Financial planning and budgeting are crucial skills in today’s fast-paced world. The ability to create and stick to a monthly budget plan is not only beneficial for personal finance management but also a topic that frequently appears in IELTS Writing Task 2 essays. This article will provide you with sample essays at different band levels, focusing on the theme of creating a monthly budget plan.
Based on our analysis of past IELTS exams and trends, questions related to personal finance and budgeting have appeared multiple times. We expect this trend to continue, making it essential for test-takers to be well-prepared for such topics. Let’s examine a relevant question that has been featured in recent IELTS Writing Task 2 tests:
Many people find it difficult to create and follow a monthly budget plan. What do you think are the main reasons for this? What steps can be taken to help people manage their finances better?
Analysis of the Question
This question is a typical problem-solution essay that requires candidates to:
- Identify the main reasons why people struggle with creating and following monthly budgets
- Suggest steps or solutions to help people improve their financial management skills
The question touches on a common issue faced by many individuals across different cultures and economic backgrounds, making it relevant for a wide range of test-takers.
Sample Essays
Band 8-9 Essay
In today’s consumer-driven society, numerous individuals find it challenging to establish and adhere to a monthly budget plan. This essay will explore the primary reasons behind this difficulty and propose effective measures to enhance people’s financial management skills.
There are several factors contributing to the struggle of creating and following a budget. Firstly, the lack of financial literacy is a significant hurdle. Many people have not received proper education on personal finance management, leaving them ill-equipped to handle their income and expenses effectively. Secondly, the prevalence of impulsive buying habits, fueled by aggressive marketing tactics and easy access to credit, often leads to overspending and budget derailment. Lastly, the inconsistency of income, particularly for freelancers or those in the gig economy, can make it challenging to predict and plan for monthly expenses accurately.
To address these issues and help people manage their finances better, several steps can be taken. Implementing comprehensive financial education programs in schools and workplaces would be an excellent starting point. These programs should cover essential topics such as budgeting, saving, and investing, providing individuals with the knowledge and tools necessary for sound financial planning. Additionally, encouraging the use of budgeting apps and digital tools can make tracking expenses and adhering to financial goals more accessible and engaging for tech-savvy individuals. Furthermore, promoting the importance of setting realistic financial goals and regularly reviewing one’s budget can help people stay motivated and accountable in their financial journey.
In conclusion, while creating and following a monthly budget plan poses challenges for many, these obstacles can be overcome through education, technological assistance, and cultivating healthy financial habits. By addressing the root causes and implementing practical solutions, individuals can develop the skills necessary to manage their finances effectively, leading to greater financial stability and peace of mind.
(Word count: 309)
Financial education for effective monthly budget planning
Band 6-7 Essay
Many people nowadays find it hard to make and stick to a monthly budget plan. This essay will discuss the main reasons for this problem and suggest some ways to help people manage their money better.
One of the biggest reasons why people struggle with budgeting is because they don’t know much about managing money. Schools often don’t teach students about personal finance, so many adults don’t know how to handle their income and expenses properly. Another reason is that it’s very easy to spend money these days. With credit cards and online shopping, people often buy things they don’t really need, which makes it hard to stick to a budget. Also, some people have jobs where their income changes every month, making it difficult to plan their spending.
To help people manage their finances better, there are several steps that can be taken. First, schools and companies should offer classes about personal finance. These classes can teach people how to make a budget and save money. Second, using smartphone apps for budgeting can be really helpful. These apps can track spending and remind people of their financial goals. Lastly, it’s important for people to set realistic financial goals and check their budget regularly. This can help them stay motivated and make better financial decisions.
In conclusion, while many people find it challenging to create and follow a monthly budget, there are ways to overcome these difficulties. By improving financial education, using technology, and developing good money habits, people can learn to manage their finances more effectively and achieve better financial stability.
(Word count: 263)
Band 5-6 Essay
Many people find it hard to make and follow a monthly budget plan. In this essay, I will talk about why this is difficult and how to help people manage their money better.
There are some reasons why people can’t make a good budget. First, many people don’t know how to manage money well. They didn’t learn about it in school. Second, it’s easy to spend too much money now. There are many things to buy, and credit cards make it simple to spend. Third, some people don’t have the same amount of money every month, so it’s hard to plan.
