Tips to save money
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Starting Point.
- How do you currently manage your finances, and what strategies do you use to save money?
- What are some common financial goals people have, and how can saving money help achieve them?
- Can you think of any financial challenges that people face when trying to save money in today’s economy?
- What role does budgeting play in your financial life, and what tips would you give to someone who wants to create an effective budget?
- In your opinion, what are the key differences between short-term and long-term savings goals, and how do you prioritize them?
- Are there any cultural or societal factors that influence people’s attitudes and habits towards saving money?
- How do you make decisions about spending on non-essential items, and what strategies do you use to avoid unnecessary expenses?
 Look at the following tips for saving money. Which do you think would work for you? Which do you
think are bad ideas?
- Put your credit cards in a bowl of water, put them in the freezer and leave them there. Then if you really want to use them, you will have to spend a lot of time waiting to use them. This may make you think more carefully about how often you use them.
- Put 20% of your pay every month into a separate account and watch it grow.
- Cook all of your meals for the week on one day so that you are not tempted to eat out and spend extra money.
- Write down every item you spend your money on and keep a record so you know where your money is going.
- Treat yourself to something special once a week as a reward for saving money.
- Keep a photograph of the thing you want, (for example, a car, a new house, a holiday, university tuition) by your bed and look at it every night before you sleep.
Focus on Vocabulary. Match the words with the correct meaning.
Focus on Comprehension. Answer the questions below about the video.
Focus on Listening. Watch the video. Read the transcript below if necessary.
Transcript
1. Making your own coffee and bringing your lunch to work.
2. Making a shopping list, looking at the price per unit, and being selective with discounts.
3. By considering if the discounted items are things you actually need.
4. Spending more on items that are important to you and finding ways to save on less important items.
5. Planning meals ahead of time can prevent wasted groceries and reduce the need for takeout.
6. Turning off lights, unplugging gadgets, and doing laundry or running the dishwasher during off-peak hours.
7. Using public transportation, participating in car sharing programs, or biking.
8. Planning activities ahead of time to avoid spontaneous spending.
9. Being mindful of where your money is going and making simple trade-offs can add up over time.
10. It helps you get creative and find your own ways to trim costs every day.
You probably already know some of the basics, like how making your own coffee or bringing your lunch to work can help you save hundreds of dollars a year. If you’re doing that, definitely keep it up. But let’s look at a few other ways you can save on everyday expenses and how some simple decisions that you make every day can help you save money. The supermarket is a great place to start because there are a lot of easy ways to cut down on your shopping bill. You may already be doing things like making a list to cut back on impulse buying, clipping coupons, or using apps to find deals, and even looking at the price per unit to help you get the most for your money. But there are even more ways you can save. For example, when you see a sale or discount, be strategic. Sales and discounts can be great opportunities to save on things you need, but stores often offer incentives for items that a lot of people wouldn’t normally get, so it can pay to be selective when considering any discounts you might be offered. And while you’re considering priorities, spend on what’s important, save on what’s not. For example, for some people, things like organic foods or your favourite brands might be important to you. For others, what’s important may be different. The point is that it might be worthwhile to spend a bit more on the items you care about, but look for ways to save on the things that are less important to you to keep you on budget. Making simple tradeoffs like these can help you save money without giving up what’s important. Finally, before you even make a shopping list, consider your actual eating and cooking habits. A good idea is to plan your meals ahead of time or challenge yourself to eat at least one more meal at home each week. This may help prevent you from tossing out spoiled groceries that you didn’t eat or ordering takeout because you didn’t buy enough food for the week. This can save you hundreds of dollars each year. Keeping with household expenses and bills, you probably already turn off the lights when you leave a room and unplug gadgets when you aren’t using them, right? But there are some other small changes you can make that can help you save even more around the house. For example, did you know that most utility companies charge more for electricity during different parts of the day? Peak hours, like the middle of the day, when more people are using electricity, often have substantially higher rates compared to early mornings or late at night. Doing your laundry or running your dishwasher off-peak can likely help you save on your utility bill. You can check out your utility company’s website to see if they list their peak hours or contact them directly. Let’s move on to transportation. Gas prices can be unpredictable, but technology could be a way to help you save. There are plenty of websites and apps that can help you locate which gas station in your area might be offering the cheapest prices. And depending on how often you drive and where you live, you may consider ditching your car altogether. Public transportation might be one option, and there are a number of car-sharing programs that allow you to affordably rent vehicles short-term. And for the truly dedicated, how about biking? It’s certainly a cost-effective and healthy alternative to both driving and public transportation. It can be easy to follow others into overspending, but try getting creative and occasionally plan activities with your friends and family ahead of time that can help you avoid temptations like a spontaneous meal out. Saving money doesn’t have to mean sacrificing fun. It pays to take some time to figure out where you’re spending and what you’re willing to cut back on. You don’t necessarily have to do the math on every single decision you make. But being mindful of where your money is going and how simple tradeoffs here or there can add up over the long run can help you get creative and find your own ways to trim costs every day.
Focus on Speaking. In pairs, discuss the following questions.
• How would you summarise the three tips that were given in the video?
• Which of these tips do you think are the most useful? How can you start using those ideas immediately?
• Can you use these tips in your business life? if so, how? What plan can you make right now?
• What mistakes have you made with money in the past? Either personally or with your business.
• What good financial decisions have you made in the past? What do you think has been a good thing to spend your money on?
- What are some practical strategies you can implement in your household to cut down on unnecessary expenses?
- How do you decide whether it’s worthwhile to invest in energy-efficient appliances, and what are the benefits of doing so?
- Can you give an example of a trade-off you’ve made between two competing financial priorities in your life?
- When was the last time you went through your belongings and decided what to toss out in order to declutter your living space?
- In your opinion, what are the most effective ways to trim costs when managing a budget for your family or yourself?
- How often do you remember to unplug your devices when they’re not in use, and why is it important to do so from an energy-saving perspective?
- What are some common daily habits that people can cut back on to reduce their environmental impact and save resources?
- Can you share a personal experience where you had to make a trade-off between spending money on leisure activities and saving for future goals?
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