Category: Finance

  • Long-term Financial Planning for Students

    Long-term Financial Planning for Students

    As a university or college student, you’ve likely got a lot on your mind. However, when you’re looking at your education as a bigger picture, don’t forget to factor in your finances—as tempting as it may be to (not) do so. Many students are already strapped for cash with the increasing costs of tuition and stockpiling student loans. Responsible and long-term planning may help you avoid financial emergencies in the future.

    Here are some things to consider when planning your financial future.

    A good credit history can help you down the road if you ever want to take out large loans from the bank, or make large purchases such as a car or a home. To start accumulating good credit, you can sign up for a credit card and start using it to pay for your groceries or your textbooks. If you can demonstrate to your bank that you can reliably make your monthly payments—in essence, replace the money you’ve “borrowed” from them each month with your own savings—you’re well on your way to building good credit. Of course, make sure to know your limits: never overspend on your credit card unless you can hold yourself accountable and pay back the money. A lot of people are in debt today because they take advantage of this aspect of the credit card- don’t let that e you.

    Setting up a savings account is also a smart idea, particularly if you have a part-time job or some other form of income. Each time you get paid, you can set aside a portion of that money and deposit it into your savings. Depending on the deal you’ve struck with your bank, the amount of money you have in that account may grow (probably slowly) over time. But even if you don’t accumulate growth, having some money set aside for emergencies is still a responsible thing to do. This will also ensure that when you get your paycheque, you don’t spend it all in one place!

    Finally, a long-term financial plan is something that should be in the back of your mind as you go through your education. Unfortunately, degrees and diplomas are usually very expensive. Think about how your education is going to be financed (part-time work? student loans? bursaries and scholarships?), not only currently, but in the long run. Furthermore, think about whether you are going to enter the workforce right after graduation and start paying back any borrowed money, or whether you are going to pursue further education, such as graduate or professional schools. These decisions will determine the kind of financial steps you will have to take to ensure you will be able to pay for your schooling.

  • March 2016 Scholarships: Apply Now!

    March 2016 Scholarships: Apply Now!

    The Andrew Rok Foundation Scholarships
    Amount: $40,000
    Provided by Andrew Rok Foundation
    Deadline: March 31, 2016
    Number : Available 1
    Website: http://andrewrokfoundation.ca/the-scholarship/
    Via www.scholarshipscanada.com


     

    Retail As A Career Scholarship Program
    Amount: $1,000
    Provided by Retail Council of Canada
    Deadline: March 31, 2016
    Number Available: 26
    Website: http://www.retailcouncil.org/education/retail-as-a-career-scholarship-program
    For more information: http://www.scholarshipscanada.com/Scholarships/51164/Retail-As-A-Career-Scholarship-Program


     

    Sikh Foundation Scholarship
    Amount: $5,000
    Provided by Sikh Foundation of Canada
    Deadline: March 24, 2016
    Number Available: 2
    Website: http://www.sikhfoundationscholarship.ca/
    Application Address: http://www.sikhfoundationscholarship.ca/apply/
    Via www.scholarshipscanada.com
    http://www.scholarshipscanada.com/Scholarships/51311/Sikh-Foundation-Scholarship


     

    $1,000 Off First-Year Tuition Contest
    Amount: $1,000
    Provided by Canadore College
    Deadline: April 02, 2016
    Number Available: 1
    Website: http://www.canadorecollege.ca/
    Application Address: https://mycanadore.ca/canadore/events/index.do;jsessionid=A7BC115A5FB3A49D16047B58E90F27D3
    Via http://www.scholarshipscanada.com/Scholarships/53273/$1,000-Off-First-Year-Tuition-Contest


     

    Diabetes Hope Foundation Scholarship Program
    Scholarship Value: $2,500
    Awards Available: 35
    Award Deadline: March 7, 2016
    Application:
    http://diabeteshopefoundation.com/content/scholarship-program
    Via www.studentscholarships.org


     

    Quest for Excellence Scholarship Program
    Scholarship Value: $1,000
    Awards Available: 16
    Award Deadline: March 14, 2016
    Application:
    http://www.remax.ca/editorial/about-remax/western/re/max-of-western-canada-quest-for-excellence/
    Via www.studentscholarships.org


