CONTENTS

Sample answers

Sample questions and answers  from speaking part 1, 2 and  3

Key vocabulary

Words and terms frequently used  when talking about money

Word formation

Learn how to use  wide variety of parts of speech, such as nouns, verbs, adjectives

Collocations

Find out groups of words that usually used together by native speakers

Useful resources

References to teaching and authentic materials related to this topic: IELTS blogs, podcasts, videos and articles

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Download this article in PDF. Download ANKI flashcards and take advantage of spaced repetition method

 

 

MONEY vocabulary topic for IELTS SPEAKING
Mindmap: MONEY vocabulary topic for IELTS SPEAKING

 

 

Money: Sample questions and answers for IELTS speaking exam

 

Part 1

  1. Do you like shopping?

 

– No, I don’t. I am not a hoarder and only prefer to buy high-quality things that I know I definitely need. And this, of course, happens not that often.

 

  1. Have you bought anything interesting recently?

 

-Yes, I did. I desperately needed new sneakers and found a beaufitul pair of white ones.

 

  1. How important is money to you?

 

-I consider money just a tool to achieve goals. Without it, it would be quite hard to get anything significant in life when it comes to tangible things that can be bought.

 

  1. Do you think you will have lots of money in future?

 

-Yes, definitely. I am working hard right now to get a nice well-paid job. In the future, I will for sure be able to maintain a good lifestyle.

 

5. Would you like to become rich some day?

 

– Of course, I do. But this is not an end goal for me. I need money to serve the humanity better, because I want to build a chain of waste recycling plants in the future.

 

6. Do you think it is ok to lend money to friends or family members?

 

-I do not support those who rely on borrowing. However, sometimes it is okay to lend money as long as it serves a good cause.

 

7. Are you good at saving money?

 

-Yes, I consider myself very conscious when it comes to my spending habits.

 

8. Do you invest your spare money?

 

-Unfortunately, not yet, however, I have been thinking about investing it for quite some time. The thing is – I can’t find enough time to properly break this down for myself.

 

9. Do you think financial literacy is at the high level aross generations?

 

-In my opinion, young people generally think less about money management than adults. I expect this to change because of better education at schools and universities.

 

Part 2

Describe something you want to buy but can’t afford. You should say:

  • What you would like to buy
  • How much it costs
  • Why you can’t afford it
  • and explain if there is any other way you could acquire it.

I would like to buy myself a car. This will be my first vehicle, because I have just got my driver’s licence. I like travelling with comfort to work and around the city, but the heavy traffic during rush hours makes public transportation really inconvenient for me. However, I am very conscious about the environment and wouldn’t like to spend money on a conventional automobile that will only contaminate the air we breath. Therefore, the perfect car for me would be an electric one – ideally, a Tesla.

Teslas cost substancially more than usual petrol cars. Their price fluctuates around 80,000 – 100,000 USD. What I especially love about it is that it’s possible to design my own one – some parts of it can be customized.

Unfortunately, I can’t afford this car right now – I have just graduated and entered the job market with not the highest ever salary. Also, I haven’t taken up a single loan, and I am of a strong belief that credit must finance only investments that generate future returns. And such a consumeristic purchase as a car definitely won’t earn me any money. In fact, I will only spend even more on planned maintenance. Thankfully, Tesla is not a vehicle that needs petrol, so I will majorly save on gasoline. Thus, I will wait for a couple of years, until my pay improves. I will also have a better range of car models to choose from.

 

Part 3

  1. How much money is enough?

 

The question of a sufficient amount of money is absolutely subjective – everyone has their own pay-rate expectations (idea). This highly depends on the lifestyle one leads – on the quality of life one is accustomed to. In my opinion, one can surely say they have enough money when they are able to afford spontaneous purchases thoughout the month without worrying about their next month financial stability (explain). There are many modern online banking apps that allow to track monthly spendings and plan future budgets – they are a great helping hand indeed (example).

