The topic “Describe A Time When You Saved Money” is a common theme in IELTS Speaking tests, particularly in Part 2. It allows examiners to assess your ability to recount personal experiences, use appropriate vocabulary related to finance, and demonstrate your time management skills. This topic has appeared frequently in past exams and is likely to remain relevant in future tests.

Describe a fashion item you want to buy can be related to saving money, as you might discuss how you’re saving up for a particular item. Let’s explore how to approach this topic effectively in each part of the IELTS Speaking test.

Part 1: Introduction and Interview

In Part 1, the examiner may ask general questions about saving money. Here are some possible questions and sample answers:

1. Do you think it’s important to save money?

   Sample answer (Band 7-8): “Absolutely. I believe saving money is crucial for financial stability and future planning. It provides a safety net for emergencies and allows us to achieve long-term goals, such as buying a house or traveling. Moreover, it teaches valuable lessons in discipline and prioritization.”

2. How do you usually save money?

   Sample answer (Band 8-9): “I employ a multi-faceted approach to saving money. Firstly, I adhere to a strict budget, meticulously tracking my expenses using a smartphone app. Additionally, I’ve automated my savings by setting up a direct debit to transfer a fixed percentage of my income into a high-yield savings account each month. I also make a conscious effort to reduce unnecessary expenditures, such as dining out less frequently and opting for more cost-effective entertainment options.”

Part 2: Long Turn

Here’s a sample cue card for this topic:

Describe a time when you saved money
You should say:

• What you saved money for
• How long it took you to save the money
• How you felt when you saved it
• And explain why you saved the money

Sample answer (Band 8-9):

“I’d like to share an experience about when I saved money for a significant purchase – my first professional camera. As an aspiring photographer, I had long dreamed of owning a high-quality DSLR camera to elevate my skills and potentially launch a part-time photography business.

The camera I had my eye on was quite expensive, costing around $2,000, which was a substantial amount for a university student like myself. I set a goal to save this amount within a year, which required careful planning and discipline.

To achieve this, I implemented a multi-pronged approach. Firstly, I created a detailed budget, categorizing my expenses and identifying areas where I could cut back. I significantly reduced my discretionary spending, opting for home-cooked meals instead of eating out and finding free entertainment options.

Additionally, I took on a part-time job as a barista, working weekends and some evenings. I made a commitment to save 80% of my earnings from this job, which accelerated my progress towards the goal.

I also sold some unused items online, such as old textbooks and electronics, which provided a boost to my savings. Every small contribution felt like a step closer to my goal.

The process was challenging at times, especially when I had to decline social invitations or resist impulse purchases. However, I remained focused on my end goal, which kept me motivated.

After ten months of diligent saving, I finally reached my target. The feeling was absolutely exhilarating – a mix of pride, accomplishment, and excitement. It was incredibly rewarding to see my discipline and hard work pay off tangibly.

The reason I saved this money was twofold. Primarily, I wanted to invest in my passion for photography and potentially turn it into a source of income. But beyond that, this experience taught me valuable lessons about financial management, goal-setting, and delayed gratification. These skills have proven invaluable in other areas of my life, reinforcing the importance of saving and smart financial planning.”

Saving money for a professional camera

Possible follow-up questions:

1. Did saving money change your spending habits?

   Sample answer (Band 7-8): “Absolutely. This experience was a game-changer for my financial habits. I became much more conscious of my spending, always weighing the necessity of purchases against my long-term goals. I’ve maintained the budgeting system I developed during this time, which has helped me continue to save efficiently for other objectives.”

2. What did you learn from this experience?

   Sample answer (Band 8-9): “This experience was incredibly enlightening. I learned the power of setting clear, quantifiable goals and the importance of developing a strategic plan to achieve them. It also taught me about delayed gratification and how short-term sacrifices can lead to significant long-term rewards. Moreover, I gained practical skills in budgeting, expense tracking, and finding creative ways to increase income – all of which have been invaluable in my personal and professional life.”