     

    Pennsylvania STEP Science Scholarship
    Scholarship Value: $20,000
    Awards Available: 5
    Award Deadline: March 15, 2016
    Application:
    http://www.stvincent.edu/Majors_and_Programs/Special_Programs/Collaborative_Learning/STEP_Science_Scholarships/
    Via www.studentscholarships.org


     

    Ken Dryden Scholarship
    Scholarship Value: $3,000
    Awards Available: 8
    Award Deadline: March 25, 2016
    Application:
    http://youthincare.ca/ken-dryden-scholarship-2
    Via www.studentscholarships.org


     

    Belcourt Brosseau Metis Awards
    Scholarship Value: $1,000
    Awards Available: 130
    Award Deadline: March 31, 2016
    Application:
    http://www.ecfoundation.org/grants/belcourt-brosseau-m%C3%A9tis-awards
    Via www.studentscholarships.org


     

    Ranald and Vera Shean Memorial Scholarships
    Scholarship Value: $4,000
    Awards Available: 6
    Award Deadline: March 31, 2016
    Applications:
    http://ecf.getopenfield.com/ranald-vera-shean-memorial-scholarships/
    Via www.studentscholarships.org

  • Scholarships for Aboriginal Students Across Canada

    Scholarships for Aboriginal Students Across Canada

    Bursaries and Scholarships The Aboriginal Financial Officers Association of Canada is dedicated to helping Aboriginals reach the highest standard of excellence in finance and management. AFOA’s initiatives in the development of Awards and Scholarships are examples of that commitment.

    See link below for scholarships and bursaries: http://www.metisnation.org/programs/education–training/education/bursaries–scholarships

    Want even more options? Check out the scholarships and bursaries for Aboriginal students that we found:

    The Aboriginal Canada Portal Offers an online Aboriginal funding tool that offers a way to search for scholarships, bursaries, loans & grants according to your needs.

    Canada Post Aboriginal Education Incentive Award The Aboriginal Education Incentive Award is part of Canada Post’s nation-wide scholarship program and commitment to furthering individual potential. Each of Canada Post’s eight regions across the country will grant three awards annually: Two $1,000 scholarships for the return to and successful completion of one full year of high school and One $1,000 scholarship for the return to and successful completion of one full year of post-secondary education, including vocational or trade skills training.

    FAAY (Foundation for the Advancement of Aboriginal Youth) FAAY is a scholarship program operated by the Canadian Council for Aboriginal Business. CCAB is dedicated to developing the future generations of Aboriginal leaders. They have scholarships for high school or post-secondary students.

    AMMSA (Aboriginal Multi- Media Society) Large listing of scholarships and bursaries available to Aboriginal people (including youth) in a variety of educational programs. You can look up educational institutions and find the awards available to their Aboriginal students only.

    Royal Bank of Canada Aboriginal Scholarships  Royal Bank offers scholarships to all Aboriginal people and also has a summer placement program as an award to qualified applicants. Royal Bank has employment opportunities for Aboriginal students in grade 9-12 for summer employment.

  • How to Compete in the Work Force with No Financial Support

    How to Compete in the Work Force with No Financial Support

    We’ve all heard that getting a creative degree is economic suicide, and it certainly can be crippling especially if one is without financial support. The truth of the matter is that post-grad is when you really find out how badly you want that career. Those who have financial support sometimes will not have to try as hard, but if you talk yourself into believing that not having the resources they do hinders your chance at success…you will never move past that. The reality of what occurs after you acquire your Bachelors degree is a battle between ambition and financial security, and deciding if you do actually have a novel in you rather than only the lust of one.

    That ugly thing called debt.

    Debt can be an invisible demon throughout university, where you are telling yourself that it is simply a reality of our day and age and you are using it to better yourself for future employment. All that reassuring makes debt seem ghost-like; that notion is torn down with the very first call from Student Loan Services inquiring about direct deposit options. So you get yourself a job unrelated to your degree while trying to generate revenue and inspiration from freelancing or commissioning gigs—all of this on very little living money. In reality, the more obstacles placed in front of a goal that is truly desired, the more driven to achieve it you are likely to become. Having no money will either completely derail you, or fuel you.

    Keep producing.

