Account

Lead-in

  • What is the most effective way to save money for the future?
  • What are some common financial pitfalls to avoid when managing your money?
  • Have you ever fallen into any of the following pitfalls?
    • If so, talk about it.
    • If not, what do you do to avoid them?

Presentation

Pre

  • How can one prepare for unexpected financial emergencies, such as job loss or a medical emergency?

Top Down

  • What is the text about? Read it and find out.
  • Pros and cons of enjoying life instead of saving money.
  • What is a savings account and its importance.
  • Does money bring happiness? 
  • Pros and cons of enjoying life instead of saving money.
  • What is a savings account and its importance.
  • Does money bring happiness? 

Savings is a financial practice where an individual sets aside a portion of their income for future use, rather than spending it immediately. Savings can be done for a variety of purposes, including emergencies, major purchases, retirement, or to achieve long-term financial goals.

One popular way to save money is by opening a bank account. A bank account is a financial account that is opened with a bank or other financial institution, which allows you to deposit and withdraw funds. There are several types of bank accounts, but the most common one used for savings is a savings account.

A savings account is a type of bank account that is designed to help people save money. It typically pays interest on the balance in the account, which means the money in the account can grow over time. The interest rate paid on savings accounts varies depending on the bank and the account type, but generally, it is lower than other investment options such as stocks or bonds.

To open a savings account, you will need to provide some personal information, such as your name, address, and social security number. You may also need to make an initial deposit to open the account. Once the account is open, you can deposit money into it whenever you like, either by visiting the bank or using online banking. You can also withdraw money from the account, but there may be limits on how often you can do so.

Having a savings account can be beneficial in several ways. First, it provides a safe and secure place to keep your money. Second, it helps you earn interest on your savings, which can help your money grow over time. Third, it can help you develop good financial habits, such as setting aside money regularly for future needs.

In summary, savings and bank accounts are important financial tools that can help individuals manage their money and plan for the future. Opening a savings account is a simple and effective way to start saving money and can provide a solid foundation for building long-term financial security.

Bottom Up

  • True or False
  1. Savings involves setting aside a portion of income for future use.
  2. A bank account is the only way to save money.
  3. Savings accounts pay higher interest rates than stocks or bonds.
  4. To open a savings account, personal information such as name, address, and social security number are required.
  5. A savings account can help an individual develop good financial habits and plan for the future. 
  1. Savings involves setting aside a portion of income for future use. True
  2. A bank account is the only way to save money. False
  3. Savings accounts pay higher interest rates than stocks or bonds. False
  4. To open a savings account, personal information such as name, address, and social security number are required. True
  5. A savings account can help an individual develop good financial habits and plan for the future. True

Post

  • How important is it for you to save money? Why?
  • How can you best balance saving money for the future with enjoying your life in the present?

Target Language

Money-related vocabulary

  • Budget
  • Savings account
  • Cash
  • Sales
  • Expenses
  • Interest
  • Debt
  • Currency
  • Bill
  • Transaction

Controlled Practice

  • Complete the sentences with the words below:

Cash – Budget –  Savings account – Debt – Sales – Expenses – Currency – Interest

Example: The _______ at the mall are tempting, but I need to stick to my budget. > The sales at the mall are tempting, but I need to stick to my budget.

  1. My _______ for this month is tight, so I need to keep track of my spending.
  2. I opened a _______ to save money for emergencies and future expenses.
  3. I prefer to use _______ instead of credit cards to avoid accumulating _______.
  4. I earned some _______ on my savings account last month.
  5. I need to pay off my _______ before it accumulates more _______.
  6. I exchanged my _______ at the airport before my trip.
  7. I always include my _______ in my budget to make sure I have enough money for everything.
  1. My budget for this month is tight, so I need to keep track of my spending.
  2. I opened a savings account to save money for emergencies and future expenses.
  3. I prefer to use cash instead of credit cards to avoid accumulating debt.
  4. I earned some interest on my savings account last month.
  5. I need to pay off my debt before it accumulates more interest.
  6. I exchanged my currency at the airport before my trip.
  7. I always include my expenses in my budget to make sure I have enough money for everything.

Freer Practice

  • Use the target language and complete the sentences according to your own ideas.
  1. A savings account is important because…
  2. Sales are… 
  3. I… have cash, I usually use…
  4. My expenses are…
  5. I never spend money on… but…

Production

  • Imagine you are writing a personal finance journal and have just completed the month of February. Write a paragraph in which you reflect on your financial status for the month. Remember to use the Target Language.