 

  1. What problems does money cause in your society?

 

Money is the tool that solves many problems – from very small daily ones to huge infrastructural issues (idea). However, there are certain people whose individuality and character force them to make poor decisions when given too much money or power (explain). One of the most evident examples is politicians who are frequently corrupted, which makes them incompetent and inefficient public servants. Globalisation only exacerbates the gap between haves and have-nots. Many people lack money to sustain day-to-day living, while the rich become richer every day(example).

 

  1. Do young people nowadays believe in saving money? What conflicts can arise between a person’s family and a person’s friends?

 

The willingness and ability to save greatly depends on a person’s character (idea). Since many young people are still not mature enough and prone to sudden mood swings, it is easier for them to fall prey to compelling ads, ending up with a bag of spontaneous purchases. In addition, many companies offer easy payment terms, so youngsters get tempted to spend more on things they do not really need (explain). A great example would be the rapid advancement in technologies that give access to instant credit from the biggest and most reliable banks (example).

 

 

 

Key vocabulary: Definitions and examples

 


 

 WORD

 

DEFINITION

 

EXAMPLE


 

 

charge

a price asked for goods or services

 

You no longer need to worry for future charges from Audible and your membership was completely cancelled now.


 

loan

an amount of money  borrowed  from a bank

 

If you’re looking for a loan, approach our local banks.

 


 

credit

money available for a client to borrow.

 

Redland Bank will not normally give  credit to applicants under 18 years of age .


 

wealth

a large amount of valuable things or money

 

Wealth is not the same thing as money.

 


 

savings

the money that you have saved

 

I don’t have a strong view as to how you should diversify your savings.

 


 

to earn

to get money for the  work that you do

 

Indeed up until recently the average English farmer  earned £ 77 per week.

 


 

profit

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

 

Typically the higher the profit margin, the more the value.

 

 


 

finances

the money that an organization or person has

 

He refused to answer questions about his personal finances.

 


 

cost

an amount that has to be paid or spent to buy or obtain something.

 

Since 2004 the building has been boarded up so that the cost of refurbishing it hasincreased hugely.

 


 

discount

A reduction of the selling price of something or of the total cost of an invoice

 

I frequently ask for discounts.

 


 

refund

a repayment of a sum of money, typically to a dissatisfied customer

I have issued a refund in the amount of $14.95 back to your credit card.

 

 


budget

the  amount of money a person or company has for something or a plan describing expenditure

Robert Rodriguez first film, El Mariachi, was famously produced for a budget of $7,000


 

offer

an amount of money that someone is ready to pay for something

 

The creditors declined the  offer, preferring to realize the estate themselves.

 


 

deposit

a  sum of money that you pay immediately to prove that you will buy something

 

No  deposit is necessary and no payments need be made during the first year of the agreement .


 

 

Word Formation

 


 

WORD

PART OF SPEECH

EXAMPLE


 

charge

noun 

Price for delivery is included in the charge for each sandwich

 

to charge

verb

You can  charge any rent you agree with the tenant

 

free of charge

phrase

What’s the best free-of-charge software for making an org chart?


 

pay

noun

Their average basic  pay is approximately 300 pounds per month.

to pay 

verb

People do pay for quality.

 

well-paid

adjective

Are astronauts well paid?


 

 

investments

noun

My firm, GMD Partners, has 25% of our total investments in the financial services sector

to invest

verb

When you can’t keep savings in the form of money, you  invest them in something that will produce value in the future.


 

wealth

noun

Walth is not the same thing as money.

 

wealthy

verb

Not all Chinese Indonesians are wealthy, only a fraction of them are.


 

to earn

verb

Indeed up until recently the average English farmer  earned £ 77 per week.

 

earnings

noun

House prices are rising faster than earnings.

 


 

save money

verb

Indeed up until recently the average English farmer  earned £ 77 per week.