    You must CONSTANTLY be submitting work in your field, whether it’s for galleries, magazines, newspapers, anthologies, zines….anything. even if there is no financial outcome, you are keeping yourself busy and that discipline will help you grow as well as prove to future employers that you are self-motivated. Maybe being on your own means that your networking opportunities are limited, but the reality is that if one sends thirty emails one will get at least a single reply. This persistence must be backed by a sufficient body of work, so never stop contributing to events and publications even if they are amateur-based.

    Urgency and momentum.

    One of the biggest fears artistic post-graduates face is losing creative momentum. This is something that cannot be avoided if the former student is in a race against bill deadlines, madly depositing the tips from their weekend job until they’re able to tap the payment button on their online banking app. Many writers wrap themselves in their accomplishments, but feel so far away from them at the same time. It’s a strange wonder how accomplishments are so quickly forgotten, until they eventually become lost. It’s the momentum of accomplishments that give outsiders the impression that you are successful. For artists and writers, the concept of becoming a ‘has-been’ is a daily fear. But if you are self-financed you are henceforth self-made, and that provides an innate urgency. While it may sound corny to hear “You make your own luck”, and “you can do it”, the reality is that if you have put yourself through university and are reading an article like this to figure out how to succeed…. you are extremely serious about this career.

    Go to events.

    Readings, gallery openings, concerts…put yourself inside the same four walls as people who make a living off of what you want to do. And talk to them! Even if it feels like you might be annoying, they were once exactly in your spot and will understand. Artists help other artists.

    There is always a kind of romanticism surrounding art—something that drives us to it throughout our adolescence. University makes it clearer, and either wipes it out or fuels it. Post-graduation strips it of the romanticism to its bare bones and allows a clear view of what exactly you are committing to.

  • Scholarships for Students with Disabilities

    Scholarships for Students with Disabilities

    Post-secondary education can be a financial burden for many students, but students with physical or mental disabilities may be particularly affected. Not all colleges or universities are completely accessible for these students, or have the best services or facilities to help facilitate their educational careers. As a result, the search for schools—and subsequently, scholarships—may become more limited for students with disabilities.

    If you are a student with a disability looking for a scholarship opportunity, check out http://www.disabilityawards.ca/: this is an excellent database that allows you to search for scholarships available throughout Canada, including by province and school.

    Below are some scholarships available for students with disabilities. For more information on these scholarships, consult the links provided.

    ***

    AbbVie IBD Scholarship
    Amount: $5000 x 10 recipients
    http://ibdscholarship.ca/EN/apply.php

    Awarded by Crohn’s and Colitis Canada, this scholarship offers funding to students who are diagnosed with Crohn’s and Colitis by a medical professional. Applicants must be enrolled in or awaiting acceptance for a post-secondary program in Canada, and demonstrate academic ambitions as well as the aspiration to sustain optimal health in spite of their diagnosis.

    CCRW Youth Scholarship Program for Students with Disabilities
    Amount: $2500 x 6 recipients
    http://www.disabilityawards.ca/details.php?lang=EN&ID=400

    Administered by the Canadian Council on Rehabilitation and Work (CCRW), this scholarship is designed to help students with a long-term and reoccurring disability restricting their ability to participate in educational activities. This scholarship is available for full-time students entering their first year of post-secondary. Applicants will be evaluated according to academics, community involvement, and extra-curriculars, among other criteria. Contact info@ccrw.org for more details.

    Canadian Hard of Hearing Association Scholarship Program
    Amount: $1000 x 3 recipients, $1500 x 1 recipient
    http://www.chha.ca/chha/scholarships-index.php

    This scholarship is available to students who are either hard of hearing, deafened, or oral deaf, and are either first-time or returning full-time students at a post-secondary institution. Applicants will be assessed according to multiple criteria, including academics, determination to cope with hearing loss, and involvement within their communities.

    Joubin/Selig Scholarship Fund
    Amount: variable
    https://torontofoundation.ca/joubinselig-scholarship-fund

    Established by Toronto Community Foundation donors, this scholarship is intended to provide assistance to students with mobility issues. Applicants must have a permanent physical disability, and will be assessed according to their ability to demonstrate academic achievement and leadership in their communities.

