“Conversation Starter Lesson Series: Upper-Intermediate” is designed for intermediate-level ESL learners who want to improve their fluency and confidence in speaking English.
Each lesson includes an engaging reading material with audio, vocabulary and expressions, comprehension questions, and discussion questions to be used for one to one class, group class, or self-study for both online and offline classes.
Unit 7: Money and Finance
Story 01: Managing Money: The importance of personal finance and budgeting
Key Lesson Vocabulary & Expressions: Look over and review before proceeding.
- Personal finance
- Budgeting
- Down payment
- Paying off debt
- Emergency fund
- Cut back
- Credit score
- Consolidating
- Mutual funds
- Consult
Read or Listen to the following passage:
Managing your money is an essential life skill that everyone needs to master. Effective personal finance and budgeting can help you achieve your financial goals, whether it’s saving for a down payment on a house, paying off debt, or building an emergency fund.
One of the first steps in managing your finances is to create a budget. A budget is a plan that outlines your income and expenses for a specific period. It allows you to track your spending, identify areas where you can cut back, and allocate money towards your financial goals.
Another crucial aspect of personal finance is saving. Saving money is important because it allows you to build an emergency fund and invest in your future. Aim to save at least 20% of your income each month and consider automating your savings by setting up a direct deposit into a separate savings account.
Managing debt is also an essential part of personal finance. Avoiding high-interest debt and paying off any outstanding balances can help improve your credit score and reduce financial stress. Consider consolidating your debt into a low-interest loan or using a balance transfer credit card to reduce interest charges.
Investing is another crucial aspect of personal finance. Investing in stocks, bonds, and mutual funds can help you grow your wealth over time. However, investing involves risk, and it’s essential to do your research and consult with a financial advisor before making any investment decisions.
Finally, it’s crucial to educate yourself about personal finance. Read books, attend seminars, and take courses to learn about budgeting, saving, and investing. The more you know, the more empowered you will be to take control of your financial future.
Comprehension Questions:
- What is a budget, and why is it important?
- How much of your income should you aim to save each month?
- Why is managing debt important for personal finance?
- What are some ways to invest your money?
- Why is educating yourself about personal finance essential?
Conversations Starters:
- What do you wish you had known about money or finance sooner?
- What are some of the biggest challenges you’ve faced when it comes to budgeting and managing your expenses?
- What are your strategies for saving up for a down payment on a house or car?
- Do you have an emergency fund? How much do you think is necessary to have saved up for unexpected expenses?
- How do you increase your income and maintain financial stability over time?
- Do you think it’s important to track your expenses and maintain a budget? Why or why not?
- Have you ever used credit consolidation to pay off debt? What was your experience like?
- What do you know about mutual funds? Would you consider investing in them as part of your financial strategy?
- Have you ever worked with a financial advisor? If so, how did they help you manage your finances?
- What financial goals have you set for yourself? How do you plan to achieve them over time?
