Model Answers By Topic
6. Money
SPEAKING
PART 1
1. Is money important to you?
Sure, money is important. You need it to pay for your basic needs like food, accommodation and healthcare. But, it’s also nice to have money to buy luxuries like eating out, travel and nice clothes.
2. What do people in your country save money for?
In my country, people save money for a variety of reasons, such as buying a home, paying for education, and preparing for retirement. They also save up for big purchases such as televisions, computers and even cars.
3. Are you good at saving money?
I try to be good at saving money by setting aside a portion of my income each month and avoiding unnecessary expenses. However, it's not always easy to stick to a budget and from time to time I blow money on an expensive night out or some expensive luxuries I don’t need.
4. Would you like to become rich in the future?
Sure, sometimes when money is tight I wish I was more wealthy. Being rich allows you to both provide for your family and blow lots of money on expensive holidays, designer clothes and things like that. It would be nice, of course!
5. Is it ok to lend money to friends and family members?
Yes, it's okay to lend money to friends and family members, but it's important to have a clear conversation about when you expect to be paid back.
6. Have you ever borrowed money?
Yes, I took out a loan to buy a car several years ago but I’ve already paid it off. Most people I know have a mortgage, but I’ve always rented so I don’t have one.
7. Is it good to give money to charity?
Yes, it is good to give money to charity, but you have to be very careful about which charity you choose as there are many scams. I want to make sure that money goes to the people that need it and isn’t wasted.
Listen to Speaking Part 1 Model Answers:
PART 2
Describe a time when you saved some money to buy something special.
You should say:
what you saved money to buy
why you wanted it
how you saved the money
and explain how you felt when you eventually bought it
Model Answer:
The first thing that comes to mind is my first car, which I bought second-hand in 2014. I had a new job which was quite far away from my home so I needed a reliable car to commute to work. After narrowing down my options I decided on a Toyota Corolla, and then began looking for one for sale that was in good condition and had low mileage. I shopped around for several weeks, to make sure I wasn’t ripped off.
When I was saving up for it, I really had to tighten my belt and cut back on spending on nights out, clothes and other luxuries. I also needed to take out a loan as I couldn’t afford it with just my savings. I could have bought the car on finance too, but the interest rate was slightly higher than for the loan.
I remember that I was totally thrilled when I picked up the car. I got a pretty good deal, and it was in excellent condition. I remember feeling fantastic as I was driving it home. The car turned out to be really good value for money and never broke down all the time I had it.
Listen to Speaking Part 2 Model Answers:
PART 3
1. Is it important to save some money every month?
In my opinion it’s really important to stick to a budget and to save money each month, even if you have a steady income. That way, if you lose your job or you have an unexpected expense like medical treatment, you won’t need to borrow money at a very high interest rate. Often people have serious financial problems because they don’t have savings so they borrow money, and then they can’t pay it back, so they borrow more. It can become a serious problem.
2. Should children be taught about how to handle money at school?
Absolutely, dealing with money is such an important part of life. Learning about things like interest rates, mortgages, and personal pensions could be really useful. These lessons could also help people learn how to stick to a budget when money is tight, so they don’t end up in debt. A lot of people need help with this, and perhaps school is the best place for it.
3. Why are some people good at saving money while others are not?
It’s a really good question and I’m not sure I know the answer. Perhaps it’s because some people have a role model who teaches them about how to save money. For example, if a child grows up with parents who are frugal and save money each month, then this could have a strong influence on them. On the other hand, if you grow up in a family where you live from hand to mouth, and your parents struggle to pay for your basic needs, this could also teach you the importance of savings. It’s hard to say.
4. How much money is enough money?
For me, it’s not necessary to be extremely wealthy, but I don’t want to live from hand to mouth either. I think it’s enough to have a nice home and car, to be able to go on a foreign holiday every year, and to have enough money to spend on hobbies and leisure activities as well as personal development and education. I’m quite happy to go without some luxuries and I don’t mind sticking to a budget but I don’t want to be constantly in debt or worrying about how I’m going to pay my rent or mortgage.
