By Dorcas Adenigba
The economic situation of today has taken tolls on citizens finances thereby hindering room for savings. Inflation in goods and services has caused series of lamentations. Due to the hardship in the economy, the term ‘savings’ needs to be taken importantly and put to use.
Savings is an important aspect of our lives which can most likely determine our future. It has a lot of advantages especially to the Corps members of different states.
Truthfully, little incomes are earned thereby not giving room for savings to occur that is why this article is for all Corps members who wish to have a tangible amount of savings in their account and also have something to fall back on at the end of the service year.
The N33,000 naira paid by the government to Corps members every month and the token from state government and your Place of Primary Assignment (PPA) can be maximized if one engages in prudent spending and as well enhance other means of income.
For a Corps member who isn’t ready to explore the opportunities around him/her will go bankrupt and have financial crisis sooner or later.
If you also wish to save more than NGN 150,000 at the end of your service, this article is for you. To achieve this, you have to save sum of N12,500 in a month for the twelve months of service year.
The following steps needs to be followed as a Corp member in order to have a consistent savings;
1.Prepare a budget for yourself
This means before the arrival of the allowance on a monthly basis,you need to prepare your budget on your expenses for the month. Deduct the amount you’re capable to save from the allowance. Be consistent with the savings as well as be disciplined concerning it. Be careful of going above your budget when preparing it.
2.Living in accordance to what you have
When you embrace frugal living, you’re a step ahead to achieving your savings goal. Do not live above what you earn. Spending lavishing can lead to having no or little savings. Do not accommodate situations that will make you run at loss. Live well,save more and spend less.
3.Engage in multiple streams of income
Of course living your life based on the “33k” alone can be quite frustrating therefore having an additional way of getting income is very important. This will enable your savings to grow faster. The more work you do,the more your savings grow. As a Corp member, your brain and mind must be opened to various opportunities around you and you must embrace them as early as you can.
4.Be financially discreet
The NYSC is a scheme that is opened to series of spendings therefore, as a Corp member, savings should be one of your topmost priorities. After the service year, you’ll have something to fall back on. Through this savings,you can decide to establish yourself, expand your skills or businesses and lots more. Savings also help you and teach you to be wise in your spendings.
Conclusively, if these points are taken into consideration,you can save far above NGN 150,000 at the end of your one year service. Let’s be prudent in spending even after the service ends. Savings is important. Give it a trial today!
