The importance of savings accounts for long-term goals is a topic that frequently appears in IELTS Writing Task 2 exams. Based on analysis of past exam trends and predictions for future tests, this theme is likely to continue being relevant. Let’s explore a recent exam question related to this topic and analyze sample essays for different band scores.
Some people believe that it is important to save money for the future, while others think it is better to enjoy life now and spend money as they earn it. Discuss both views and give your own opinion.
Analyzing the Question
This question requires candidates to discuss two contrasting viewpoints on financial management: saving for the future versus spending in the present. It’s crucial to address both perspectives and provide a balanced argument before stating your own opinion. This type of question tests your ability to evaluate different ideas and present a well-reasoned argument.
Sample Essay 1 (Band 8-9)
Financial management is a critical life skill, and opinions differ on whether it’s more prudent to save for the future or enjoy present earnings. While both approaches have their merits, I believe a balanced strategy that prioritizes long-term savings while allowing for moderate current expenditure is the most beneficial.
Those who advocate for saving money argue that it provides financial security and enables individuals to achieve long-term goals. By consistently setting aside a portion of their income, people can build a safety net for emergencies, invest in their future, and prepare for major life events such as buying a home or retirement. This approach aligns with the principle of delayed gratification and can lead to greater financial stability and peace of mind in the long run.
On the other hand, proponents of spending money as it’s earned emphasize the importance of living in the moment and enjoying life’s pleasures. They argue that the future is uncertain, and there’s no guarantee of being able to enjoy one’s savings later in life. This perspective values experiences and personal fulfillment over material accumulation and can lead to a more satisfying and adventurous lifestyle.
In my opinion, while both viewpoints have valid points, a balanced approach that prioritizes savings while allowing for some current enjoyment is ideal. By allocating a significant portion of income to savings and investments, individuals can work towards importance of savings for long-term security while still maintaining a budget for leisure and personal development. This strategy ensures financial preparedness for the future without completely sacrificing present enjoyment.
Moreover, the act of saving itself can be rewarding and contribute to overall life satisfaction. Setting and achieving financial goals can boost self-esteem and provide a sense of accomplishment. Additionally, having a financial cushion can reduce stress and allow for more meaningful choices in both career and personal life.
In conclusion, while the debate between saving and spending is ongoing, a balanced approach that emphasizes long-term financial security while allowing for moderate current expenditure offers the best of both worlds. By adopting this strategy, individuals can work towards a stable financial future without missing out on life’s valuable experiences along the way.
Sample Essay 2 (Band 6-7)
In today’s world, people have different opinions about how to manage their money. Some think it’s important to save for the future, while others prefer to enjoy life now and spend as they earn. Both views have their good points, and I will discuss them before giving my own opinion.
People who believe in saving money for the future have good reasons. They think it’s important to be prepared for emergencies or big expenses that might come later in life. For example, saving money can help with buying a house, paying for education, or having a comfortable retirement. This way of thinking helps people feel more secure about their future.
On the other hand, those who prefer to spend money as they earn it also have valid points. They believe that life is short and unpredictable, so it’s better to enjoy it while you can. Spending money on travel, hobbies, or nice things can make life more enjoyable and create good memories. They might argue that there’s no point in saving all your money if you don’t get to use it.
In my opinion, I think it’s best to find a balance between saving and spending. It’s important to how financial goals impact spending habits and save some money for the future because it gives you more options and security. However, I also believe that it’s okay to spend some money on things that make you happy now. The key is to find a good balance that works for your personal situation.
For example, a person could save a certain percentage of their income each month for long-term goals, while also setting aside some money for current enjoyment. This way, they can work towards their future plans without missing out on life’s pleasures completely.
In conclusion, both saving for the future and enjoying life now are important. The best approach is to find a balance between the two, considering your personal goals and circumstances. This way, you can have financial security for the future while still enjoying your present life.