5. What problems can lack of money lead to?
Not having enough money can cause many problems for people. For example, if you can’t pay your rent or mortgage, then you might end up homeless. A lot of people find themselves seriously in debt because their household income doesn’t cover their expenses. Then they have to pay huge amounts of interest, so they’re trapped in this vicious cycle. Financial problems like this can create a lot of stress, and I think they are the cause of relationship problems as a result. Probably, a lot of couples break up because of the difficulties caused by money problems.
6. Are any professions paid too much?
That’s a good question. On the one hand, some professions earn insane amounts of money. Take for example the football players in the Premier League - they have absolutely enormous salaries and they’re constantly blowing money on mansions and supercars. It does seem a little crazy to pay them so much. Meanwhile, money is often tight for people in professions that are really needed by society, such as nurses and teachers. Maybe there is something wrong there.
Listen to Speaking Part 3 Model Answers:
WRITING
GENERAL TEST WRITING TASK 1
You have been living in a rented flat for 3 years. You recently received a letter from your landlord in which he informed you that your rent will increase by 30% next year. You are not happy about this very large increase.
In your letter you should say:
say why you are writing
describe the problem and explain how you feel
propose a solution
Model Answer:
Dear Mr Giffens,
I am writing with regards to the letter you sent me on 1st June. I was taken aback to find out that you want to raise the rent on the flat by 30% next year. This is an extremely large increase and was quite a shock.
As you are aware, I have been renting your flat for the past five years, and during that time you have raised the rent three times. In the past, I managed to pay the extra cost as the increases were reasonable. I did not complain, and even though I have had to tighten my belt and as a family we have had to cut back on some expenses, I have always paid the rent on time each month. Unfortunately, this huge increase in the rent means that it will be impossible for us to stay in the flat next year. This will be very upsetting for my family, especially for my wife and kids, who are very attached to the flat.
I would like to suggest that we meet to discuss the problem. Your rental apartment is my family’s home and we would really like to stay. I hope we can come to an agreement concerning a reasonable increase in next year’s rent.
Regards,
Henry Jackman
WRITING TASK 2
Model Answer:
It is sometimes argued that money contributes more to being happy than anything else.
It’s difficult to argue against the fact that having sufficient money to cover basic needs is essential to a happy life. However, in my opinion, once a certain standard of living is reached, other factors such as deep relationships and sufficient free time, become very important.
Money is essential to pay for the necessities in life. If money is very tight, and the household income is barely sufficient for the rent, food and utility bills, life can be difficult and stressful. Families that live from hand to mouth face many difficulties and any unexpected expense, such as a medical bill, vehicle or house repair can be a heavy burden. In such challenging circumstances it is difficult to be relaxed and happy. Furthermore, being wealthy allows you to enjoy the comforts and luxuries that make life pleasant and enjoyable. If you are well-off, it is possible to go on holiday, eat high quality food in nice restaurants, live in a big home, and drive a reliable and luxurious car. All these things can make financial prosperity enjoyable.
On the other hand, after a high standard of living has been reached, any additional wealth adds less and less to a person’s quality of life. At this point, other factors play a bigger role. Being able to enjoy strong and close relationships with family and friends contributes a lot to life and makes a big difference in one’s sense of happiness and fulfilment. In addition, it’s important to have enough time to focus on self-development and to pursue interests outside of work. If your life is entirely focused on making money, you may miss opportunities to develop skills and knowledge in other areas which could help you grow into a more well-rounded person. Such growth plays a significant part in living a fulfilling life, and consequently, being content.
To conclude, there is no doubt that money is a necessary part of life, and if a person doesn’t have enough of it, it can be very difficult to achieve happiness. However, we must not ignore the other factors that contribute to a happy life. After all, money isn’t everything.
Some people believe that money is the most important factor in achieving happiness.
Do you agree or disagree?
VOCABULARY
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.
