On Eid, it is a tradition for the adults of a family to give the children cash to spend for whatever they wish. My friends always got to keep their money and spend it on miscellaneous things, such as candy, toys, and arcade games. However, I was required to bring all of my money to my mother, who would say the following: “When you are older and wiser, I will return every single cent of the money to you. But for now, you are too naive to understand how to spend, save, and invest. I do not want my children picking up impulsive habits from a young age.”
A year ago, she kept her word and returned hundreds of dollars of Eid cash to me, trusting that I would know how to take care of it. Therefore, I have decided to put the money towards my college tuition to avoid as much debt as possible. I am incredibly grateful for my mother’s teachings, as she has given me insight into the importance of financial control and literacy in day to day life – a skill that some adults continue to struggle with.
When it comes to saving money, every penny counts. Even the wealthiest people in the world continue to invest in opportunities to make a profit. We should follow their example. Financial literacy is necessary to live a life of stability and liberty. As a senior in high school, I am proactively working to reach my goal of monetary stability, efficiency, and growth.
I am currently focusing on applying for scholarships, as many are left on the table because students are not taking the time to apply for them. I have curated a list of scholarships that I am eligible for over the past few weeks. Being financially independent while in college is incredibly important to me, as there isn’t a steady stream of income in my house currently. As of winter break, I have already applied to many scholarships on my list.
People make money off of their skills. However, what skill does a teenager without any work experience have? Tutoring is the best option for teenagers in my opinion, as it allows us to use training from school to make some extra money. I teach middle school math for minimum wage a few hours a week as a side hustle. By doing so, I am helping people, but also helping myself in the long run. A job, in my opinion, is also an investment. Working allows an individual to pick up less tangible skills to use in other places.
While I am making money, I am also making sure that I am spending it smartly by avoiding unnecessary purchases and using what I have in my home before I buy something new. Personally, budgeting has become much easier after I began working for my money, as I understand how much effort it requires to earn. Since I am still living with my parents, I think it is the best time to save for when I am going to be fully responsible for my finances. Yes, I do have desires like any other person, but I understand that spending and saving money is like having a balanced diet. Consistency creates habits that last a lifetime, and I want to engrain healthy spending habits into my mind from a young age so that it becomes my only way of living.
As soon as I turn 18, I will apply for a job at The Princeton Review as an SAT tutor. I have both studied and written this test, and I want to use this asset to make some money. As I am gaining tutoring experience independently now, it will help my resume when applying for this job. Not all opportunities come to one’s doorstep, and I try my best to actively reach out to people and companies daily to see what I can offer them.
Recently, GaryVee answered one of my video questions on his Instagram, which got almost a million views. There were many individuals in the comment section of the video that asked for my Instagram handle. I immediately messaged all of these accounts and am currently in the consulting stage with many of these people. By investing in exploration and value-driven content from an early age, I will use the skills and experience for work in the future.
I am strongly against people spending money that they do not have for reaching the desired lifestyle. The Canadian debt crisis has only worsened due to the pandemic, and, as a result, many individuals have had to shift priorities to survive. My parents have taught me to always live within my means, whatever they may be, and I hope to make them proud with my balance in the future. Education is an investment in and of itself, and going to university – with a strong grip on my finances – will allow me to conquer my world, one step at a time. My current efforts in tutoring, scholarship hunting, and freelancing prospects will minimize my debt and provide more freedom as I step into adulthood.
Deadline: April 30, 2020 (Three Winners/Year)
Topic: Our goal is to help Canadians make better financial decisions, and we believe that financial literacy is the key to this mission. We think that financial literacy is a lifelong commitment, and we want to encourage students to be mindful about their relationship with money early on in their lives.
For this reason, we are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life. Tell us how you’ve budgeted, saved, invested, paid down debt, applied for as many scholarships as possible or how your side-hustle has helped you bring in extra cash. We want to know how your exceptional financial management efforts have made a positive impact in your life.
