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HomeBlack MillennialMonday Cash Nuggets – Episode 1 – Musings with Mo

Monday Cash Nuggets – Episode 1 – Musings with Mo

Our resident finance fanatic, Wale shall be sharing his ‘Monday Cash nuggets‘ via the month of June.

Hope everybody is worked up to be taught from Wale’s experiences and perception.


This isn’t monetary recommendation however merely somebody sharing their expertise and views on cash issues.


Picture by LinkedIn Gross sales Navigator on Pexels.com

Coming to Canada as a scholar in 2015, I type of understood the monetary implications. 

I keep in mind speaking with a good friend who already was in Canada who gave me a perspective of how the minimal wage might maintain you as a scholar. Bam! My thoughts opened! I began calculating the possible prospects (with a minimal wage) 

Having accomplished my Undergraduate and Nigerian Youth Service Corps (NYSC) program again in Nigeria, primary budgeting, spending, saving weren’t new ideas to me. Each semester, my mother and father would give me somewhat quantity to buy college objects and in addition for stipend at school, however I all the time seemed for a approach to save regardless of how small. I imply, you don’t need to spend all of your cash when you are at school after which don’t have anything in the course of the holidays. Additionally, getting paid N#19000 throughout NYSC meant managing funds, so that you don’t soak garri (granulated cassava) for probably the most a part of the month. 

Quick ahead to being in Canada, I used to be hungry for a job proper off the get go. Happily, I acquired a possibility to work in knowledgeable house a pair months after I began my Grasp’s diploma program. 

I had monetary paralysis at the beginning of my keep in Canada which is typical amongst immigrants. I simply couldn’t convey myself to purchase something. I used to be changing all the things again to the naira equal – Largest mistake😀. My roommate at the moment needed to pressure me to begin shopping for issues. 

As a scholar, I had a plan. 

1. Work 

There’s no free cash in Canada, so you’re rewarded as you spend time working. 

As Worldwide college students, immigration solely permits 20 hours of labor time in every week – shey you stated you have been coming to check, so that you can’t be working all day. 

Nonetheless, in the course of the off-school interval, principally throughout summer season, in case you select to work 24 hours in a day, you’re allowed.

This latter half was the place I took benefit of, and made about $18000 in a single summer season. Sounds engaging yea?🤪 

I’ve additionally realized that reasonably than on the lookout for one thing to do to earn throughout holidays, younger college students would reasonably use this time to flex, and in a twinkle, the vacations are over. A typical saying is “I must loosen up after such a tense examination.

Whereas it’s good to loosen up after exams, it is very important be sure stress-free doesn’t turn out to be a full blown trip. 

2. Funds, Leverage Alternatives and Save

I do imagine each scholar has to determine first which course they need to go financially. Do you need to be that extravagant, flamboyant scholar or the conservative one? This influences the way you finances each expense

Similar to I had accomplished after I was nonetheless in undergrad, I already understood there was no method I might spend all my month-to-month stipend with out saving some no matter how small. In my thoughts, I all the time had the quantity to save lots of lower than the overall stipend for the month. For instance, if $100 can’t cater on your wants, then having $95 gained’t make a distinction, however that’s a financial savings of $5. What it requires is chopping your coat in keeping with your dimension, and chopping down on bills. I keep in mind I needed to transfer residence in some unspecified time in the future as a result of month-to-month hire was too excessive. I needed to commerce the consolation of getting extra privateness to a shared residence for some time. 

Quite a lot of alternatives current themselves in Canada particularly when you’re a scholar, and when you’re inside a group, sure perks may very well be advantageous.

In my case, I leveraged the chance of saving weeks of spending on groceries which got here because of my group. On a number of events throughout an occasion, there could be surplus meals on the finish, and I leverage that at completely different instances to get a head begin on my financial savings. I noticed no purpose why as a scholar, I’d be too involved in regards to the ideas of different folks in the direction of this motion. As a matter of reality, plenty of college students adopted swimsuit after me and began doing this. The impact of this may increasingly appear small, however additional time, it accumulates. 

3. Ease the monetary burden off Dad and mom

One factor many younger college students overlook is, whereas this section is a chance to get educated academically, it is usually a disguised alternative so that you can begin being accountable. Dad and mom do their finest to deal with their youngsters’s wants, which is their accountability. 

As an Worldwide scholar, being in Canada is unquestionably excessive upkeep, and a monetary pull besides if you’re a relative of Invoice Gates. So, an excellent and accountable factor to do is to observe the way you spend, and in addition see methods the place you may assist your mother and father regardless of how small. 

4. Give to family members again house in Nigeria

Lastly, whilst a scholar and being in Canada, I used to be in a greater place to assist a number of folks again house. I do know the best factor to say is, “what I’ve is just not sufficient for me”, however that is additionally a part of the sense of accountability I talked about earlier than. A $10 transformed to native foreign money might imply one thing tangible for somebody again house, so it doesn’t need to be a full blown charity.

Once more, whilst a scholar, you need to develop the act of giving. This has the flexibility to basically form your monetary mindset later as you develop in life as you will note within the subsequent sequence of Cash Mondays with Wale


Mo 🙂


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