    NEADS Student Awards Program
    Amount: $3000 x 6 applicants
    http://www.neads.ca/en/about/projects/ete2/scholarship/

    The NEADS National Student Awards program provides financial assistance to those students with permanent disabilities that affect their ability to fully participate in their post-secondary education. Applicants must be full-time students. Criteria for this award include volunteering or employment experience, commitment to scholarship, and demonstrable potential for further community contributions.

    Sources:

    http://www.disabilityawards.ca/

    http://www.disabilityawards.ca/details.php?lang=EN&ID=1438

    http://www.ibdscholarship.ca/EN/index.php

    http://www.disabilityawards.ca/details.php?lang=EN&ID=400

    http://www.ccrw.org/

    http://www.disabilityawards.ca/details.php?lang=EN&ID=9

    http://www.chha.ca/chha/scholarships-index.php

    http://www.disabilityawards.ca/details.php?lang=EN&ID=1430

    https://torontofoundation.ca/joubinselig-scholarship-fund

    http://www.disabilityawards.ca/details.php?lang=EN&ID=1

    http://www.neads.ca/en/about/projects/ete2/scholarship/

  • Creating a Working Budget – 5 Tips to Remember

    Creating a Working Budget – 5 Tips to Remember

    Being a college or university student is a learning experience through and through. Not only do you learn the necessary skills to flourish in your future career, but you also learn how to survive in the real world. Among the long list of real-life survival skills you get to test out as a student, is being finance- savvy.

    Being free of financial troubles while in college or university is not as much a Herculean task as many believe, but it is indeed a challenging one, especially in these times when the Canadian dollar has hit its lowest rate in 13 years. However, if you are completely aware of your finances from the start, it would mean smooth sailing for you. Below are some suggestions on creating a working budget.

    1) Note all your assets.

    The first step in establishing a working budget is to know how much you have. Students like you have a variety of sources of income, and you should note them down. Such sources include income from part-time jobs, scholarships, grants, or bursaries, and financial support from family. Include everything you have accumulated since you started your post-secondary education—even that cash gift you got from your grandparents last Christmas.

    2) Note all your expenses.

    Now this is the part where it gets a bit tricky. This is because expenses are never actually constant for any college or university students. There are some fixed expenses like credit card bills or phone bills, but there will always be times where you have to spend extra on school projects or supplies and other school-related stuff. Of course, college and university life also equals honing your social skills and bonding with fellow students, and you would most likely find yourself allocating your budget for entertainment expenses such as concert or movie tickets. Remember, however, that when it comes to expenses, it’s always better to overestimate than underestimate.

    3) Plan your emergency money.

    As a kid, you were always reminded by your parents that it is wise to save money for a rainy day; over time, you would come to realize how valuable that piece of advice was. Having a set budget for school-related costs is one thing, but what will you do for emergencies? For instance, suppose your car breaks down, and you need a new battery. Or your computer finally gives out and is beyond repair and you have to buy a new one. A true finance-savvy student is one who sets aside money for emergencies.

    4) Do a monthly budget review.

    Businesses and corporations make it a point to do a monthly review so they know where they stand. They know when to cut operating costs, when to hire additional staff, and when to give bonuses. You can follow their example by reviewing your budget on a monthly basis. This way, you’ll know if you have to cut down on your expenses or give yourself a treat.

    5) Be on the lookout for opportunities to save.
    Be open-minded and resourceful when it comes to money-saving opportunities. For instance, you probably know how textbooks can run your wallet empty, so look into options of renting books or buying used books instead. When it comes to clothing, on the other hand, keep in mind there are stores that specifically offer student discounts, so it is good to take advantage of that as well.

    Sources:
    http://www.cbc.ca/news/business/markets-dollar-oil-1.3405067
    http://www.concordia.ca/cunews/main/stories/2013/11/14/the-6-best-budgettipsforstudents.html
    http://www.cicmoney101.org/Articles/Paying-For-College-How-To-Make-A-Budget.aspx
    https://studentaid.ed.gov/sa/prepare-for-college/budgeting/creating-your-budget
    http://www.styledemocracy.com/student-discounts-in-canada/
    https://www.ucas.com/ucas/undergraduate/finance-and-support/managing-money/student-budgeting-tips
    http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/addicted-to-student-discounts/article590866/

  • Government Grants For Students in Canada

    Government Grants For Students in Canada

    Money is always hard to come by when getting ready for University or College. Thankfully, the Government of Canada can help students at different income levels, achieve their educational goals. As a student wanting to go to College or University, you should explore all the options you can.

