all your budgets into a spreadsheet, and try to balance everything with a little left over for emergencies and savings as well.
2. Invest: You could invest in a business. Find a business that does not demand a whole lot of capital and start it. You don’t need to use a huge amount of your allowance; you can save up a little monthly before you go into it.
3. Save: If you want some of your #33,000 to remain after the service year, start saving up now. You are not poor because you do not have money; you are relatively poor because you cannot manage the little you have. Don’t save because of what you want to purchase, rather save because of unforeseen contingencies.
4. Invest in yourself: Investing in yourself is spending money on making yourself more valuable. The NYSC Scheme has made it easy for us to invest in ourselves and our future through the SAED Programme. Identify skills and learn. Don’t stay idle.

These and many more are better ways you can spend your 33k wisely.