One of the most interesting things about reviewing scholarship submissions is the mix of age, culture, and position of our many applicants. Our applicant, L.N., is a hard-working mother with her sites set on financial freedom and professional success.
Our Essay Questions
- As a college/university student, what are your main money obstacles and what do you plan on doing to address these issues?
- Looking back, how should schools have taught money management to children under 18
Essay Response From Mother and Student, L.N.
- As a college/university student, what are your main money obstacles and what do you plan on doing to address these issues?
- Looking back, how should schools have taught money management to children under 18
Being a mom of two young kids and deciding to go back to school has been one very difficult and challenging decision to make. Unlike younger students, I have a lot more things to consider since this decision will be affecting more than just myself. Things like ‘Do I go back to school to better my future, or stay stagnant in my current job to guarantee a monthly income?’ ‘How will I pay for childcare with one less income at home?’ “How will I cover my own personal expenses?’ ‘Will my family struggle financially if I decide to pursue a 3-year program?’
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Money has always been a factor in many of my life choices. In some ways, it has helped me gain great life experiences and adventures, in other ways, it has held me back from advancing in my goals. I must admit, I have never fully had a positive relationship with finance and money. Every time money is earned, it quickly disappears before the next pay cheque arrives. This was a constant for many years. Learning about financial literacy and money management was/is a hard lesson that I have yet to master. These money management skills were never taught in school but are essential and applied everyday, which is where I believe the school system is lacking.
According to Statistics Canada, the average person will spend $1.71 per dollar earned. And according to Equifax, in 2019, the average person will have $23,800 in outstanding loans; this statistic has a greater effect on women, as women tend to have lower income. Many people are taught about money at home, if at all. But most of these lessons are not about how to properly save and invest for the future. Most Canadians (53%), in 2019, live paycheck to paycheck, which means that most Canadians do not have an emergency savings plan, let alone a retirement savings plan. If we made money management a mandatory subject in school for young adults and offered classes such as developing and applying healthy habits for money management, strategies for debt repayment, strategies for investing, basic knowledge of taxes etc., more people would be financially literate and in turn, would be in better financial condition.
I am deciding to go back to school to study Respiratory Therapy at SAIT in Calgary, Alberta, to set myself apart from the average Canadian Statistic, especially as a woman. I have realized that I will be making some large sacrifices, but it will be beneficial for myself and my family long-term. I want to set myself up with a career where I can be proud of and know I am making a difference in peoples’ lives. A career to showcase to my boys that I am an intelligent, skillful woman who can have a successful career and be a great mother. At the same time, utilizing the skills and knowledge learned over the years to put my family in a better financial situation and set my boys up for a positive financial future.
To manage my obstacles while completing my 3-year program, I will have to strictly budget every month to minimize spending and expenses. As well, I plan on securing a part-time job while in school. It will be a lot of hard work and effort but if I stay focused on reaching my goal, it will be worth it in the end.
