Self-assessment give advice talk about managing money give detailed instructions give reasons for advice explain something say you don’t understand Interaction (8-10 minutes) After attending a personal finance management course, you and your friend get together to plan how to save up for your great dream: 3 months in the USA after graduating from high school. You should: ■■ talk about the main expenses you think you will have. ■■ discuss possible ways of saving up for the adventure. ■■ speculate on options to earn some extra money during your trip to the United States. 26 Attachment 1 Money management tips: 1. Attend a personal finance management class. In many countries, it has been considered to introduce personal finance as a required high school or college subject. A lack of basic financial education leaves many young adults clueless about how to manage their money, apply for credit, and get or stay out of debt. These financial tips for young adults are designed to help you live your best financial life. 2. Learn Self-Control: Although you can buy an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money for the purchase. If you make a habit of putting all your purchases on credit cards, regardless of whether you can pay your bill in full at the end of the month, you might still be paying for those items in 10 years. Make sure to always pay your balance in full when the bill arrives, and don’t carry more cards than you can keep track of. This financial tip is crucial for creating a healthy credit history. 3. Control Your Financial Future: If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but may not know what they’re doing. Instead of relying on others for advice, read a few basic books on personal finance. 4. Know Where Your Money Goes: Once you’ve gone through a few personal finance books, you’ll realize how important it is to make sure your expenses aren’t more than your income. The best way to do this is by budgeting. Collect your receipts and add them into a list to keep track of your expenses. If you tend to run out of money before the end of the month, consider making small changes in your everyday expenses. Keep your monthly expenses as low as possible and don’t waste your money on anything you don’t really need. 5. Start an Emergency Fund: One of personal finance’s mantras is “pay yourself first.” No matter how much you owe and no matter how low your salary may seem, it’s wise to find some amount – any amount – of money in your budget to stock away in an emergency fund every month. Having money in savings to use for emergencies can keep you out of trouble financially. Also, if you get into the habit of saving money and treating it as a monthly “expense,” you’ll soon have more than just emergency money saved up. 6. Understand Taxes: It’s important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial goals. Fortunately, there are plenty of online calculators that will show you how much of your salary goes to taxes. 7. Find Cheap Ways to Entertain Yourself: Even though you might feel you deserve some fun after a long week, think first before going out for an expensive dinner or seeing your favourite band live. You can still enjoy these things from time to time, but also find cheap or free things you can do with friends. You could cook a meal at home together, find free online courses you are interested in or spend fun time outdoors. 59 Language skills Extras Explore 5 Money matters Nur zu Prüfzwecken – Eigentum des Verlags öbv
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