How to Talk About Money in English - Spoken English Lesson

Summary

This lesson from Oxford Online English teaches how to talk about money in English. It covers important vocabulary and phrases related to spending habits, saving, salaries, and borrowing. The video explores cultural aspects of discussing money, like the sensitivity around asking someone's salary. Through dialogues, learners discover how to budget, manage expenses, and discuss financial challenges such as debt and investments. The video also prompts viewers to think about their own financial habits, whether they are frugal, big spenders, or investors, while encouraging interaction through reflective questions.

Takeaways

• 💸 It can sometimes be seen as rude to discuss money in the UK or US, but people still talk about it frequently.
• 💼 Spending habits vary: some people save by budgeting, while others find it difficult due to small, frequent expenses.
• 🧳 Sacrificing small luxuries can allow you to save for bigger goals like traveling.
• 🤑 You can spend, save, or waste money. Someone who spends a lot is a 'big spender,' while someone who saves is 'frugal.'
• 💰 When saving, you can 'save up' for a specific goal, and budgeting helps you stick to your plan.
• 📉 Struggling financially can be described as 'just getting by,' 'struggling to make ends meet,' or 'barely making ends meet.'
• 🏠 Borrowing money, like taking out a loan or mortgage, leads to debt if you don't make payments. If unpaid, you may have to declare bankruptcy.
• 💳 Credit cards can be 'maxed out' if you borrow the maximum allowed, which leads to serious debt.
• 📈 Investing money in shares, bonds, or stocks can increase your savings, but it's risky if the market crashes.
• 🤔 People often debate whether 'money can buy happiness.' It’s worth considering personal views on this.

Q & A

Why is it sometimes considered rude to talk about money in the UK or US?

In the UK and US, discussing personal finances, especially topics like salary, can be seen as impolite or inappropriate. This is due to cultural norms around privacy and sensitivity towards personal financial situations.

What are some common strategies for saving money mentioned in the lesson?

The lesson suggests making a budget, which involves planning how much to spend and on what, cutting back on less important things, and avoiding small expenses that can add up over time.

What does it mean to 'splash out' on something?

'Splash out' means spending money on something you enjoy, usually something that is more expensive or a treat for yourself.

How does the phrase 'make ends meet' relate to financial struggles?

The phrase 'make ends meet' refers to covering all basic expenses such as rent, bills, and food. If someone says they can barely make ends meet, it means they are struggling financially and have little to no extra money left over.

What is the difference between 'saving money' and 'wasting money'?

Saving money refers to putting aside money for future use, often by being frugal or careful with spending. Wasting money refers to spending money on things that are not necessary or beneficial.

How does a mortgage differ from other loans?

A mortgage is a specific type of loan used to buy a house or apartment. It typically requires monthly payments and includes interest. The key difference is that a mortgage is tied to property, while other loans may be used for cars, furniture, or other expenses.

What does it mean to 'max out' a credit card?

'Max out' means borrowing the maximum amount of money allowed on a credit card, effectively reaching the credit limit.

What are shares or stocks, and how do they relate to investments?

Shares or stocks represent ownership in a company. When you invest in shares, you are buying a portion of a company. The value of shares can go up (take off) or down (crash), and investors hope to make a profit by buying shares at a low price and selling them at a higher price.

What does it mean to 'double' or 'triple' your money in investing?

Doubling your money means increasing your investment by two times, while tripling your money means increasing it by three times. For example, if you invest $100 and it becomes $300, you have tripled your money.

What happens if you declare bankruptcy?

Declaring bankruptcy means that you are unable to pay off your debts, and while your debts are cancelled, you typically lose any valuable assets you own. It's often a last resort for people who cannot keep up with their financial obligations.