Example: Dear Personal Finance Journal, February was a month of ups and downs in terms of my finances and…

Homework

Match the words to their meanings.

  1. Budget

  2. Savings account

  3. Cash

  4. Sales

  5. Expenses

  6. Interest

  7. Debt

  8. Currency

  9. Bill

  10. Transaction

(   ) A plan for spending and saving money.

(   ) A sum of money owed to someone else.

(   ) The money that a person or company has available to spend.

(   ) The money that a person or company receives from selling goods or services.

(   ) The cost of goods or services that a person or company must pay for.

(   ) A type of account that allows a person to save money and earn interest.

(   ) The amount of money charged by a lender for borrowing money.

(   ) A type of document that shows how much money a person or company owes.

(   ) The act of buying or selling something.

(   ) The form of money used in a particular country.

  1. Budget

  2. Savings account

  3. Cash

  4. Sales

  5. Expenses

  6. Interest

  7. Debt

  8. Currency

  9. Bill

  10. Transaction

(1) A plan for spending and saving money.

(7) A sum of money owed to someone else.

(3) The money that a person or company has available to spend.

(4) The money that a person or company receives from selling goods or services.

(5) The cost of goods or services that a person or company must pay for.

(2) A type of account that allows a person to save money and earn interest.

(6) The amount of money charged by a lender for borrowing money.

(9) A type of document that shows how much money a person or company owes.

(10) The act of buying or selling something.

(8) The form of money used in a particular country.

Use the following words from the target language to fill in the blanks. 

Interest – Debt – Currency – Bill – Transaction – Budget

Example: A _______ is a plan for spending and saving money. > A budget is a plan for spending and saving money.

  1. I need to pay my _______, or else my credit score will suffer.
  2. The _______ on my savings account is very low, so I might consider investing instead.
  3. I’m going on vacation next week, so I need to exchange my dollars for the local _______.
  4. My bank statement shows a _______ for $50 that I don’t recognize.
  5. I’m trying to get out of _______ by making a budget and sticking to it.
  1. I need to pay my bill, or else my credit score will suffer.
  2. The interest on my savings account is very low, so I might consider investing instead.
  3. I’m going on vacation next week, so I need to exchange my dollars for the local currency.
  4. My bank statement shows a transaction for $50 that I don’t recognize.
  5. I’m trying to get out of debt by making a budget and sticking to it.

Conjugate the bracketed verbs. 

Example: She’s sad because he _____ more than they could. (spend) > She’s sad because he spent more than they could. 
  1. My sister __________ (earn) a lot of money at her new job.
  2. I always __________ (spend) more money than I should.
  3. We __________ (save) up for a new car.
  4. They __________ (borrow) some money from their friends.
  5. She __________ (lend) me some money last week.
  1. My sister earns a lot of money at her new job.
  2. I always spend more money than I should.
  3. We are saving up for a new car.
  4. They borrowed some money from their friends.
  5. She lent me some money last week.

Put the words in the correct order.

Example: debt. / I / of / have / a / lot > I have a lot of debt.

  1. constantly / The / fluctuating. / rate / exchange / is / currency
  2. for / bill / pay / dinner? / the / Can / you
  3. a / savings / high / rate. / interest / earns / My / account
  4. budget. / to / and / to / need / my / of / I / my / keep / track / stick / expenses
  5. businesses. / sales / Cash / by / preferred / are / some
  1. The currency exchange rate is constantly fluctuating.
  2. Can you pay the bill for dinner?
  3. My savings account earns a high interest rate.
  4. I need to keep track of my expenses and stick to my budget.
  5. Cash sales are preferred by some businesses.

Find and correct the mistakes.

Example: She is worried because she don’t have money. > She is worried because she doesn’t have money.
  1. My expenses this month was very high, I don’t know what happened.
  2. I never use my credit card because I don’t like to carry cash with me. 
  3. I want to buy a new car, but I don’t have enough money, so I’ll need to take a debt. 
  4. I exchanged my dollars for euros yesterday and got a good rate of 1.5 dollars per euro. 
  5. I have a lot of money in my savings account, so I can’t afford to go on vacation next month.
  1. My expenses this month were very high, I don’t know what happened.
  2. I always use my credit card because I don’t like to carry cash with me.
  3. I want to buy a new car, but I don’t have enough money, so I’ll need to take a loan.
  4. I exchanged my dollars for euros yesterday and got a good rate of 0.67 euros per dollars.
  5. I have a lot of money in my savings account, so I can afford to go on vacation next month.

Writing

Write a short text using the words from the target language.

Example: In my opinion, having a budget is very important because…