Money Speaking Part 1
- How can you save money?
- Are you good at saving money?
- How do you save money?
- Did you save money when you were young?
- How important is money to you?
- How do you decide how to spend your money?
- How much money is enough?
- Do people in your country save their money?
- Do people in your country like to save money?
Would you spend money on art?Saving Money Speaking Part 1
How can you save money?
There are plenty of effective strategies to save money that suit different preferences and lifestyles. One simple way is to follow the 50/30/20 budgeting rule. This means allocating 50% of your income to necessities, 30% to things you want, and 20% to savings and paying off debts.
Another handy tip is to automate your savings. By setting up automatic transfers to a savings account, you're less likely to spend money earmarked for saving.
On top of that, keep an eye out for discounts, sales, and coupons. Opting for generic brands instead of name brands can also add up to significant savings in the long run.
Don't forget to cut out unnecessary subscriptions or memberships that you rarely use to free up some cash. And, remember to practice mindful spending by asking yourself if a purchase is truly necessary or just a fleeting want. It'll help you stick to your budget and savings goals.
How do you save money?
To effectively save money, I'm intentional about my financial habits. Meal planning is a game-changer for budgets. I decide on weekly meals, make a grocery list, and stick to it to avoid impulse buys. Cooking at home instead of dining out saves a significant amount each month.
Another strategy I use is the 'envelope system.' I allocate cash for spending categories into separate envelopes. Once the cash is gone, that's it for the month. It's a tactile reminder of spending, helping me stay on track.
And compound interest is powerful for savings. I save even a small amount in a high-yield account or investment. Over time, it can grow exponentially. For example, saving $100 per month from age 25 to 65 could result in over $200,000, assuming a 7% annual return.
I also declutter and sell items I no longer need. It clears space and earns extra cash. I sold an old camera last month and made $200.
Do people in your country save their money?
In my country, people generally do save their money. There are of course different levels of savings, but overall most people try to put some money away each month. This is especially true for those who are married or have children, as they typically want to make sure they have a financial cushion in case of an emergency.
In my opinion, it is also important to have specific financial goals in mind so that you are working towards something and have a purpose for your money. For example, if you are hoping to retire early, you will need to save more aggressively than someone content with working until they reach the traditional retirement age. Similarly, if you want to send your children to college, you will need to start saving sooner rather than later.
Do people in your country like to save money?
Some people in my country like to save money, while others prefer to spend it. There are a variety of factors that can influence someone's decision to save or spend their money. For example, some people may be more financially secure and have less need to save, while others may be trying to prepare for a major purchase or life event.
Are you good at saving money?
I try to be good at saving money, but it doesn't always come easily to me. I have to be intentional about setting aside money each month, and I often have to remind myself why I'm doing it. But ultimately, I think it's worth it to save up for things that are important to me.
How good do you think you are at saving money?
I'm very good at saving money. I have always been very mindful of my spending and I make a conscious effort to save as much money as possible. I have a budget that I stick to and I never spend more than I can afford. I also have a savings account that I regularly contribute to so that I have a buffer in case I have an emergency.
Did you save money when you were young?
Yes, I saved money when I was young. I started a savings account when I was very young and my parents taught me the importance of saving money. I always tried to save as much money as possible and I still do today. Saving money is important to me because it gives me security and peace of mind knowing that I have a cushion in case of emergencies.
How important is money to you?
Everyone has different priorities and preferences. However, I consider how important money is to me when making financial decisions. I prioritize saving and investing, for example, so I likely make different choices than someone more focused on spending and enjoying the finer things in life. Ultimately, it's up to you to decide what role money plays in your life.
How do you decide how to spend your money?
Everyone has different priorities and preferences when it comes to spending their money. However, my spending decisions include creating a budget, evaluating my needs and wants, and considering the long-term implications of my purchases. By taking these factors into account, I can make more informed and responsible spending decisions.
When creating a budget, I start by looking at my income and then subtracting all of my necessary expenses, like rent, food, and utilities. This helps me to see how much money I have left over to spend on other things.
How much money is enough?
I think there is no definitive answer to this question since everyone's individual circumstances and needs vary greatly. However, from a purely financial perspective, I believe that having an emergency fund of 3-6 months of living expenses is a good starting point. Additionally, it is important to have a realistic budget in place so that you are aware of your regular expenses and can make informed decisions about your spending and saving.
Money IELTS Speaking Part 2
Describe a method to save money that you have tried
- What is it?- How does it work?
- Is it difficult?
And explain how you felt about it.
How I Saved Money by Learning to Cook
When I first moved out of my family's house, I quickly realized that eating out was a luxury that I could no longer afford. I wasn't used to cooking for myself, and the thought of having to do so was daunting.
