7 WAYS TO SAVE MONEY DURING NYSC
Introduction
NYSC stands for National Youth Service Corps, and it is a one-year mandatory service for all Nigerian graduates. As a Nigerian, we are sure that you are familiar with the concept of NYSC, whether you agree with it or not.
Many people have argued that the government should scrap the concept of NYSC, but that is not the focus of this article. Instead, let us look at how people can save money during their service year.
Typically, the government pays corpers 33,000 naira monthly during their service year. And, everyone would agree that the amount is barely enough for people to survive in the country. So, as a corper is trying to survive, they are also conscious that they need to save money.
Most places of primary assignments do not pay their corpers. And, on the other hand, Corpers paid by their place of primary assignment are usually seen as God’s favourite. So, a corper would begin to wonder how they can save from their monthly 33,000 naira.
All books, articles, podcasts, and more about financial responsibility, says that people should always save from whatever they make. After all, that is why you have Mintyn Bank, as we make savings easier for you. But can that be possible from 33,000 naira?
While it may not seem possible, we are here to tell you how you can make it happen. So keep reading this article to see ways you can save money during NYSC.
How to Save Money During NYSC
Below are some of the best ways to save money from your 33k during your NYSC:
Have the right mindset
Why have you decided to start saving? It is an important question you need to answer before going ahead with the decision to save. If you do not have the right mindset, you will fall astray during your savings journey.
Allow us to tell you that saving is one of the hardest things. It isn’t easy to start saving if you do not have the right mindset. As a corper, it will be draining trying to save out of your 33k. Sometimes, you may even decide that it isn’t worth it to continue saving. After all, it’s only someone alive that can save.
Suppose you want to start saving because Sandra is also on a savings journey. But what if Sandra constantly gets money from her parents? Yes, you can now imagine how hard it would be for you to stick to your savings plan if Sandra is your motivation for savings.
You should define why you are saving, and you should set your mind towards it. Once you have the right mindset towards savings, you will find it easy to save, even if you get only 33k monthly. Yes, it might be hard, but your mindset will keep you going.
Your savings percentage budget should be reasonable
How much can I save out of 33k? It is one of the commonest questions we get from youth corpers as they believe that it is barely easy to survive with 33k. So, the idea of saving out of such an amount seems unreasonable.
Understandably, 33k is not a big amount, especially in our economy today. However, it is also important to save for rainy days as you never can tell when you will be stranded. So, what is the solution to save out of 33k?
While we cannot state the exact amount you should be saving out of your 33k monthly, we advise that you stick to a reasonable percentage. For example, it would be unreasonable saying you want to save 25k out of 33k monthly, leaving you with only 8k to survive the month.
Therefore, you need to calculate the percentage that would be safe to keep aside that would not affect you badly. In addition, we advise that you stick to what works for you and not try to imitate others as they may have money coming in from additional sources.
Since we cannot state the exact amount you should save, we advise that you pick a percentage between 5 and 30%.
Use automated savings
You will agree that the bills seem unending once your 33k allowance hits your account. One minute the money is there; the next minute, you are down to zero naira. The light bill runs out once the money enters your account, and the gas finishes. You begin to wonder if something in the air monitors when you get money.
It becomes hard to save in such a situation as you need to use the money to do many things. However, allow us to tell you that saving becomes easier when you automate it. You will be playing a child’s game if you think you will withdraw a specific sum and keep it in a safe place as your savings.
Once that money gets into your hands, you will see that it will finish in no time, and you cannot account for it. Therefore, instead of trying to withdraw an amount to save, why not use automated savings? Then, the money is automatically withdrawn from your account by your savings platform, and you do not need to worry about withdrawing it.
You will find it easier to use automated savings and have peace of mind.
There is rice at home
You and your guys just finished CDS, and the sun is scorching, and you feel that you will drop to the floor if you do not eat anytime soon. Looking around you, you can see various restaurants, but you are not sure of the size of your pocket. If you eat at these places, you may sip garri the next week. So, you have to choose. Would you go wild and buy from these restaurants, or you will wait until you get home and eat what you have at home?
Dear corper, allow us to remind you that there is food at home. Those restaurants around you are obstacles and temptations to finish your money. How do you expect to save or maximize your 33k if you always get food from these restaurants?
If you are keen on saving, always remember that there is food at home. Of course, it wouldn’t be easy to resist the temptation, especially when some of your friends are pushing that you guys should eat from a restaurant. However, this is where you have to demonstrate restraint and self-control.
It is best to minimize the number of times you eat out if you want to save money during NYSC.
Get a side hustle
Is it feasible to depend on 33k as a corper? It is one of the frequent questions that corpers ask, and we agree that it is difficult. Some people may survive on the 33k monthly, but others will struggle to survive.
So, if you want to live a comfortable life and have enough to keep aside monthly as a corper, it is best to have a side hustle. We are not saying that you should start running a large-scale business. However, it would be best to have something extra you can do to bring in money.
It is where you have to utilize some of your skills. For example, you might double as a freelance designer, social media manager, virtual assistant, etc. It could even be that you know how to make shoes, and you decide to have a small-scale business. Once you have a skill, it would always come in handy for you during your service year, and you would find it easier to save.
Some people say that saving is easier when you have money, and we agree with this claim. Thus, it is important to have a side hustle as a corper who desires to save money.
Get an accountability partner
Some corpers complain that they find it difficult to stick with their savings plan. It could be that they start but fall out after some months as it isn’t easy. Such a case is understandable, especially as the bills keep piling up. So, that is where you need an accountability partner.
Do you have someone passionate about your growth and development? If yes, such a person can serve as your accountability partner. It is always best to have an accountability partner who will keep you in line when they see that you are going astray.
Your accountability partner will always call you to ask if you have saved money aside when the government sends allawee. Even when the person notices that you are reluctant to save, they will always push you and give you the motivation to go ahead with the savings plan. In addition, such a person will remind you of the importance of saving and tell you the cons of not saving.
We believe that everyone needs an accountability partner in various aspects of life, and corpers are not an exemption. In addition, you will find it easier to follow through with your savings plan when you have an accountability partner.
Have a priority scale
One thing and life and being an adult are that the bills will never stop. Life is typically an unending journey of paying bills, and it can get frustrating when the income is not enough. But, sadly, life does not stop for anyone, and you will need to find a way around it.
As a youth corper, you are an adult, and you have to face and bear the consequences of being an adult. So, instead of letting these bills overwhelm you, it is best to have a scale of preference, better known as a priority scale. You can ration your money with a priority scale and know the things to sort out first.
Of course, no one expects you to always solve everything at once. So, your priority scale helps you select the ones that need the utmost attention. Once you can attend to some of these needs, you can keep the wants until you have excess money. Then, it becomes easier for you to save with a priority scale as you are attending to only the important things.
In addition, you also need to condition your mind to work with the priority scale so that you do not get carried away.
Frequently Asked Questions
Below are some of the commonest questions people ask about money and NYSC.
Can I make money during NYSC?
Of course, you can make money during NYSC, and there are testimonials of people who have done so. It is where your skills come in handy, as you can utilize them to make money during your NYSC.
How can I save my NYSC allowance?
Your 33k will finish if you do not have a savings plan. So, you need to follow the ways we have highlighted above if you want to save your NYSC allowance. We also recommend that you use Mintyn Bank as your savings platform.
Conclusion
Some people may say that it isn’t possible to save as a corper, but allow us to tell you that it is possible. If you follow the ways we have talked about, saving during your NYSC will be easier. Yes, it might seem tough at times, but you can do it.
Start saving now!