www.npower.gov.ng: How to Plan and Manage your N-Power Monthly Stipends of N30, 000

Managing the N30, 000 Monthly Stipends for N-power Beneficiaries: The above sum is paid monthly to all beneficiaries under the Social investment programme of the Federal Government of Nigeria under the N-Power Empowerment schemes. These sum is paid  directly into bank account of beneficiaries to assist in their daily financial expenses well as upkeep but will this last for long and how best can you manage this stipend knowing how little it is. Here I will explain in detail how best you can manage the monthly stipends, there empowering self and save guarding your future.

N-power stipend

All N-power beneficiaries always look forward to the end of the month, eyes glue on their cell phone waiting eagerly for the alert payment of N30, 000 but what do you really understand by stipend? A stipend is a fixed, regular payment, usually meant to pay for something specific. It’s kind of like an allowance. This post is also ideal for the 2017 N-power Applicants that will be enlighten into the programme soon, its best you read and now how to plan for the stipends as they flow in.

A stipend is also a form of salary, such as for an internship or apprenticeship. It is often distinct from an income or a salary because it does not necessarily represent payment for work performed.

I know you working as an N-Power Volunteer; the payment is not adequate to cover all your needs. The stipends are usually lower than what would be expected as a permanent salary for a similar work. This is because the stipend is complemented by other benefits such as accreditation, instruction, food, and/or accommodation.

Please take note that the stipends have been coming regular for some, while others are still being owe some backlog, but the main fact you should be aware of is that the programme is now in its 11 month out of the 24months stipulated in the programme plan for beneficiary’s engagement with scheme. Here you need to start planning how best to save and make use of your stipends as the programme will never be extended neither will the scheme make volunteers permanent. so bearing this mind, the steps outline below will assist you in better managing the stipends monthly.

  • Join a co-operative: this may sound wired but it will be ideal. Try asking your other N-power volunteers in your place of primary assignment to form a co-operative where a certain fixed amount will be contributed by all and given to one member monthly. This would amount to huge sums which can be used to start a small business and still save for the raining day. You may say it will lead to distrust or misunderstanding among volunteers, but try getting the serious one and make it official by involving the police in the signing and agreement deeds incase a volunteer default. You can use this huge sum gotten to set up something good enough to sustain you after the end of the programme.
  • Start an Online Business: the primary purpose of giving you that electronic device is to be self empowered and know that opportunities exist online if you tap them. You have to be active online. There are businesses online you can start with your monthly stipends and make in salary for life even after the programme ends. You can start writing articles for people or companies online, go into blogging, because a medical transcriptionist or extension worker in most agricultural facilities owned by companies or individuals. These little services you will render will give you little income so help manage yourself.
  • Save a lot: I know most volunteers may say this is not possible, but going the extra miles to save N10,000 monthly can go a long way in securing your future tomorrow when the stipends suddenly stops by December of 2018. Its not to late to start saving if you have not been saving but the key notion here is try as much as you can to save any penny within your reach.
  • Cut down on your expenses: in order to manager your monthly stipends effectively, you have to cut down on your monthly or daily expenses. You have to discipline self and know that this is a stipends and not a salary. Know what you need and what you need to buy at the given time. This will go a long way to help you save more for the raining day
  • Set up yourself: some volunteers go as far as using these stipends to take care of some family needs, family member or larger family needs. These may be good and may be due to circumstance but you must not allow family issues cloud your own judgment and need to grow. You should know that this programme was created to better equipped and empower you for future assignment that you must strive to do. Trying setting up something you know or think can yield monthly income or amount foe you after the end of the progrmme. I did not say helping one own family member is bad but improve on yourself first and work on financial stability and security before trying to help others. Go into petty trading of you can and invest any little you have.

Don’t be fooled by the notion that the N-Power programme will be extended or as N-power Teach staff you will be made permanent teaching staff across the states, this may depend on the various states government to either adsorb you or not but the main fact still remain is that the program is just for 2years. As you start planning and trying to manage your monthly salaries, you need to discipline self ad make the very best from the golden opportunity offered you.

Please share this post as some other beneficiaries and new 2017 N-power applicant may need it to learn how to manage their monthly stipends.

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