Part 3: Two-way Discussion

In Part 3, the examiner might ask more abstract questions related to saving money. Here are some potential questions and sample answers:

1. Do you think people today save more or less than in the past?

   Sample answer (Band 8-9): “I believe the saving habits of people today are quite different from those in the past, and it’s not a straightforward comparison. On one hand, we have more sophisticated financial tools and greater access to information about saving and investing, which could potentially lead to more effective saving strategies. However, we’re also living in a consumerist society with constant pressure to spend, facilitated by easy credit and online shopping.

   Moreover, economic factors play a significant role. In many countries, the cost of living, particularly housing and education, has increased faster than wages, making it more challenging for people to save. Conversely, in some developing economies, rapid economic growth has enabled a new middle class to save more than previous generations.

   Ultimately, I think the ability and tendency to save varies greatly depending on individual circumstances, cultural attitudes towards money, and the economic environment of different countries. It’s a complex issue that requires nuanced analysis rather than a simple ‘more or less’ comparison.”

2. How can governments encourage people to save more?

   Sample answer (Band 7-8): “Governments can employ various strategies to promote saving among citizens. Firstly, they can offer tax incentives for long-term savings accounts or retirement funds, making it financially beneficial for people to save. Additionally, implementing financial literacy programs in schools and communities can educate people about the importance of saving and provide them with the necessary skills to manage their finances effectively.

   Another approach could be to regulate banking practices to ensure that savings accounts offer competitive interest rates, making saving more attractive. Governments could also introduce policies that automatically enroll employees in pension schemes with the option to opt out, leveraging behavioral economics to increase saving rates.

   Furthermore, creating a stable economic environment with controlled inflation helps preserve the value of savings, encouraging people to save more. Lastly, governments can lead by example by maintaining fiscal responsibility and emphasizing the importance of saving at a national level.”

Describe an item on which you spent more than expected can be contrasted with the experience of saving money, highlighting the importance of financial planning.

Key Vocabulary and Phrases for High Scores

To achieve a high score in your IELTS Speaking test when discussing saving money, consider using these sophisticated vocabulary items and phrases:

1. Financial prudence (noun) – /faɪˈnænʃəl ˈpruːdəns/: careful management of money and resources
   Example: “My experience taught me the value of financial prudence.”

2. To economize (verb) – /ɪˈkɒnəmaɪz/: to use less money or fewer resources
   Example: “I had to economize on my daily expenses to reach my savings goal.”

3. Frugal (adjective) – /ˈfruːɡəl/: careful about spending money or using resources
   Example: “Adopting a frugal lifestyle helped me save faster.”

4. Fiscal discipline (noun phrase) – /ˈfɪskəl ˈdɪsəplɪn/: the practice of managing money and resources carefully and responsibly
   Example: “Saving for the camera required significant fiscal discipline.”

5. To curb spending (verb phrase) – /kɜːb ˈspendɪŋ/: to reduce or control expenditure
   Example: “I had to curb my spending on entertainment to save effectively.”

Describe a change in your life that you embraced could relate to adopting new saving habits or a more frugal lifestyle.

Examiner’s Advice

To excel in the IELTS Speaking test, particularly when discussing topics like saving money:

1. Practice narrating personal experiences with a clear structure (situation, action, result).
2. Develop a wide range of vocabulary related to finance and money management.
3. Work on using a variety of grammatical structures, including complex sentences.
4. Prepare examples of financial decisions or experiences you can discuss fluently.
5. Practice expressing opinions on abstract ideas related to money and economy.

Remember, the key to a high score is not just what you say, but how you say it. Aim for fluency, coherence, and a natural conversational style while showcasing your language skills.

Describe a trip you planned and enjoyed could be linked to saving money for travel, demonstrating how saving can lead to rewarding experiences.

IELTS Speaking preparation tips

By following these guidelines and incorporating sophisticated vocabulary and complex structures, you’ll be well-prepared to discuss saving money and related topics in your IELTS Speaking test. Remember to practice regularly and seek feedback to continually improve your performance.