Money IELTS Speaking Part 1, 2 & 3 With Sample Answers

Money is a topic that sparks different opinions and debates among various people. Yet everyone is aware that money is important in today’s world. While answering question related to IELTS Speaking, you should focus on one idea only and then expand that idea into a long meaningful sentence using IELTS Grammar patterns and vocabulary. So, try practicing Part 1 & 3 questions and a Part 2 cue card with sample answers along with related vocabulary for this topic and achieve a good score!

Before you start, improve your IELTS Speaking test skills and fluency with the guide below!

Money – Speaking Part 1

Given below are the actual IELTS Speaking Part 1 questions and answers based on money, which will help you prepare more IELTS Speaking Part 1 topics for the exam.

1 How much money is enough?

Well, it’s hard to answer this question as there is no exact measurement to say whether money is enough or not. It’s up to the perspectives and goals of different people. Some people want to earn more money so they can save up but some just need a certain amount of money to sustain their lives.

2 Why do people care too much about money?

I think the reason is simply that money equals power. The more money you have, the more things you can do, the more influence you have over people. No one refuses power so that’s why they give priority to money. Also, people just want to keep up with the Joneses.

3 Is money important to you?

Absolutely. I can buy things with money and give presents for my family on my own money. It makes my life more meaningful. It’s motivation to push me forward and make me work harder to enhance my life. For me, money is just never enough and if I’m satisfied with what I earn, I’ll fall behind with my fellows.

4 What do people in your country save money for?

I suppose it’s up to different purposes. While the young save money for travelling or paying tuition fees, the elderly tend to keep the money for health service and their kids. However, young people have more desire than the seniors so they often spend more than their savings.

Money – Speaking Part 2

You will have exactly one minute to prepare and speak on a specific topic like the ‘Describe a method to save money' for IELTS Speaking Part 2. Check out the sample answer for this topic and learn how to answer similar IELTS Cue Card topics.

Sample Answer

Well, I’m not good at saving money, and I tend to buy things without considering carefully. It’s hard to save if you don’t know exactly what you are saving for so what I do is to set savings goals to motivate myself in every financial decision that I make. Going to Japan has always been my biggest dream, but I’ve postponed it so many times due to lack of money. I tried to keep money myself but I still overspent and was out of money at the end of every month. I asked my mom to keep the money for me as she is better at controlling expenses. She is like my accountant and helps me to balance the expense. She also gives me advice whenever I go shopping to make sure it doesn’t set me back. We have an agreement that whenever I withdraw a sum of money, I have to save double that amount. This works wonders with me as my savings go up every month. Now I always ask myself whether it’s necessary to buy things or I can save for a rainy day. After a while, I realize I’ve set aside more money every day. I buy things within my budget and don’t waste money for unnecessary things. This method of saving money makes me feel financially secure and good about myself.

Vocabulary For ‘Money’ Cue Card

Check out some IELTS Vocabulary to use while answering the cue card, 'Describe a method to save money' and make sure to impress your IELTS examiner.

• Overspend: spend more than the expected or allotted amount
  Eg: She has overspent on luxury items.
• Set someone back: (of a purchase) cost someone a particular amount of money.
  Eg: The renovation of the building will set the owners back by about 2 lakhs.
• Withdraw: to take money from a bank account.
  Eg: The old man went to the bank to withdraw the money.
• Works wonders with: to have a very good effect on someone or something
  Eg: The Apple cider vinegar did wonders to my skin
• Save for a rainy day: to reserve something, especially money, for use in a time or period of unforeseen difficulty, trouble, or need
  Eg: John had saved some money for a rainy day
• Set aside: to keep or save something from a larger amount or supply in order to use it later for a particular purpose
  Eg: They’ve set aside a small area for the construction of a pool.

Money – Speaking Part 3

In IELTS Speaking Part 3, you will be asked some questions related to the topic of the cue card you have been given in Part 2. So, some follow-up questions related to the topic, 'Describe a method to save money' are given below with expert-curated sample answers.

