Sources of Money – Application Tasks & Questions

1. Save your money: How can having a regular savings plan support my short and
long term personal finance goals?

Having a regular savings plan can greatly ease and support your road to achieve short or
long term finance goals. For instance, it can help you construct a plan in the future to
ensure that you use your money wisely. If one of your financial goals is to pay for your
own needs or wants without help from your family, then having a regular savings plan
would be ideal to accomplish this. Furthermore, if you wish to save money for university,
a new car, a cell phone, or anything in general, then you must construct a savings plan to
give you an idea on how to efficiently save your cash. To help you during this process,
you can conduct some research and take a look at other savings plans online, or ask for
advice from the people in your life.

2. Build good credit: Write some advice to your future self or write a series of dos and
don'ts for yourself about building and keeping good credit.

Some advice to my future self is to spend my money wisely, so I will hopefully not have
to borrow money by taking a loan. After conducting some research during my other tasks
within this course, I have realized that borrowing money can greatly impact your credit
score, which is an essential financial aspect in Canada. I must ensure that I primarily
focus on my needs rather than my wants until I get a job, follow my action plan for
financially preparing myself, and exploring more ways to prevent debt or finding
different loaning methods if needed. In addition, I have learned that if I am not careful
with the amount I spend and I am in need of a loan, some banks may not even lend me
money if my credit score is not high enough. Therefore, I cannot always be dependent on
borrowing money, as it can backfire on me and leave me in a troublesome situation.
Hence, I should not spend more than I have, especially on unnecessary items, as well as
pay my bills on time to ensure my credit score does not decrease.

3. Develop your Resume: How can community involvement or volunteerism help you
build a network? Seek a volunteer opportunity that would help you build a network
or gain valuable experiences.

Community involvement or volunteerism is a key aspect in helping you build a network.

These methods allow you to improve various skills and gain valuable experience, which
will be useful in the future. To add on, if you volunteer or get involved within an
organization related to your desired career path, then it can set a good impression on your
future employers and you will have an opportunity to get comfortable or an idea of your
workplace. A volunteer opportunity that would help me build a network or gain valuable
experiences is at a local hospital where I can manage simple tasks according to my
 knowledge and capabilities. Since my future career pathway leads to becoming a
cardiothoracic surgeon, this volunteer experience will be essential for the future, as well
as be a great addition to my resume.

4. Application task: If you are planning to attend a post-secondary program

(university, college, apprenticeship) research a scholarship, bursary or grant that
you could apply for.

After browsing and researching through Ryerson University’s official website (the post-
secondary program I wish to attend), I have discovered the two best scholarships I can
apply for. These include President Entrance Scholarships and Terence Grier Entrance
Scholarship; they are the most beneficial for me as they reduce or eliminate any financial
burdens I may encounter. To add on, I have read reviews from past students who were
granted the scholarships and they said that it allowed them to focus on their studies,
rather than stressing over part-time jobs and finishing work in time. Therefore, these
scholarships are clearly the best for me and will be extremely helpful in the near future.