How to save 1m from Housemanship
1M naira? Did I hear you say impossible?
Housemanship is the compulsory one year internship training doctors undergo after graduating medical school. It is a time they have the first taste of how it feels to be doctors while still under the tutelage of a superior – and best of all they get paid!
Housemanship or house job comes with a lot of temptations on one’s finances. What better time to show all those junior medical students that you’ve finally arrived, or to catch up on all the trips and fun activities you’ve missed while in medical school? Furthermore, it is a time you want to reward yourself for all the hard work and sacrifices you’ve made over the years.
No doubt, during housejob, the salary though not fantastic, is quite encouraging, putting one at a level where you can afford some comforts with ease – there lies the dilemma.
Many have gone into house manship with lofty dreams of coming out as a millionaire, having investments etc, but the reality is usually different. This I know.
Here are 5 ways you can achieve that lofty dream of saving 1M naira from housemanship.
1. Separate your accounts
Once you get your salary, have a separate account called Long term savings for post housejob. Here you save at least 25% from your salary each month and do not touch. Preferably this account should not be linked to an ATM card.
What is housejob without flexing? in order to prevent depression you need to flex once in a while. You need to go to cinemas, take the girls and boys out etc. For this you need an Entertainment account where you keep 10% of your salary monthly just for that – entertainment. This helps keep you from feeling you are just saving money and not enjoying yourself.
2. You still need a side hustle
Don’t ever think Housejob money can take care of all your generations and go to sleep. No. You are fresh (probably young), strong and able to conquer the world. Get a side hustle that will not interfere with your housemanship, this can be anything from photography to reading ECGs for labs to writing. Remember to put 25% of what you earn here in your long term savings for post house job account we mentioned above. Are you getting the picture now?
3. Be aware of Opportunities Around
I.e shine your eyes: Don’t just pass through your house job period looking straight ahead, there are many opportunities that may come your way, tap them.
4. Invest in safe securities:
This is not the time to undergo risky investments like forex, bitcoins etc. Go for safe investments, like a mutual fund.
5. Don’t flex too much
Yeah I know I said you should flex a bit, but moderation is key. When you allow peer pressure get to you, you might end up making some unwise financial decisions. Don’t go competing to get the latest Iphone. You can’t afford it.
6. Increase your social Capital
Learn to network. Be nice to everyone you come in contact with. Some of the people you meet during your housemanship will remember you in future and could possibly change your life and your finances.