It’s one thing to have a stream of income, it’s another thing to have the working knowledge of how to manage the income. I’ll share with you in this article how you can manage your income as a Corp member. NYSC is fully known as National Youth Service Corp; it’s a necessary program undertaken by Nigerians who has successfully graduated from any tertiary institution; it is essential because it serves as one of the most requested certificates before one would be considered for any job within Nigeria precisely.
Each Corp members are being paid by the Federal Government of Nigeria a total sum of #19,800. I’ll suggest some basic steps of how you can manage your funds as a Corp member, in the following paragraphs.
Cut off the unnecessary from your budget; the unnecessary things are the things you totally do not need at the moment or in the short-run. Carefully write out a budget which entails only the major things you need and stick to it. You need to understand your income, which is the main reason you have to intentionally create a budget. The point is to figure your total expenses and deduct that from your total income whatever result you get will as well help you to know what to cut off from your initial budget so as to at least save some money from your allowance. For instance, you can cut off your Netflix monthly subscription fee for that period and any other expenses which may hinder you from diligently managing your allowance.
Be a deliberate consumer; without this discipline you’ll likely find it difficult to
save some money, and you’ll find yourself buying so many things which you don’t need
at the moment. I’ll suggest you have a balance sheet, better still, a balance sheet app, this will help you to consciously monitor your expenses; don’t just rely on checking your bank balance, checking the balance may not really help with tracking the little steps you take with your money per time.
Own and use a piggybank. This will help you to save some money to a large extent. Those money you get back after you buy one thing or the other, you can drop such money in the piggybank. This little act enhances your ability to save money. Try to be consistent with it.
Spend less, save more. I don’t think you need to buy name-brands at this phase, you can as well just get generic labels instead of name-brands. When you buy name- brands you’re not just buying the product you are paying for the idea behind the product. Also, avoid eating out as much as possible. Money is not only meant to be spent, it should also be saved and invested. Hence, I’ll suggest a seldom use of your credit card, the less of it you use, the possibility of spending less. Don’t let your expenses meet your income.
Finally, know when to give and when to rightly withhold. You can’t meet everybody’s need. So, give diligently.
Faith dolapo is an historian, highly distinctive diplomat by training, a writer, content creator and a developer. He resides in Lagos Nigeria, where he is currently working with Over Wood Company.
He writes from Faithdolapo27@gmail.com