8. Money.

8. Money.

Bill and Sam discuss their finances.

Main practice:   Vocabulary about money
Revision:             Present Continuous  -  Present Perfect  -  What about…?

(current) account  -  the bank account for your everyday business

bank statement   -  the bank's monthly report on your finances

borrow  -   to use something from someone else with the intention to return it

(to) charge  - (verb and noun) to ask for payment, i.e.
  • The bank charged us a lot of interest to borrow the money.
  • The charges for car parking are too high.

interest  -  the money charged on a loan or overdraft

in the red  -  a negative amount in your account; ‘in the black' or ‘in credit' means the

major  - important; big, i.e.
  • The company is making major changes to the hours its employees work. 
  • We're having some major building work done on our house.
  • The snow is having a major impact on rail services. 

mortgage  -  the loan to pay for your house

outgoings  -  your expenses each month, i.e. rent, food, mortgage, etc.

overdraft  -  permission to have an agreed negative amount in your account

salary/salaries  -  payment for your job

savings account  -  the bank account where you save your money

to tighten your belt  -  (idiom) to spend less money than before because you have less, i.e.
  • I must really tighten my belt until I find another job.

Sam is checking their bank account. Bill is surprised that they're in the red again but Sam reminds him that they borrowed money for a holiday.

Put the following words into the gaps.
Sam: Oh, no.

Bill:   What?

Sam:  I'm just checking our bank . We're in the again.

Bill:   Really? But our have just gone into the account.

Sam:  Yes, but we money for our holiday, remember?

Bill:   Ah, yes, we did.

Sam:  So we are now very close to our limit.

Bill:   And the bank will be charging on that. What about
            next month's , is there anything major coming up?

Sam:  Only the usual, the and the repayments on the new heating system.

Bill:   Okay, well, we'll have to transfer some money from our account.

Sam:  Yes, and tighten our belts for the next couple of months.

Bill:   Agreed.


Complete the sentences.

salary - interest - mortgage - tighten my belit  -  overdraft  -  red - outgoings - credit 

1. How much are you paying on that loan from the bank?

2. Well, they chose an expensive house so they have a big .

3. Every month I'm in the . I must find a way to limit my .

4. The boss has increased my by fifteen percent; let's go out and celebrate.

5. His limit is five thousand but he tries to stay in .

6. I"ve spend too much this month. I'll have to for a while.