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The N19,800, allowance for Nigerian Youth corpers is not enough to sustain them for a whole month. It is, however, more challenging for some whose Place of Primary Assignments (PPAs) don’t pay them stipends.
It is necessary to note that money management is more important than money itself because even if your allowance is increased to 100k if you cannot manage your money effectively, you will end up asking for an increase again and again.
Here are a few secrets to saving your monthly allowance.
1. Set a budget: You need to know how much you are going to spend every day. You have to discipline your spending. If you spend money without the discipline of a budget, you’d end up going overboard with your alawee.
2. Set a scale of preference: You should differentiate between a need and a want. If you really want to make the most of your allowance, you would need to set a scale of preference to guide your decision making and budgeting.
3. Keep the savings aside: You should have separate accounts, one for your expenses and the other for your savings.
4. Try Cooking: If you buy foodstuff and cook them by yourself, you will end up spending less than going to buy expensive cooked food at restaurants.
5. Tone down on the partying: As much as NYSC affords you a lot of liberty, try not to wild out at your expense.
6. Understand the difference between want and need: That you want something does not mean you need it at the time.