CORPER ALLOWANCES, MANAGEMENTS AND SAVINGS
First of all, what is allowance?
It is a small sum of cash kept in one’s personal possession for routine expenses. It is an amount of money that is not particularly significant. It can also be referred to as pocket money.
Let analyze a general Corper monthly income:
From the federal income, we all receive ₦19800 and from the state level, majority receive ₦3800 while some are opportune to receive more from their place of primary assignment totaling that, we have ₦23600 or more for all in the rural part Enugu state on average.
Now let analyze a general Corper monthly expenditure in Aninri:
• For Christians, they pay ₦1980 as tithes not including other fees.
• Bank charge of at least ₦105.
• Creams, tooth paste, bathing soap, and washing soap for a month are around ₦400.
• Community development dues of ₦100 per month.
• For those not staying in the lodge they pay around ₦1500 to ₦2000 per month excluding money to be used for fueling generator.
• For those in the lodge they pay ₦500 per month for lodge maintenance.
• Monthly subscription and call card cost about ₦1500.
• Those in far places of primary assignment spend around ₦1200 per month for transport.
• Those enrolling for SAED program pay ₦1000.
• Let add feeding:
1KG of gas cost ₦450 and a month, 3KG is barely enough and that around ₦1350.
There are about 7 to 8 market days in a month and preparing soup for those market days would cost around ₦5000.
Food stuffs like beans, rice, garri, sugar etc are also to be included.
Approximately around 10 to 15 thousand naira monthly should be accounted for feeding.
“Do not save what is left after spending. Instead spend what is left after saving”. By Warren Buffet
• And finally miscellaneous ₦500.
• Not forgetting other bills like welcoming party, send fort party, project money and so on.
• Remember clothing including footwear hasn’t been added.
Totaling all these leaves one with little or nothing till the next allowance is been paid and this has led many to borrow.
Let not forget what Warren Buffet said about savings he said “do not save what is left after spending. Instead spend what is left after saving”.
Wait a moment!!!
There are graduates and excorpers that under employed; the question is how do they cope?
According to the vanguard newspaper of the 6th of June 2017, 13.9% that is 28.58 millions of Nigerians are unemployed.
According to UNICEF, about 120 million Nigerians make less than 2 dollars a day.
Millions of Nigerians living in cities make around 15 to 20 thousand naira a month, how do they survive?
This has lead to the following questions:
• Is it possible to save during ones year of service?
• If yes how?
This would lead to the next topic management.
Management
According to the law of buying, buying in bulk saves money.
At this stage, we would discuss some practical steps that would show what management is and how it can be attained in order to save hundreds or few thousands of naira monthly.
• Instead of buying cups of rice, beans and garri, buying bushel or paint of the earlier mentioned would save hundreds of naira for example a sachet of small indomine cost ₦50 or ₦60 and a cartoon contain 40 and it cost ₦1800 with this you been able to save hundreds of naira.
• Avoid wastage of food. Cook only what you can finish not what will remain.
• Buy bags of water instead of sachets because bags cost half of the price of sachet.
• For those whose place of primary place of assignment is far, talk to you managers and discuss days you want as off days for will save transport fee for you.
“Proper management leads to saving” by Okutoro Olamilekan
• Avoid excessive fun. Football lovers like myself and others, should rather stream matches or watch highlights than paying for a whole match. For example, Chelsea is having 8 matches this January that’s around ₦800, watching important ones like 1 or 2 is enough for the month.
• To the ladies, making of expensive hair dig dip into our allowance.
• Buying of suya, visiting beer parlor and the rest that are often seen as small expenses should be reduced. That reminds me of Benjamin Franklin who said “little expenses are like small leaks that can sink great ship.”
• Betting of football matches. Betting has become a popular money snatcher in our society. Research shows that only 10% of betters make more than their previous cumulative stakes. Majorities duel on hearsay like last week someone somewhere staked hundreds of naira and won tens or hundreds of thousands of naira.
• Reduce the excessive usage of phone. Sounds funny right? But due to epileptic power supply, majority resolves to charge a phone a day for a token ₦50 but surprisingly, it ₦350 a week and ₦1500 a month. A good power bank of about 15000mmah cost around ₦6000 but would still cost 50 for charging. This will charge a Nokia battery 15 times and an android phone battery of 5000mmah 3 times.
” we work hard to ensure and increase investments income profit and savings”. BY Adelaja Sunday
• Avoid buying of wants.
• Ask your school if there is a way they can help you with such as; garri, rice, yam, beans etc.
• Going for joint subscription. Luckily, Glo is ₦1000 for 4GB and it can also be shared. The two parties can pay ₦500 each. This is better that going for the ₦500 2GB from Glo because that is only for 14 days.
• Joint cooking also saves a lot like the gas used during cooking and it discourage wastage. According to Okutoro Olamilekan, “proper management leads to saving”.
• Looking for lift instead of flying bike to your place of work saves.
Like Adelaja Sunday rightly said,” we work hard to ensure and increase investments, income, profit and savings”.
Finally, this leads to the last question.
How do we save?
How to save?
• Know your total income.
• Know your expenses.
Knowing ones income is quite easy but analyzing ones expenses is difficult.
• Make a budget or a spending plan.
“Saving remembers is the prerequisite to investment.” by Campbell
• If your budget is high, and you can barely save enough, cut your expenses and remove nonessential things.
• Place and choose your priorities.
• Make savings part of you.
• Set targets that are attainable.
• Avoid begging for money before the next allowance.
• Check your last expenses and check where you over spent.
Would leave you with Campbell popular saying that “saving, remember is the prerequisite to investment.”
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