It is no longer news that the allowance of members of the National Youth Service Corps (NYSC) has been increased to N30,000 by the federal government.
As exciting as this may be, it is necessary to note that money management is more important than money itself.
This means that, even if your allowance is increased to 100k, if you cannot manage your money effectively, you will end up asking for an increase 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.