People vs Money

1 What do you think about money?

Money can do many things, both good and bad. It allows us to have freedom and a wide variety of choices. Money gives us confidence and desire to work harder so we can have a better life. You can decide where and how you want to live when you have a good income. When you do not have much money, your choices are limited. However, everything comes with a price. Having much money doesn’t mean people won’t run into problems. Most people fail to strike a balance between earning money and enjoying it, so they work day and night. They believe they’ll be happier if they have lots of money. However, for most people, such time never comes and they die unhappy and dissatisfied

2 Can human beings live without money?

It’s true that money isn’t the most important thing in this world but it’s irreplaceable in our lives. If the world were a completely free place with no expenses and people could own anything they want without money, they would no longer go to work. There would be nothing as motivation and people would work unproductively. Money stimulates people to overcome obstacles so they can enjoy their achievements to the fullest. Besides, people who have money have their own voice in society and it’s a strong encouragement for anyone

3 In your opinion, why do many people derive pleasure from spending money?

Spending money is definitely the most satisfying feeling ever. People can buy things they’ve long waited for to please themselves. Buying something new will make their day and stimulate them to work harder. The money spent isn’t necessarily on oneself but also on loved ones. It makes us feel good so we will spend more money the next time.

4 Who do you think saves more money, men or women?

Well, it’s hard to say. Men’s biggest risk is their egos. They need to brag about their possessions and how much money they’ve earned, so they end up spending more money. Women tend to save money and spend it when they really need it. However, there are still exceptions when women manage money worse than men. That’s why there is no strong proof to show men or women save more money.

5 Which do you think is better for the economy of a country or area, people saving money or people spending money?

It’s such a tricky question. I guess for any economy, saving is entwined with spending. When people buy things, they will contribute a sum of money to the stores so they can pay salaries. The government also benefits from that as it’ll gain tax. If people save money, only the banks have an advantage so they can invest or set up new businesses. An ideal economy is where saving and spending are balanced. It’s a rule for any economy in the world

6 Do you think the government should let people know how it spends money?

Well, actually, I don’t really care about this issue. I think the government has its own reason to not publicize everything. It can be state secrets so the authority wants to keep it private. However, If the government could go public with the amount of money it spends, it would gain the trust of the public and assure them that their money is invested properly.

Young People vs Money

1 How can (or, how do) young people learn to manage their financial affairs?

From my point of view, young people should learn from their parents who have lots of experience with spending money. They will give the youngsters sound advice to keep an eye on personal expenses. The young should plan short-term and long-term financial goals and review them from time to time to manage personal finances well. They need to make sure their budgets cover their savings as well in case of any unforeseen emergency

2 Do you think it’s easy for (young) people to save money?

I think it’s all about motivation. When people have specific goals, they’ll find saving money easier. For instance, lots of youngsters are working their way through university by doing some part-time jobs. They don’t feel like depending on their parents and want to be less burden on the family. They can save a small sum of money every month. Once young people keep that habit, they can have considerable savings for their future

3 Do young people nowadays believe in saving money?

Well, I don’t really know. It depends on their outlook, I guess. Saving money up is a good idea in case undesirable problems happen. Developing the discipline to do it over a long period of time is what most people find difficult to do. That’s why not many young people keep track of their monthly expenses.

Kids and Money

1 Do you think parents should give pocket money to the kids?

I do agree with that. Giving pocket money to children helps them start learning about money management. When children get pocket money, they have to make choices about spending or saving it. If they save up, they have to learn about waiting for things they want. Otherwise, kids who choose to spend are likely to use up all the money. After a few months, they’ll know how to spend within their budget. Paying the children to do chores also makes them more hard-working. Money doesn’t grow on trees so giving pocket money will teach the kids to appreciate it.

2 Do parents in your country think it’s important for their children to save money?

Yes, they do. They always encourage the kids to live within their means. They believe if the children save money, they will be more appreciative and use it wisely. When they set aside money, they will prepare better for the future. They may think saving isn’t necessary now since they are still young and lack of experience. Once they grow up, they‘ll understand that it makes good sense.

Vocabulary For ‘Money’ Speaking Part 3

Boost your IELTS band score by using the impressive vocabulary given below while answering the follow-up questions about money.

• Dissatisfied: not content or happy with something.
  Eg: As she was dissatisfied with the results, she applied for revaluation.
• Irreplaceable: too special, unusual, or valuable to replace with something or someone else
  Eg: Mother’s love is irreplaceable.
• Brag: say something in a boastful manner.
  Eg: The old man always brags about his wealth.
• Exceptions: something that is not included, or the action of not including something
  Eg: There’s an exception to every rule.
• Entwine: wind or twist together; interweave.
  Eg: The creepers entwine themselves into the wall.
• Point of view: a person’s opinion or particular way of thinking about something
  Eg: In my point of view, those students must be punished.
• Considerable: notably large in size, amount, or extent.
  Eg: The accident led to considerable damage to the car.
• Chores: a routine task, especially a household one.
  Eg: My mother is an early riser. So she completes all her chores in the morning.
• Appreciate: recognize the full worth of.
  Eg: The Principal appreciated the students for their bravery

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