Topic Vocabulary & Exercises

Topic Vocabulary:

basic needs (noun [pl]):

Definition: Essential requirements or necessities that are fundamental for human survival and well-being.

Example: Access to clean water and nutritious food are basic needs for human survival.

blow money (verb phrase):

Definition: Spending money without thought, often resulting in financial problems.

Example: I blew far too much money on expensive food and drinks over the weekend.

expense (noun [c]):

Definition: Something that requires spending money.

Example: Opening a business involves many expenses.

frugal (adjective):

Definition: Being careful with money and trying to save whenever possible.

Example: She is frugal and always looks for discounts and coupons before making a purchase.

good value for money (idiom):

Definition: Getting a lot of benefit in exchange for the money spent.

Example: The new smartphone includes many features at an affordable price, making it good value for money.

household income (noun phrase):

Definition: The total amount of money earned by all members of a household over a given period.

Example: Their household income increased significantly after they both got better-paying jobs.

in debt (adjective phrase):

Definition: Owing money to someone or owing more money than you have.

Example: I am in debt because I borrowed money to pay for my college tuition.

interest (noun [u]):

Definition: The amount that a lender charges on a loan.

Example: I have to pay interest on my credit card balance every month.

live from hand to mouth (idiom):

Definition: Having just enough money to pay for basic expenses with little or no savings.

Example: With their low-paying jobs, they struggle to pay rent and bills, living from hand to mouth every month.

luxuries (noun [pl]):

Definition: Items or experiences that are not essential but are desirable, such as vacations or high-end products.

Example: She spent a lot of money on luxuries like designer handbags and expensive restaurants.

money is tight (idiom):

Definition: Not having much money so that you have to be very careful about how you spend.

Example: We need to be careful with our spending because money is tight this month.

mortgage (noun [c]):

Definition: A loan taken out to buy a home.

Example: He took out a mortgage to buy his new apartment.

on finance (adjective phrase):

Definition: To pay for something in instalments over time.

Example: I'm thinking about buying a car on finance as I don't have enough cash right now.

pay off (phrasal verb):

Definition: To pay the full amount owed on a debt or loan.

Example: She was finally able to pay off her student loans after years of hard work.

rip off (noun/verb):

Definition: To overcharge someone or sell something at an unfair or unreasonable price.

Example: I paid $15 for this small cup of coffee, what a rip off!

scam (noun [c]):

Definition: A scheme to trick someone into giving money or personal information.

Example: Be careful of phone calls claiming you have won a prize or owe money, as they may be a scam.

stick to a budget  (verb phrase):

Definition: Steadily following a plan for spending and saving money.

Example: It can be difficult to stick to a budget, but doing this is key to avoiding financial problems.

take out a loan (verb phrase):

Definition: Borrowing money from a bank or other financial institution.

Example: My bank called to ask if I wanted to take out a loan.

tighten your belt (idiom):

Definition: To reduce spending and be more careful with money.

Example: I've had to really tighten my belt after losing my job.

well-off (adjective):

Definition: To be quite rich.

Example: He had a good job so he was well-off.