    Click on the links below to find out how the Government of Canada can help you, no matter what your financial situation:

    • For Low-Income Families:

    http://www.canlearn.ca/eng/loans_grants/grants/low.shtml

    • For Middle-income Families:

    http://www.canlearn.ca/eng/loans_grants/grants/middle.shtml

    • For Full-time students with Dependents:

    http://www.canlearn.ca/eng/loans_grants/grants/dependants.shtml

    • Grants for Part-time studies:

    http://www.canlearn.ca/eng/loans_grants/grants/part_time.shtml

    • Grants for Part-time students with dependants:

    http://www.canlearn.ca/eng/loans_grants/grants/part_time.shtml#dependant

    • Grants for students with permanent disabilities:

    http://www.canlearn.ca/eng/loans_grants/grants/disabilities.shtml

    • Grant for services and equipment for students with permanent disabilities:

    http://www.canlearn.ca/eng/loans_grants/grants/disabilities.shtml#service
    International Grant and Scholarship Options:

     

  • Is the Corporate World Right for You?

    Is the Corporate World Right for You?

    You may be asking yourself “What should I do after finishing school?” You can consider a blue collar job in the trades like a plumber, electrician or construction worker. You can open your own business. Or, you can consider a white collar corporate job. Consider all your options- you have tons. There are pros and cons to all paths, but it is up to you to determine what you can and cannot handle.

    When people refer to a corporate job, they mean an office job like an accountant, manager or lawyer. Many graduates aspire to a corporate job because of the high pay and prestige. However, before preparing for a corporate career, you should ask yourself if corporate life is right for you.

    Do you like working set hours? Most corporate jobs start at 8:30 a.m. and end at 4:30 p.m. Unless you have an easy going boss, they won’t take too kindly if you arrive late or leave early every day.

    Do you like dressing up all the time? You may have to wear a business suit especially if you’re a lawyer or manager. Sometimes, you can get away with not wearing a suit, but you still need to dress professionally.

    Do you like privacy? You don’t have any privacy in an office. Everyone can see when you arrive or leave and hear what you say on the phone. Your boss can look over your shoulder and even monitor how you use the phone, internet and computer.

    Do you like to speak your mind? Corporate politics are the unspoken rules on how you behave. If you say the wrong thing or speak badly to the wrong person, you can offend them. And if the offended person has power, they can either fire you or make your work life very miserable.

    Do you like to follow rules? Corporations have a rule for almost everything: your conduct, work hours, attire – just to name a few. The office is not a place for rebels. So if you don’t like a lot of rules, think twice about corporate life.

    Can you sit in the same place all day? In the office, you have a designated place where you sit every single day. Sitting all day can be very stressful if you’re a fidgety person who cannot sit still for a long time.

    Do you like being indoors all the time? For most corporate jobs, you’ll be inside at least eight hours a day. If you’re the outdoorsy type who likes being outside, this may be a hard adjustment for you.

    Can you work with annoying noises around you? Believe or not, offices can be quite noisy. You can hear printers, people tapping away at their computer, other people’s conversations, people talking too loud on the phone, sneezing, coughing, cursing – you name it. And if you’re trying to focus, all this noise can drive you crazy!

    If after answering these questions you feel that corporate life isn’t for you, it’s not the end of the world. There are a lot of upsides to working in a corporate world. Everyone will be able to work their way “up the corporate ladder”, and that can be extremely rewarding. A lot of careers in the trades pay just as well as corporate jobs. You can also do very well running a business. Each choice has its own challenges. The key is to do what’s right for you.

    References:

    Making a Successful Transition from College to Career: Time for a Reality Check http://www.quintcareers.com/college-to-career.html

    Payscale.com – Automobile Mechanic Salary (Canada) http://www.payscale.com/research/CA/Job=Automobile_Mechanic/Hourly_Rate

    The 10 Worst Things About Working In An Open-Office—In Your Words http://www.fastcompany.com/3022456/dialed/the-10-worst-things-about-working-in-an-open-office-in-your-words

    Ask a Manager http://www.askamanager.org/2012/10/i-dont-want-to-sit-in-an-office-all-day.html

  • Why Do I Need Math Skills?

