Building a solid financial foundation

By Victoria Bernard

Iparticipated in Youth Fair Gains in my second year of studies at the University of Calgary, after recently moving from my hometown in Prince Edward Island. My expectations of the program were that I would gain insight into how to manage my current finances and create a plan to pay off my student loans. However, Youth Fair Gains exceeded my expectations and provided me with valuable knowledge and tools to assist in repaying my debt while also creating a blueprint for lifelong financial stability. Through the 4:1 savings match within the program, I was encouraged to save a specific amount each month in a separate account. These funds helped me pay for my university tuition but, more importantly, they caused me to develop a habit of saving with each paycheque. At the end of the program, I used my personal and matched savings to help pay my university tuition within my nursing program, but the benefits of the program extended beyond my years at university.

During the year, I thoroughly enjoyed our Youth Fair Gains meetings. I met other young adults in similar and different circumstances to mine, but all of us seemed to want better control over our finances. Major concepts I learned about during the program included budgeting, assets, credit and banking. A variety of excellent presenters from professional backgrounds in finance and other fields were invited to speak, and our core host each week, Rae-Lynn, was very inviting and supportive of our learning. During the program, I often found myself wishing I had discovered this program and these resources sooner. I am very thankful to have learned what I have from this program and to have gained excellent support and resources from Momentum staff and finance/banking professionals.

After completing the program, I was motivated to save a bit of money each month to create my emergency savings fund. I also retained knowledge of investment from Youth Fair Gains and, eventually, opened a mutual funds account and RRSP with my banking institution to prepare for my future. After graduation, I recognized how much I’ve learned while participating in the program as a university student. I am now more confident and aware of my spending habits. I create budgets for myself and keep within them. I am cautious of my limits and diligent in repaying credit card debt to ensure I am building a strong credit score. I know who I can ask if I have questions about my banking, and I am currently seeking more knowledge about how I can continue to plan and build for my future. I highly recommend Youth Fair Gains for anyone interested in creating a strong foundation for their future and gaining knowledge, tips, resources and insight for promoting financial literacy.

Momentum’s Matched Savings programs are designed to support participants in building strong financial habits, while also matching savings with funds that may be used for building assets and setting financial goals. Learn about Momentum’s financial empowerment programs, or discover our no cost and low-cost coaching services, small business programs and skills training programs at www.momentum.org. n

If there was a record for the world’s youngest welder, Waylon Lauck would be a strong contender for the title. At only 17 years old, Lauck has welded for over five years and is employed at Cam-Tac Welding in Slave Lake, Alt.

“I kind of grew up on a drilling rig,” Lauck said, recalling his earliest interest in the trades. “My dad was a tool push and so my first encounter with welders was probably around the time I was eight years old. I was always kind of fascinated by the thought of welding and being able to see how people could make creations out of nothing.”

At 13 years old, Lauck enjoyed his first hands-on experience when he had the opportunity to attend a welding camp hosted by Northern Lakes College in partnership with the Canadian Welding Bureau (CWB) Group. It was there he found the trade came naturally to him, and he left behind a group of impressed instructors.

“My first creation was a cowbell. After the camp ended, I learned I’d been selected by the Canadian Welders Association and the Canadian Welding Bureau to receive a welder, welding cart, wire, stick electrodes and a welding helmet and jacket to start me off,” Lauck said.

Lauck and his family were thrilled by the gift, as he had already been saving up to buy himself the equipment. With industry encouragement behind him, he took as many shop classes as he could in junior high school and dedicated himself to welding small projects to increase his skillset.