To help people with their money, we can do some things. We should teach people about money in schools and at work. This will help them understand how to make a budget. Also, people can use phone apps to track their spending. This makes it easier to see where their money goes. Lastly, people should set good money goals and check their budget often. This will help them stay on track.
In conclusion, making a budget is hard, but we can help people do it better. By teaching about money, using apps, and setting goals, people can learn to manage their money well.
(Word count: 189)
Explanation of Band Scores
Band 8-9 Essay Explanation
This essay demonstrates excellent writing skills and fully addresses all parts of the task. The main reasons for budgeting difficulties are clearly explained, and the proposed solutions are well-developed and directly linked to these reasons. The essay uses a wide range of vocabulary accurately (e.g., “consumer-driven society,” “financial literacy,” “impulsive buying habits”) and demonstrates a strong command of complex sentence structures. Ideas are coherently organized with clear progression throughout the essay. The conclusion effectively summarizes the main points and provides a final thought on the topic.
Band 6-7 Essay Explanation
This essay addresses all parts of the task, providing relevant reasons for budgeting difficulties and suggesting appropriate solutions. The ideas are generally well-organized, although the development of ideas is less thorough compared to the Band 8-9 essay. The vocabulary used is adequate (e.g., “personal finance,” “income changes,” “financial goals”), but less sophisticated than in the higher band essay. There are some attempts at complex sentences, but they are not always used with full control. The conclusion summarizes the main points effectively.
Band 5-6 Essay Explanation
This essay addresses the task, but the ideas are presented in a simple and sometimes repetitive manner. The reasons for budgeting difficulties and proposed solutions are basic but relevant. The vocabulary is limited but generally adequate for the task (e.g., “manage money,” “credit cards,” “track their spending”). Sentence structures are mostly simple, with few attempts at complexity. The organization is evident, but paragraphing is not always logical. The conclusion restates the main points without adding much depth.
Key Vocabulary to Remember
- Financial literacy (noun) – /faɪˈnænʃəl ˈlɪtərəsi/ – The ability to understand and effectively use various financial skills
- Impulsive buying (noun phrase) – /ɪmˈpʌlsɪv ˈbaɪɪŋ/ – The act of purchasing items without planning or consideration
- Budget derailment (noun phrase) – /ˈbʌdʒɪt dɪˈreɪlmənt/ – The failure to stick to a planned budget
- Gig economy (noun phrase) – /ɡɪɡ ɪˈkɒnəmi/ – A labor market characterized by short-term contracts or freelance work
- Financial stability (noun phrase) – /faɪˈnænʃəl stəˈbɪləti/ – The condition of having steady income and manageable debt
- Overspending (noun) – /ˌəʊvəˈspendɪŋ/ – The act of spending more money than one can afford
- Budgeting apps (noun phrase) – /ˈbʌdʒɪtɪŋ æps/ – Mobile applications designed to help users track and manage their finances
- Financial goals (noun phrase) – /faɪˈnænʃəl ɡəʊlz/ – Specific objectives related to managing money and achieving economic success
- Income fluctuation (noun phrase) – /ˈɪnkʌm ˌflʌktʃuˈeɪʃən/ – Variations in the amount of money earned over time
- Fiscal responsibility (noun phrase) – /ˈfɪskəl rɪˌspɒnsəˈbɪləti/ – The obligation to manage financial resources prudently
Using budgeting apps on a smartphone for financial management
In conclusion, creating and following a monthly budget plan is a crucial skill that many people struggle with. By understanding the common challenges and implementing effective strategies, individuals can improve their financial management abilities. As you prepare for your IELTS Writing Task 2 exam, consider practicing with similar topics related to personal finance and budgeting. You may encounter questions about saving money, financial education, or the impact of technology on personal finance.
To further enhance your writing skills, we encourage you to practice writing your own essay on this topic. Share your essay in the comments section below for feedback and discussion with other learners. This active practice will help you improve your writing skills and prepare you for success in the IELTS Writing Task 2.
The importance of financial literacy in today’s world cannot be overstated. As you continue to prepare for your IELTS exam, remember that understanding and being able to discuss financial topics will not only help you in the test but also in your personal life.
