The National Youth Service Corps (NYSC) programme is more than a mandatory one-year service — it’s a golden opportunity to build strong financial habits that can set you up for a stable future. Learning how to save and invest effectively can make a huge difference during your service year and beyond — whether you’re earning only your monthly allawee or have additional sources of income.
You can save and invest money during NYSC by calculating your total income, setting realistic money goals, embracing budgeting and using tools like Piggyvest to manage your finances.
Saving and investing money in Nigeria can be challenging — but it’s even harder when you’re earning minimum wage as a fresh graduate. But don’t worry: we’ve got you! In this guide, we’ll explore step-by-step guides to saving and investing wisely as a corper and show you how Piggyvest’s features — including PiggyBank, Targets and Investify — can be potential allies.
How to save money during NYSC
Let’s be honest: 77k is great but it isn’t a lot of money in today’s Nigeria. However, it can be the start of your financial success story if you play your cards correctly. The secret? Start small and be consistent. We’ll show you how!
Here’s how you can save money as a corper:
- Calculate your total income
- Set realistic financial goals
- Create a budget, stay disciplined and track your expenses
- Automate your savings with Piggyvest
- Embrace frugality
These simple steps are pretty straightforward, but they can be a game-changer for your finances!
1. Calculate your total income
As a corper, your monthly income isn’t just your allawee — you may also earn from side hustles, freelance gigs, or family support. Understanding your total income will help you allocate funds wisely and plan your savings effectively.
We recommend noting down all your income (using your Notes app, for example) so you have a clear idea of what’s coming into your bank account each month.
2. Set realistic financial goals
Do you want to save for a rainy day, start a small business, or invest for the long term? Define your spending and saving goals so you know what counts as milestones. For example, you can set a goal to save ₦100,000 by the end of your service year.
Remember: you don’t need to overthink your goals. Your finances are yours and yours alone. However, we do recommend being realistic — don’t plan for money you don’t have or scenarios that do not exist.
3. Create a budget, stay disciplined and track your expenses
Now, it’s time to budget. Budgeting helps you stay disciplined with your spending. To do this, simply allocate your funds wisely. You can also try the 50/30/20 rule by allocating 50% of your overall income to your needs, 30% to your wants and 20% to your savings.
However, we recommend prioritising essentials like feeding, transportation and rent.
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In other words: do what works for you. Use your Notes app, spreadsheets or even a simple notebook to track your expenses and ensure you’re sticking to your plan.
Stay disciplined!
4. Automate your savings with Piggyvest
Piggyvest offers a range of financial tools that can help you make the most of your NYSC year — from saving a portion of your income to making small-scale investments with long-term potential.
For example, our PiggyBank feature lets you automate your savings, ensuring that a portion of your allowance is saved before you even think of spending it. That way, you can save without even fretting!
You can also use Targets to keep your savings untouched until a set date — perfect for preventing impulsive spending.
5. Embrace frugality
We know things are expensive — even our 2024 savings report showed that saving has become harder. But here’s a way to look at things: NYSC is a temporary phase, and financial discipline now will benefit you later.
Cut down on unnecessary spending, embrace affordable alternatives, and prioritise needs over wants. Little savings (even 3k monthly) add up over time!
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How to invest money during NYSC
Investing during NYSC isn’t for everyone, but your service year is an excellent time to try your hand at the surest way to grow your long-term wealth. And while it might seem daunting since your income is limited, starting early is key to long-term financial growth.
Here’s how to invest your money wisely during NYSC:
- Assess your finances
- Set your investment goals
- Decide how much you want to invest
- Choose a low-risk investment option
- Monitor your investment performance
So, how to do it?
1. Assess your finances
Before investing, ensure your essential expenses and savings are covered. For example, you can try investing money you specifically saved for that purpose or after you’ve reached your saving goal.
Again: you’re totally in control of your finances. It’s up to you to decide what works best.
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2. Set your investment goals
Are you looking for long-term wealth growth, or do you want quick returns? Your goal determines the type of investment you should pursue.
3. Decide how much you want to invest
Start with an amount you’re comfortable with — even if it’s just ₦5,000 per month, starting small makes a difference. Remember: you’re new to this, so you want to ensure you understand how everything works before diving in.
4. Choose a low-risk investment option
Low-risk investments are ideal for beginners. You can try treasury bills, mutual funds or Piggyvest’s Investify. With Investify, you can explore pre-vetted investment options like fixed-income securities and agriculture investments that provide steady returns.
Plus, you can get started with as little as ₦5,000 — so it’s perfect for corps members.
5. Monitor your investment performance
Investing is a long-term game. So, keep track of your portfolio and reinvest profits for compounded growth. We’re rooting for you!
What should you do after your NYSC service year?
NYSC can be a foundation, but passing out isn’t the end. If you made the right choices and stayed disciplined, you should have a financial springboard for your foray into the workforce. In other words, you now have valuable financial experience (and some savings!) to thrive as a young adult.
Here’s what you can do after your NYSC year is over:
- Plan for job hunting or entrepreneurship. Start preparing for post-NYSC expenses early. For example, you might need to relocate, so you should have saved money for this.
- Continue saving money. Increase your savings percentage as you earn more. Now you can try Safelock to get upfront returns and HouseMoney™ to manage your rent.
- Explore more investments. You have the experience. Diversify your investments for greater returns.
- Avoid lifestyle inflation. You’ll definitely earn more after NYSC. But just because you start earning more doesn’t mean you should spend recklessly — keep budgeting and saving.
You’ve got this!
Final thoughts
NYSC is a stepping stone — and with the right financial habits, you can set yourself up for a secure future. Whether it’s saving with PiggyBank, growing your funds with Investify, or setting financial goals with Targets, PiggyVest gives you the tools to thrive financially — before, during, and after NYSC.
Start today. Your future self will thank you!
The articles on the PiggyVest Blog are developed by seasoned writers who use original sources like authoritative websites, news articles and academic journals to perform in-depth research. An experienced editor fact-checks every piece before it is published to ensure you are always reading accurate, up-to-date and balanced content.
