Describe a method that helps you save money

 Cue Card - 2 

Describe a method that helps you save money.

1. What method?

- Recurring deposit

2. When you started?

- 3 years ago

3. How you knew it?

- My mother told me

- Aunt in neighbourhood 

4. Explain its helpfulness.

- Saves money for emergency 

- Proper rate of interest 

1. I save money in a recurring deposit account in the post office.

2. I started this practice 3 years ago.

3. My aunt in the neighbourhood works in a post office so, my mother suggested this to me.

4. It is very useful as it helps me to save money for tough times and rate of interest is appropriate, so it is like an investment. 

Money is the most desirable commodity and it brings a smile to every face and gleam to every eye. People put in a lot of effort to earn money. And in today’s world, maximum emphasis is laid on money. Tough I am spendthrift and a shopaholic but I have sure that I save some amount of money for bad times. Whenever I get my pocket money, I make a list of few things I need to spend my money on in a particular month and buy them. Every month, I deposit a part of my pocket money in my recurring deposit account at the post office. This idea was given to me by my mother. A lady in our neighborhood who works at the post office completes the monthly deposit procedure for me. The rate of interest is also good and I have been following this for about three to four years. When my deposit matures, I re-deposit the entire amount and continue the cycle. In this way, I have been able to save a substantial amount of money. And I feel one should be encouraged to save from childhood because tough financial times are unpredictable. To conclude, I would say that for financial security money should be spent wisely and saved generously.

Follow ups:

1. What can parents do to teach children to save money? (Parents can buy children piggy banks to encourage them to form a habit of saving money.)

2. Why do young people tend to waste money? (Akk Young people are not wise or experienced enough to spend money judiciously. So they spend extra money on unnecessary things.)

3. What kinds of things people like to buy in your country? (People in India like to buy a wide variety of things. Women generally spend money to buy clothes and jewellery. Men may like to buy vehicles and children prefer toys.)

4. Do schools in India teach anything about financial management? (I do not think so because as far as I know, no school in India has generic lessons on financial management. Such lessons are restricted to students who choose to study commerce after 10th grade.) 

5. Why is it necessay to teach teenagers to manage money? (It is necessary to teach money management to teenagers because if they are not taught at this age, they may find it difficult to manage their finances later in their life.)

6. How do parents give pocket money in your country? (It varies from family to family. Some parents prefer giving a weekly or montly pocket money to their children, while others give it as and when needed.)