Money Tips for Corpers

A few days ago, I had the opportunity to speak to members of the National Youth Service Corps (NYSC) commonly known as corpers.

For our audience based outside Nigeria, the NYSC is a one-year mandatory service period for graduates of tertiary institutions in the country. Corps members are posted to various institutions, public and private, across the country to serve.

Meeting and speaking to them brought back memories of my service year ten years ago.

Mine was fun, although some parts were stressful (for instance, I had to man a unit during voter's registration exercise and the 2011 general elections). But in all, it was fun. I also made lifelong friendships. 

Although I do feel I could have done more in maximising my time and still have fun. Here are a few key points from what I shared with the corpers. 

Time is your greatest asset 

One of the biggest assets you have during your service year is time. Some of you may have extremely demanding jobs and you'll have no choice than to manage yourself in time.

The majority, however, may have lots of spare time in their hands. If you belong to this group, ensure you make maximum use of it. Learn new skills that will earn you income down the line. Victor, a friend I made during NYSC, was great at cutting hair. He made a decent sum all through the service year from that (asides the free haircuts he gave to some of us).

Be like the sponge and soak in knowledge from people around you, especially those who are great with numbers and personal finance. 

COVID-19 has made things a bit difficult, but there are still virtual and physical events where you can get to learn some skills for free. The internet can be a great enabler if you use it wisely. It can also be a big distraction if all you do is scroll endlessly across all social media. Balance is key. 

Save and Invest

This is a difficult thing to do. Some of you may get to work in the public sector where there are very few extras apart from the ?33,000 the federal government pays you every month. Clearly, this amount is small, and I'm sure the government will review it sometime in the future.

If all you can keep aside is ?1,000 or ?2,000 in a month, that’s perfectly fine. Keep learning about the different investment options. There are fintech apps that will let you invest that sum. Returns may be small but sow the seed NOW. 

If you are lucky to get financial support from family and friends, please use it wisely. Stick to the essentials. 

During my service year, I and a couple of other corps members ended up buying electronic gadgets which we sold at a giveaway price because we simply could not afford to take them back home. 

Trim the bad 

Unfortunately, personal finance is not taught in most tertiary institutions. Some of you may have bad spending patterns. 

For some, the “allowee” (monthly allowance paid to corps members) is the first sum of money you may be spending without supervision.

Nobody is going to guide or query you on how to spend like most parents or guardians do. Rather, there will be lots of temptation to simply fritter it away. 

During my service year, I had this nice colleague whose name was Mike. The first thing Mike did when he got his allowee was to drink. Unfortunately, that was often the last thing he did, too. He liked to drink a lot. Looking back now, he should have had some form of counselling/therapy.

This is a good time to avoid any bad financial habits. Habits are hard to stop once formed. And this applies to both good and bad habits. Everyone has a vice, whether it's drinking, food (I am guilty of this) or any other vice. However, what is key is to show moderation.

For those with little or no dependents, it can be so easy to just fritter everything. Once you get used to that lifestyle, it's usually hard to stop. 

Give back

Lastly, give back. Play an active role and make a positive impact wherever you are. Be sensitive to the cultural and religious nuances in the places you serve, especially in the rural areas.

For those posted to schools or other parts of the public sector, it may sometimes seem like you're just idle and ticking time. 

There can be very little incentives for going above and beyond. But that shouldn't stop you from giving your best. 

Remember the point about habits. If you adopt that laissez-faire attitude, it can be hard to shake off. 

Did you find this newsletter useful? Please feel free to share it with anyone. It need not be a corps member. 

Have a great day.