The topic of family budgeting and financial management has become increasingly prevalent in IELTS Writing Task 2 examinations, appearing approximately 2-3 times annually over the past five years. This trend reflects growing global concerns about financial literacy and family economic stability. As importance of financial planning for families continues to be a crucial life skill, let’s examine some sample essays addressing this topic.
Task Analysis
Some people believe that families should spend most of their household income on essential needs like food and housing. Others argue that saving money for the future is equally important. Discuss both views and give your own opinion.
This question requires:
- Discussion of two contrasting views about family spending priorities
- Analysis of immediate needs versus future savings
- Clear personal stance with supporting arguments
- Relevant examples and explanations
Band 8 Sample Essay
The debate between prioritizing immediate family needs versus saving for the future presents a complex financial planning challenge that many households face today. importance of setting clear financial priorities is crucial for maintaining both short-term stability and long-term security.
Those who advocate spending primarily on essential needs argue that ensuring current family welfare should take precedence. Basic necessities such as nutritious food, safe housing, and healthcare are fundamental requirements that cannot be compromised. Furthermore, investing in children’s education and maintaining a decent living standard contributes to the family’s immediate well-being and development opportunities.
However, proponents of substantial savings emphasize the significance of financial security. importance of long-term savings plans for families becomes evident when considering unexpected emergencies, retirement planning, or future educational expenses. Building a robust savings fund acts as a crucial safety net against unforeseen circumstances and provides opportunities for wealth accumulation through investments.
In my opinion, while both perspectives have merit, the optimal approach lies in striking a balanced allocation. Families should adopt a comprehensive budgeting strategy that addresses immediate needs while systematically building savings. This balanced approach ensures current comfort without compromising future security. For instance, allocating 60-70% for essential expenses and 20-30% for savings could provide both present stability and future protection.
Family members contributing to savings jar
Band 6.5 Sample Essay
Family budgeting is a hot topic these days because many families struggle with money management. Some people think essential needs should get most of the money, while others say saving is very important too.
People who support spending on basic needs have good reasons. First, food and housing are very important for families to live well. Children need good food to grow healthy and strong. Also, living in a safe house helps everyone feel comfortable. These things cannot wait because they affect daily life.
On the other hand, saving money is also necessary. importance of budgeting for holiday expenses and other future needs shows why we must save. Sometimes unexpected things happen, like medical emergencies or job loss. Having savings helps families handle these problems better.
I think both spending on needs and saving are important. Families should try to do both by making a good plan. Maybe they can use most money for basic things but always save some every month. This way, they can live well now and be ready for the future too.
Key Vocabulary
- financial literacy (n) /faɪˈnænʃəl ˈlɪtərəsi/ – understanding of financial concepts
- comprehensive (adj) /ˌkɒmprɪˈhensɪv/ – complete, including all aspects
- allocation (n) /ˌæləˈkeɪʃən/ – distribution of resources
- paramount (adj) /ˈpærəmaʊnt/ – most important
- contingency (n) /kənˈtɪndʒənsi/ – possible future event or circumstance
- prudent (adj) /ˈpruːdənt/ – wise and careful about practical matters
- discretionary (adj) /dɪˈskreʃənəri/ – optional or non-essential spending
Conclusion
Both sample essays demonstrate different approaches to discussing family budgeting, with varying levels of sophistication in language and argument structure. For practice, try writing your own essay addressing this prompt or similar topics like “How can young families manage their finances effectively?” or “Should governments provide financial education to families?” Share your practice essays in the comments section for feedback and improvement suggestions.