However, I soon found that cooking at home was not only cheaper than eating out, but also more satisfying. I'll share how I learned to cook and how it's helped me save money.
I started by taking a few cooking classes. This was a great way to learn the basics of cooking and to find out what kind of foods I liked. It also allowed me to meet other people who were in the same situation as me. After taking a few classes, I felt confident enough to start cooking at home on my own.
Now, cooking is something that I enjoy doing. It's a great way to relax after a long day and it's also a great way to save money. Instead of spending $20 on takeout, I can spend $5 on ingredients and cook myself a delicious meal.
And because I've gotten better at cooking, I've been able to try new things and experiment with different recipes. Overall, learning to cook has been a great experience and one that has definitely saved me money.
If anyone is looking for a way to save money, I highly recommend learning to cook. It's a skill that will serve you well for the rest of your life. And who knows, you might even find that you enjoy it!
IELTS Speaking Part 3 Money
Speaking Topic: Saving Money & Spending Money IELTS Part 3
Discussion Questions
Do you think it's easy for (young) people to save money?
A lot depends on their circumstances; I mean if they aren’t working and only receive money from their parents then it could be quite difficult for them to save money.
On the other hand, if a young person has a part-time job, they might find it quite easy to save some money each week or each month.
It also depends on their outlook, whether they plan for the future or see everything in the short term.
There are a lot of things young people can spend their money on, but saving money is also important to help purchase larger items or do things in the future.
Parents can also have a great influence over if their children develop a habit of saving money regularly or not. Once a person has the habit, it’s quite easy to do, even if it’s only saving a little money regularly rather than spending it all.
Do young people nowadays believe in saving money?
In general, there is a lot of pressure on people, not just young people, to spend all they have or earn and then some more. That’s why credit cards are so popular and easy payment terms in stores.
Many companies want you to buy their products now, not six months in the future when you have saved up enough money.
Some young people have seen the problems which people experienced because of the financial recession in recent years. Many people had borrowed more than they really should have and then found themselves in an impossible situation trying to pay back too much debt.
I think many young people now are a lot wiser about how easy it is to take on too much credit and not save any money for emergencies or unforeseen circumstances.
I believe most people believe that saving money is a good idea, but actually developing the discipline to do it over a long period of time is what most people find difficult to do.
In your opinion, why do many people derive pleasure from spending money?
It makes us feel good when we can buy things, or maybe spend money on our friends. When we buy something new, clothes or gadgets or whatever, we usually feel happy with what we’ve bought for a short time.
It’s a bit like eating your favorite food or something like that. You feel good for a while, but then later you want to buy something else because that happy feeling has disappeared.
What do young people in your country save money for?
Some of them save for going to college, buying a car, or maybe going traveling when they graduate from school.
My sister has started saving to buy an apartment, she’s been doing it for 5 years now and hopefully next year she’ll have enough to think about buying one.
I’m saving for two things; for when I go to college and also for a vacation when I graduate. I plan to travel with some of my friends for six months so we’re all saving as much as we can at the moment.
Who do you think places more importance on saving money, men or women?
I’m not sure. I have friends who save money and friends who just spend all their money. I don’t think there are more men than women who save - or the other way round.
Maybe women are more impulsive when it comes to shopping and spending money. But, for example, my girlfriends and I often spend money on clothes but my brother always seems to be buying gadgets and computer stuff.
He might save money for a few months and then spend it all, but I save some money every month and never spend it, so we have different habits.
It’s difficult to say if men or women think saving money is more important.
Why do some people find it hard to save?
Well, first, you need to have some extra money. It’s almost impossible to save anything if you need to spend everything you have just to cover the cost of living.
So to be able to save, you need to have a little extra, more than you need for the necessities of life. Then you have to be disciplined and get into the habit of putting some money away each week or month, either in a savings account in the bank or even just keeping it safe at home.
The other difficulty is that we are constantly tempted to spend money on things we see in the stores or on television… so learning to control your buying impulses is important too.
Some people just can’t resist buying everything they see and want and so end up with no savings. But if you get into the habit of regular saving, then it becomes a habit for life… something my grandmother taught me.
Which do you think is better for the economy of a country or area, people saving money or people spending money?
I suppose it’s a good thing for the local economy if people are spending their money. It means that they are buying things and that in turn means that people in stores and service companies have work.
The whole manufacturing and supply chain depends on consumers continuing to consume. When people save their money and don’t spend it, then only the banks win really.
In an ideal economy, people would have enough money to spend on buying products and services and also save money. That would be the best scenario. It’s important for people to do both activities.