6 Ways to Save Your NYSC Allowance in 2024? In a couple of weeks, months, and days you will be done and the allowance you receive monthly will be caught off. How prepared are you for the task ahead?
Are you going to start from scratch after the NYSC is over? when there are a hundred and one ways to prepare yourself for the after-NYSC saga?
NYSC is an acronym that stands for the National youth service corp. it is a program where fresh graduates and the youth are sent to different parts of the country to help in nation-building.
This training takes one year. under this one year, you will serve in the camp for a couple of weeks before you will be dispatched to your various serving units.
The allowance is an amount stipulated by the federal government and is to be issued to the NYSC members to help them carry out the task given to them.
This serves as a monthly stipend. although it sometimes doesn’t worth it also serves as an encouragement to the graduates.
This is like the very first job that makes you eligible for other jobs.
In this article, we will be discussing the various ways to save our NYSC allowance
6 Ways to Save Your NYSC Allowance in 2024
The six important ways to save your NYSC allowance include;
- Invest in piggybanks.
- Have a set budget and follow your scale of preference.
- Find an extra source of income.
- Avoid unnecessary spending.
- Have a separate savings account.
- Acquire a skill.
Invest in Piggybanks or personal business
Apart from piggybanks, there are other online banks you can save. other are some camps that do saving challenges on Cowrywise.
All you need do is make payment to a particular application and as it saves money it’s adding interest.
you can also make investments in your business, lucrative businesses. The NYSC period is a period you should use to build your business.
You can also save up start-up capital for your business. The allowance is something you are sure of every month, unlike some normal jobs where if you do meet the target you will not be complete or at all.
Have a set budget and follow your scale of preference.
This is a major concern if you want to control your funds. Have your budget written down, according to their order of magnitude else you will end up spending money on what’s not necessary when there are a lot of important things to work on.
Working on your budget keeps you on track and helps you spend wisely. also setting your scale of preference is another important thing to do.
Write your list according to how important a thing is and then spend the money accordingly.
Find an extra source of income
This is one of the best factors to consider when talking about saving allowance. Why is it because the other sources of income might be taking care of your daily feeding and accommodation while your allowance is just there in the bank for important uses?
There are several ways to get an abasic source of income. You can start teaching classes, that are more like extra moral classes. You talk to a particular class about extra morale after all you have dealt with such scenarios at your place of assignment.
You can also be involved in the writing. your writing skills can fetch you more money than you can think of, doing assignments for students, writing projects for final-year students, etc.
You can also engage your writing skills by engaging in freelancing jobs online, you write as a content writer and get paid daily weekly, or monthly.
Can also engage in photography if you have any such skills. you work with the approved authorities
You can also engage in graphic design, there is a lot to do when it comes to graphic design, you might end up a computer teacher or a graphic teacher in your school of assignments or the company of assignments.
This pays you apart from the normal allowance you will be given.
Among these, there are several jobs that you can work on in the NYSC camps that can pay you. you can do importing based on the commodity that is needed most in that area.
This helps save your NYSC allowance.
Avoid unnecessary spending
As a coper who thinks about his future, you should avoid spending on things that don’t matter. The camp or your place of assignment isn’t a place to show off what you’re capable of.
Wearing expensive things might attract so many things that are not worth it to you. also, you need to avoid unnecessary throwing of parties.
All this can wait for a time when you can do it without having to worry about the aftermath of the expenses.
Have a separate savings account
I would say that if you think you can save in that particular account you use for transactions daily then you are lying to yourself.
Yes, you have self-discipline and you can do this and that but the temptation will be on the high side. you will at some point remove and replace it, do it continually and then you can’t replace it anymore.
You should get a savings account you can access frequently and make savings in it.
Acquire a skill
During your two weeks in camp, you get to choose a type to enroll in the SAED. get to know something new, learn, and ask questions because that might get to be what is placing food on your table after your NYSC.
apart from that, you will meet with people with different skills, get close to them, try learning something new, and have a social lifestyle because this will be very useful
It is wrong for you to be in an NYSC camp for a year and come back without learning something new.
Conclusion
Savings made during NYSC are what keep most ex-copers going after service. we have a list of ways or measures to make savings. choose wisely and save or invest wisely. don’t place your savings as your emergency fund.
This will make you run down to zero in seconds.