The National Youth Service Corps, NYSC experience is the beginning of financial life for most graduates in Nigeria.
As a fresh graduate and corps member, the NYSC gives you an allawee of N19,800 every month for one year. It’s from this stipend you are expected to make all financial responsibilities.
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Is this allawee ever enough? No, but you’ve got to manage it. This is how thousands of young Nigerian graduates develop their sense of money management.
However, to start your financial life the right way, here are tips on how to go about it.
1. Spend less on transit
People spend a lot of money on transportation without even realizing it. You can reduce the money you spend on this. Instead of taking Okada (motorcycle) or tricycle to sort distances, learn to go the distance and save your money.
2. Cut the cost of food
One of the biggest expenses that most people deal with is food costs. Since food is essential to support life and growth, some people think no amount of money spent on food is too much.
That is not correct. A lot of money for prepared foods, including restaurant meals. Try cook your meal by yourself for one week and see the difference in your food expense.
3. Have a side hustle
Having a white-collar job may be generating you some income, but making a side business out of an activity you are passionate about will fetch you more money.
Most side hustles are brought to reality or created out of the passion and love of an individual for a particular thing.
4. Debt Payoff
Starting your financial life with debt is a no-no. it won’t take you far. If you have any debt, you need to take a look at all of it, settle it and let it not disturb your financial freedom efforts.
5. Build an emergency fund
It doesn’t matter if unexpected situations arises or not, it is important you have an emergency fund always.
Not having an emergency fund is like having no savings for emergency situations. It is meant to help you when the unexpected happens.