Sample Essay 3 (Band 5-6)
Money is very important in our lives, and people have different ideas about what to do with it. Some people think we should save money for the future, but others think we should spend it now and enjoy life. I will talk about both ideas and give my opinion.
Saving money is good because it helps us in the future. When we save, we can buy big things like a house or a car. We can also use saved money if we have problems or emergencies. Many people save money for when they are old and don’t work anymore. This is called retirement saving.
But some people think spending money now is better. They say life is short, so we should enjoy it. These people like to buy nice things, go on holidays, or eat in restaurants. They think it’s not good to save all the money and not use it to have fun.
I think both ideas are good, but we need to be careful. It’s important to save some money for the future because we don’t know what will happen. But it’s also important to impact of savings accounts on economy and enjoy life now. Maybe we can save some money every month, but also use some money to do things we like.
For example, if someone gets 1000 dollars, they can save 500 dollars and use 500 dollars for fun things. This way, they save for the future but also enjoy now.
In conclusion, I think saving money and spending money are both important. We should try to do both in a good way. This will help us have a good life now and in the future.
Explanation of Band Scores
Band 8-9 Essay:
- Fully addresses all parts of the task with a well-developed response
- Presents a clear position throughout the response
- Uses a wide range of vocabulary with very natural and sophisticated control of lexical features
- Uses a wide range of structures with full flexibility and accuracy
- Provides well-developed and logically connected ideas
Band 6-7 Essay:
- Addresses all parts of the task, although some parts may be more fully covered than others
- Presents a relevant position, although the conclusions may become unclear or repetitive
- Uses an adequate range of vocabulary for the task with some inaccuracies
- Uses a mix of simple and complex sentence forms with some errors
- Presents relevant main ideas but some may be inadequately developed or unclear
Band 5-6 Essay:
- Addresses the task only partially; the format may be inappropriate in places
- Expresses a position but the development is not always clear
- Uses a limited range of vocabulary with some repetition and inappropriate word choice
- Uses a limited range of structures with some errors that may cause difficulty for the reader
- Presents some main ideas but these are limited and not sufficiently developed
Key Vocabulary to Remember
- Financial management (noun) /faɪˈnænʃəl ˈmænɪdʒmənt/ – the planning, directing, and controlling of financial activities
- Prudent (adjective) /ˈpruːdənt/ – acting with or showing care and thought for the future
- Delayed gratification (noun) /dɪˈleɪd ɡrætɪfɪˈkeɪʃən/ – the ability to resist the temptation for an immediate reward and wait for a later reward
- Financial stability (noun) /faɪˈnænʃəl stəˈbɪləti/ – the condition of having steady income or financial resources
- Proponents (noun) /prəˈpəʊnənts/ – people who advocate for or support a theory or course of action
- Allocating (verb) /ˈæləkeɪtɪŋ/ – distributing for a particular purpose
- Financial cushion (noun) /faɪˈnænʃəl ˈkʊʃən/ – money set aside as a reserve for emergencies or unexpected expenses
- Compound interest (noun) /ˈkɒmpaʊnd ˈɪntrəst/ – interest calculated on the initial principal and the accumulated interest from previous periods
- Financial preparedness (noun) /faɪˈnænʃəl prɪˈpeədnəs/ – the state of being ready for future financial challenges or opportunities
- Moderate expenditure (noun) /ˈmɒdərət ɪkˈspendɪtʃə/ – spending that is reasonable and not excessive
In conclusion, the topic of savings accounts for long-term goals is a crucial aspect of financial literacy that frequently appears in IELTS Writing Task 2. By understanding different perspectives on saving versus spending and practicing with sample essays, you can improve your ability to articulate complex ideas on this subject. Remember to balance your arguments, use appropriate vocabulary, and structure your essay clearly to achieve a high band score.
For further practice, consider writing your own essay on this topic or related themes such as importance of emergency savings for self-employed individuals or best savings strategies during high inflation. Share your essays in the comments section below for feedback and discussion with other learners. This active practice will help you refine your writing skills and prepare effectively for the IELTS exam.