General Listening Quiz

What are common monthly expenses for a student living on their own, including student or car loans? How about a family of four? Write a list of your expenses, figure out how much money you spend on each area, and what percentage of your income pays for each.

1. Every family should create a monthly budget and stick to it.
2. It’s better to save money than to spend it on entertainment.
3. Children should learn about budgeting and money from an early age.
4. Making a budget causes stress instead of helping.
5. Unexpected expenses are the biggest challenge in family budgeting.
6. One person in the family should be in charge of all the finances.
7. Eating out regularly makes it harder to manage a budget.
8. Using credit cards can be part of a smart family budget.
9. Budgeting is easier when everyone in the family agrees on the priorities.
10. Families should save for fun activities, not just for emergencies.

“lie through one’s teeth” = lie so you don’t get in trouble
“The man lied through his teeth even though he was guilty of the crime.”

“rip someone off” = cheat someone
“I decided to hire a lawyer because the salesman ripped me off.”

Listen to the recording and answer the questions. (See transcript)

Here are some words and expressions that appear in the recording:

• buck (noun): dollar
  – Could you loan me a buck or two until tomorrow?
• be strapped for cash (idiom): have no money available
  – He has really been strapped for cash because he lost his job two weeks ago.
• pinch pennies (idiom): be careful with money
  – That young couple had to pinch pennies so they could live.
• in the hole (idiom): in debt
  – My brother has charged so many purchases to his credit cards that he’s in the hole.
• make ends meet (idiom): make enough money to live
  – When I was a student, I had to work three part-time jobs to make ends meet.
• land (verb): find
  – I need to land a good job where I can earn a lot of money.
• be loaded (adjective): having a lot of money
  – Don’t let him borrow money off you because, in reality, he’s loaded. His rich parents give him $2,500 in spending money a month!
• budget (noun): a financial plan of expenses and income
  – You should create a budget for your expenses.
• keep track of (idiom): keep a record of
  – Any business should keep track of its earnings.
• run out (phrasal verb): use up or exhaust
  – If you don’t keep a budget, you might run out of money before your next paycheck.
• utilities (noun): services provided by gas, power, and water companies
  – The rent for this apartment includes the cost of utilities.
• pay through the nose (idiom): pay an excessive amount of money
  – Car insurance is so expensive that you have to pay through the nose to get any type of coverage these days.
• knack (noun): a special way or ability of doing something
  – My mother has a real knack for saving money on her low salary.
• blow (verb): spend thoughtlessly or wastefully; throw away
  – People sometimes blow money on things that have no lasting value.
• commute (verb): travel back and forth between work and home
  – I commute by bus everyday.
• curb (verb): lessen or reduce
  – Unless you curb your spending, you’re going to run out of money before the week is over.

Do the vocabulary quizzes with the words from the conversation for more practice:

• Mixed-Up Sentence | Multiple-Choice Questions |  Sentence and Vocabulary Matching

Why would keeping a budget be important in managing your money? Do you know of a family member or friend who got into debt? Use the vocabulary and idioms in this conversation to discuss your own financial situation, with suggestions on how to avoid debt. Search for the top five ways to manage your money better.

Complete these tasks:

1. Getting a loan can be a complex process in trying to figure out the terms of the agreement. Imagine that you need a loan to pay for a car or college tuition. Find a website that offers the type of loan you need and analyze the information. What does the actual cost of the loan include?
2. Search for an online budget planner tool to plan out your monthly expenses. How much does this service cost? What are its features?