    Why Do I Need Math Skills?

    As you sit in yet another math class, you might be wondering

    “Exactly what am I going to use this for in real life?”

    Even if you have a handy calculator and Google in your phone, you are learning skills relevant in so many life situations.

    Work:

    • A Cashier making change
    • A business owner creating budgets, spreadsheets, doing taxes, applying for bank loans, analyzing yearly sales, tracking employee hours.
    • A professional sports team analyst that creates computer programs using logarithms to analyze the opponent’s strengths and weaknesses. Buying and selling player contracts. Budgeting. Ticket sales and concessions.
    • An artist using programs that deal in pixels, artwork dimensions, focal lengths and composition rules.

    Fun:

    • Games that need addition and subtraction, money skills, or logic jumps.
    • Calculating how much your night out with friends will cost.
    • Splitting the taxi ride with friends, or the restaurant bill between people.
    • Estimating time, distance, cost. How long will it take to get somewhere, how much gas will it take, and how often will we need to stop?
    • Calculating the odds or probability in games of chance.

    Everything else:

    • Calculating a household budget.
    • Working out a loan for a car, or a mortgage.
    • Baking and cooking using measurements, time, and temperature.
    • Decorating your home, calculating how much carpet to buy, or how high to hang those pictures.
    • Saving for college, retirement, or another big expense.

    Now you may never pull out that advanced calculus graph ever again, and you will probably be ok to forget about imaginary numbers, but the logic and decision making skills you are building while learning these concepts in mathematics will help you make better decisions every day. Math really is universal.

  • May Scholarships of the Month – Apply Now!

    May Scholarships of the Month – Apply Now!

    With the school year almost finished, the time to apply for your scholarships for September has officially arrived. As always, we’ve rounded up some of the latest and greatest scholarships and bursaries that will help fund your educational dreams. Remember to read the applications requirements carefully – some ask that you write a short essay, while some simply need your contact information. Here’s what we found for May:

    1. Wado-Kai Student Development Fund – Open to students across Canada who are involved with Wado-Kai Federation. Must have sensei recommendation. Amount: $1000. Deadline: June 30, 2015.

    2. The Canadian Medical Hall of Fame Scholarship Program – Available to grade 12 high school students who are aspiring to a career in medicine or the health sciences. Amount: $1000 per year for 4 years. Deadline: June 10, 2015.

    3. The Larry Cripps Scholarship Fund (OPSEU) – The scholarship is open to dependents of OPSEU members in good standing who are confirmed as enrolled in either a Police Foundations course or a Law and Security/Corrections course at a publicly-funded, publicly-run post-secondary institution in Ontario. Amount: $1000. Deadline: June 13, 2015.

    4. CrossLites Essay Contest – Open to High School, College, and Graduate School students. As an applicant you will write a reflective essay (400-600 words) based on one of Dr. Parker’s quotes or messages (see website). Amount: $2000. Deadline: December 15, 2015.

    5. Roger Neilson/Toronto Maple Leafs Alumni Scholarship Award – Awarded to graduating student-athletes, in any sport, proceeding to post-secondary education in Canada. Amount: $10,000 spread over 4 years. Deadline: June 1, 2015.

    6. Ontario Power Generation – John Wesley Beaver Memorial Award – All Ontario residents who are First Nations, Inuit or Métis, and enrolled in a full-time post secondary institution in Ontario are eligible to apply. Amount: $3000 – $5000. Deadline: June 1, 2015.

    7. Global Solidarity Scholarship (OPSEU) – Applicants must be children, foster children or wards of OPSEU members in good standing who are studying at a publicly-funded, publicly-run Canadian university or college. Amount: $1000. Deadline: June 14, 2015.

    8. The Worker’s Health and Safety Centre (WHSC) Scholarship & Bursary – Open to any student residing in Ontario and beginning full-time studies leading to a diploma, certificate or degree from any publicly-funded Ontario college or university. Amount: $1200. Deadline: June 13, 2015.