[Intermediate] Steps to better money management

★ tackle (문제 등을) 다루다, 씨름하다

to try to deal with something or someone

ex) There are many ways of tackling this problem.

 

 

★ in place 제자리에 (있는)

If something is in place, it is in its usual or correct position

ex) Carefully lay each slab in place.

 

 

★ set aside  (특정한 목적에 쓰기 위해) 돈, 시간을 따로 떼어두다.

an amount of money kept for a special purpose

 

 

★ It’s worth noting that ~ 알 필요가 있다, 주목할 필요가 있다.

It would be valuable or useful for you to bear in mind.

ex) It' s worth noting that the first big war of the 20th century began with an act of terrorism.

 

 

★ Pay down (돈을) 갚다, 상환하다

to pay part of an amount that you owe, so that the debt is reduced

ex) She plans to live at home with her mother while she pays down her student loan.

 

 

★ Component 요소

a part that combines with other parts to form something bigger

ex) The course has four main components: business law, finance, computing and management skills.

 

 

★ Now that ~이므로, ~ 이기 때문에

You use now that to give an explanation of a new situation

ex) Now that I live only a few blocks from work, I walk to work and enjoy it.

 

 

Quizzes

1. I _______ a little money in case of an emergency .

2. _______ you have passed your teens , be more mature.

3. The Treasury plans to _______ about $1.58 billion on the federal debt .

4. Her problem was just too big for her to _______ on her own.

 

 

Questions

1. How can we be better with money according to this video?

2. Are you good at managing your money? 

3. Do you set aside some money? If you do, then what is it for?

 

 

Script

There’s a misconception that to be good with money. You need a lot of it. Not true. What you need to be good with money is everyday management. Whether you’re planning for yourself or for your whole family there are three basic steps you can take to make the most of your money.

 

1. Create a budget
2. Set savings goals
3. Tackle your debts

 

When put into practice these steps can have a big impact not only on your monthly budget but on your overall financial future.

 

One of the first step to better money management is to create a budget and stick to it. This might sound simple but you’d be surprised how few people actually do it. You can think of your budget as your guide to reaching your financial and personal goals if you have trouble covering all your expenses each month a budget can help you avoid overspending. That’s because your budget can help you see and understand exactly where your money is going and whether or not your spending is in line with your personal goals.

 

The next step is to set savings goals with your budget in place building your savings will be that much easier because you’ll know how much extra money you have each month towards your goal. One of the best savings goals to start with is an emergency fund. Building up an emergency fund to help cover unexpected expenses like a sudden medical bill, major home or care repair or even a job loss can help you avoid going into debt when life throws you a curve ball which it will. Instead of borrowing money to cover these emergencies you’ll already have the money saved up and this could end up saving you a lot more money in the long run. Start by building up three months’ worth of expenses as a goal. Once you’ve established an emergency fund and are living within your budget you can then figure out some long-term savings goals. Whether you decide to plan for your retirement or save for a home improvement, college or eve a well-deserved vacation you’ll be better able to set aside some money and have a timeline for reaching your goals.

 

The third step is to tackle any debts you have. First as you’re working to pay them down you’ll probably want to stop adding to the debts you already have. The less debt you have the easier it’ll be to get out from under it. It could also be helpful to know what debt is costing you each month. Once you know how much your debt costs you can create a plan that helps you reduce it and eventually pay it off. The sooner you get started the more money you can save. It’s worth nothing that managing your debt and your savings go hand-in-hand. For instance if you have a debt with a very high interest rate it make sense to focus on paying it down at the same time or even before you build your entire emergency fund. As you make a plan to tackle your debt setting target goals can help you stay on track as you actually see and feel the progress you’re making.

 

These 3 steps are the basic components of money management and it’s easy to see how they can work together. By keeping a budget you’ll know what you have available to accomplish your savings goals and tackle your debts. Having an emergency fund can help you avoid adding any new debt and occasionally checking in reviewing your budget from time to time can help you set long term saving goals like a down payment on a home as your priorities and circumstances change. Now that you have an understanding of the basics why not take the next step? Being smarter with your money learning, new tips and techniques can help you today and down the road.

 

 

Answers

set aside/ now that / pay down / tackle