11. Reading. How to manage pocket money (2017)

Task 2 (10 points)
Read the text and do the task. Choose the appropriate phrase in the gap (1-10). Use each phrase only once. An example (0) has been given.

 

 

As a teenager, you may regularly face one problem – (0) money management. In today’s world, the majority of parents give pocket money or a monthly allowance to their teenage kids. So how do you as a teenager make the best use of this allowance? Let’s explore.

The first thing you must remember is that pocket money is not easy money (1) want new clothes or to watch a moviespending is better than savingfor the purpose of spendingevery penny countshave to do a particular task or choreunnecessary spendingto save first and spend latermore financially happy in lifesaving, budgeting, goal setting and financial disciplinemay need during the dayplaying football or going to the park or beach . A lot of teenagers do not understand the importance of pocket money and only think of it as a means to get what they want. But keep in mind that pocket money is an excellent way for you to learn such things as (2) may need during the dayevery penny countssaving, budgeting, goal setting and financial disciplinemore financially happy in lifeplaying football or going to the park or beachto save first and spend laterunnecessary spendingwant new clothes or to watch a moviehave to do a particular task or chorespending is better than savingfor the purpose of spending .

Pocket money can be of two types – free money and earned money. Free money is when you receive an allowance without you having to work for it. The second type – earned money – is when you (3) for the purpose of spendingmay need during the dayunnecessary spendingwant new clothes or to watch a moviemore financially happy in lifeto save first and spend latersaving, budgeting, goal setting and financial disciplineplaying football or going to the park or beachhave to do a particular task or choreevery penny countsspending is better than saving to earn an allowance.

Ok, you must be thinking – pocket money is meant to be spent, so why are we talking of saving? This is because the rule of financial planning is (4) may need during the dayhave to do a particular task or choreplaying football or going to the park or beachevery penny countsto save first and spend laterfor the purpose of spendingsaving, budgeting, goal setting and financial disciplinespending is better than savingunnecessary spendingmore financially happy in lifewant new clothes or to watch a movie . When you receive your pocket money for the week or the month, first put aside a small amount as saving. It is important to put your savings away in a separate place and do not keep them along with the money used for expenses.

Saving is one important aspect of your pocket money. But the more important is to stop
(5) may need during the dayfor the purpose of spendingspending is better than savingwant new clothes or to watch a movieevery penny countssaving, budgeting, goal setting and financial disciplineto save first and spend laterunnecessary spendingplaying football or going to the park or beachmore financially happy in lifehave to do a particular task or chore . You can grow money only if you save and you can save only if you spend less than you receive.

When the month begins, plan your monthly budget by deciding what you need to buy. There may be some cases when you (6) unnecessary spendingmore financially happy in lifeplaying football or going to the park or beachsaving, budgeting, goal setting and financial disciplineevery penny countsfor the purpose of spendingto save first and spend laterspending is better than savingwant new clothes or to watch a moviemay need during the dayhave to do a particular task or chore . Include these in your budget.

Control your expenses on a daily basis. Remember that (7) saving, budgeting, goal setting and financial disciplinefor the purpose of spendingunnecessary spendingevery penny countsplaying football or going to the park or beachmore financially happy in lifehave to do a particular task or choreto save first and spend laterwant new clothes or to watch a moviespending is better than savingmay need during the day . Think of innovative ways of spending time with your friends which does not involve spending money. This can include (8) saving, budgeting, goal setting and financial disciplinemay need during the dayspending is better than savingfor the purpose of spendinghave to do a particular task or choreto save first and spend laterplaying football or going to the park or beachmore financially happy in lifeevery penny countsunnecessary spendingwant new clothes or to watch a movie .

Another thing to control your expenses is to avoid carrying all the pocket money you get in your wallet. Instead keep it in a piggy bank or in an envelope. Take only what you (9) have to do a particular task or choreplaying football or going to the park or beachto save first and spend latermay need during the dayspending is better than savingevery penny countswant new clothes or to watch a moviemore financially happy in lifesaving, budgeting, goal setting and financial disciplinefor the purpose of spendingunnecessary spending with a small amount of extra cash when you go out. This way, you will not
spend more than was planned.

Receiving pocket money or an allowance from your parents teaches you to become financially disciplined and independent. Spend your pocket money wisely, save regularly and plan your investments sensibly to become (10) unnecessary spendingto save first and spend latersaving, budgeting, goal setting and financial disciplinefor the purpose of spendingevery penny countsmore financially happy in lifemay need during the dayplaying football or going to the park or beachhave to do a particular task or chorewant new clothes or to watch a moviespending is better than saving .