 

savings

noun

The majority of older people in Bulgaria are economically inactive, so they are dependent for economic survival on either family or on their own  savings or pensions.

 

money saving

phrase

Not having a car is a huge money saving tip


 

profit

noun

Typically the higher the profit margin, the more the value.

 

to profit 

verb

An exposure would  profit me indirectly to a considerable extent.

 

profitable

adjective

Udemy  is a profitable business model


 

finances 

noun

He refused to answer questions about his personal finances

finansial

verb

If you are looking for financial advice, start off by talking to close friends or family members.


 

cost

noun

Since 2004 the building has been boarded up so that the cost of refurbishing it hasincreased hugely.

to cost

verb

A home computer will cost you anywhere between $500 – $1000

cost-effective

adjective +

The most cost effective way to ship books is actually by using a Print on Demand (POD) printer


 

it will cost you nothing

phrase

It will cost you nothing but it may bring positivity to someone else


 

budget

noun

El Mariachi, was famously produced for a budget of $7,000.

to budget

verb

Do You need advice on dealing with debt and how to  budget ?


 

offer

noun

The creditors declined the  offer, preferring to realize the estate themselves. 

to offer

verb

We can offer help and advice in the search for other posts


 

Collocations

 


 

 

reasonable

small

fixed

standard

total

annual

daily,

adjective +

charge




 

at a

for a

on

adjective +preposition+

charge




 

be willing to

look to

plan to

seek to

verb+

invest

 


 

big

good

greater

high

huge

record

substantial

low

modest

small

adjective+

profit


 

bring (in)

earn

generate

make

realize

reap

verb+

profit


 

margin

rate

profit+noun

profit


 

big

easy

government

public

taxpayers’

adjective+

money


 

amount

sum

+of+money

money


/*end of template */

get out, take out

withdraw

lose

run out of

spend

waste

invest

verb+

money


/*end of template */

tuition

membership

school

entry

entrance

admission

cancellation

booking

+fee

fee


 

high

low

additional

extra

estimated

real

annual

monthly

fixed

adjective+

cost


 

bear

cover

meet

pay

increase

push up

bring down

cut

lower

reduce

keep down

estimate

calculate

verb+

cost


 

an increase in cost

a reduction in cost

at no extra cost

cost of living

at a cost of $10

 phrase

cost


 

labour

transport

legal

 phrase noun+cost

cost


 

accept

reject

turn down

 verb+

offer


 

 

acceptable

attractive

fair

favourable

reasonable

tempting

 adjective+

offer


 

acceptable

attractive

fair

favourable

reasonable 

tempting

 adjective+

offer


 

high

steep

low

bargain

attractive

fair

reasonable

right

 adjective+

price


 

good

average

asking

purchase

retail

sale

selling

market

 adjective+

price


 

consumer

commodity

food

house

land

property

share

electricity

energy

fuel

oil

 adjective+

price


 

go for

quote sb

charge

increase,

raise

cut

lower

 verb+

price


 

increase in

rise in

a drop in price

a fall in price

a reduction in price

pay a heavy price (for something)

 phrase

price


 

go up

rise

skyrocket

drop

fall

go down

price+verb

price


 

go from … to …

range from … to …

start at

price+verb

price


 

level

range

price+noun

price


 

above-average

high

large

sufficient

average

adjective+

income


 

future

permanent

secure

regular

steady

annual

monthly

weekly

national

per capita

adjective+

income


 

family

household

gross

net

adjective+

income


 

have

receive

arn

generate,

boost

increase

verb+

income


 

monthly

weekly

high

low

poor

full

noun +

pay


 

holiday

maternity

overtime

sick

noun +

pay


 

cheque

packet

slip

increase

rise

cut

pay+noun

pay


 

negotiations

agreement

award

deal

offer

pay+noun

pay


 

a cut in pay

an increase in pay

a reduction in pay

noun+ in pay

pay


 

 

 

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