AIM:

To equip young Medical Laboratory Science graduates in Nigeria, particularly those undergoing their one-year internship, with practical knowledge on earning and saving.  

GIVEN:

Internship, Medical Laboratory Science, savings culture, budgeting, investment literacy, soft skills.

METHOD:

Expository essay

PRINCIPLE:

You’re a Medical Laboratory Scientist in your internship year. You're clocking into the lab early, staining slides, running tests, dodging passive-aggressive patient relatives, and literally trying to make it to the next week. As if that is not enough, the monetary reward for all your effort is barely enough to keep up with the constant expenses - and to make matters worse, it often shows up fashionably late. Can you relate?

Internship in Nigeria is a financial reality check. For many, it’s the first time earning a steady (albeit small) income and as such, a crash course in adulting. Between transportation, data, daily feeding, and the occasional craving to enjoy a bit of “soft life,” many interns find themselves living from alert to alert.

Take Chimezie as an instance. As is often the case, he waited thirteen long months after induction before securing an internship slot. When the placement finally came, he was thrilled. So, in the rush and excitement of new beginnings, he pledged to himself to save 40 per cent of his stipend. The first month goes by - nothing. He tells himself it’s fine; after all, the cost of relocation, (sparingly) furnishing a room, and settling in ate deep into the money. He shifts his savings goal to the next month. Then the next. And then the next, until it gets to the 12th month and he realises a whole year has gone by.

This brings to mind a haunting Igbo highlife line from an Nkwere Aborignes Women Club track:

“Okwu ụka si na ọmú nwa, e gbuo ru ya ewu ya. Okwu ụka mucha nwa, e rere ya ewu ya n’ahia. Okwu ụka nwa tụrụ chi ya uka, ụwa ọ dị gị ọlịa?”

A gabby woman who kept boasting that childbirth would earn her a goat slaughtered in celebration, only to end up selling her goat to cover delivery bills. For many interns, that’s exactly how it feels. A year that was supposed to be about building experience and laying a financial foundation turns into a cycle of unexpected bills, borrowing, and postponed plans. If one does not exercise adequate caution, it is easy to end up not just with zero savings, but neck-deep in debt. However, some interns and young people have managed to navigate this demanding year with a surprising level of financial control.  How did they do it? What are they doing differently? What skills do you need to buy a car with your internship money - or, realistically, what must you start doing to stop it from vanishing mid-month?

PROCEDURE

My mother likes to say that money is a bird, that it has wings, and if you don’t trap it, it will fly. At first, I thought it was just one of those things Nigerian parents say to sound wise but as I started earning and spending on my own, I realised just how true it is. One moment, your account is heavy with that ‘whopping’ sum of ₦215,000, ₦175,000, or ₦130,000 (we see you!); the next, hunger is whopping you so hard that you're genuinely considering attending a different church just to pose as a first-timer - all for the free meal they offer. Suffice it to say that if you don't tell your money where to go, it will disappear without explanation. To prevent that unpleasant outcome from becoming your default reality, it helps to think of budgeting as a trap that keeps your money grounded. 

1. BUDGETING 

Inflows/Outflows

A good budget starts with understanding your cash flow. You need to know exactly how much is coming in and where it is going. For most interns, this includes your monthly stipend, gifts and sometimes the occasional “urgent ₦2k” from family or side gigs. Track every expense for at least a month  from the ọkada (bike) fare and lunch snacks to your data subscriptions and if-I-perish-i-perish impulse spendings. Most of us underestimate how much we spend on little things until we see it written down. Earlier this year, I decided to note down every naira that left my account for two months. I saw where my money was leaking and that gave me clarity, yes - but fair warning: this tip is sobering. 

Choosing a Budgeting Framework 

Once you are aware of your income and expenses, the next step is choosing a budgeting method that suits your lifestyle. A modified 50-30-20 rule works well: you allocate 50 per cent of your income to needs like feeding, cooking gas, transport and data, 30 per cent to wants like Netflix, hangout with friends, and 20 per cent to savings or debt repayment. Of courses, for interns living in expensive cities like Port Harcourt, Lagos, or Abuja without an additional stream of income, this might shift to 60-25-15. Another useful method is zero-based budgeting, which means you allocate every naira to a purpose, so your income minus expenses equals zero. This ensures intentional spending. Some also adopt the envelope method, physically dividing their cash or using digital wallets/apps to keep spending in check. 

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