Group discussion enhanced english 1 2 topic how to save money

PEER ASSESSMENT- Idea, synthesize content - Make Word file - Introduction and conclusion - Start now - Automation Nguyễn Hải Anh 23D131006 - Start saving small and consistently - Determi

THUONGMAI UNIVERSITY

FACULTY OF ENGLISH

-

-GROUP DISCUSSION

ENHANCED ENGLISH 1.2

Topic: HOW TO SAVE MONEY?

Group: 6

Teacher: Pham Thi Xuan Ha

Class: K59EE1

Course code: ENPR7011

Hanoi, February 2024

THUONGMAI UNIVERSITY FACULTY OF ENGLISH -GROUP DISCUSSION

ENHANCED ENGLISH 1.2

Topic: How to save money?

Do Van Anh

Le Thi Ngoc Anh Nguyen Hai Anh Nguyen Thi Thu Hien

PEER ASSESSMENT

- Idea, synthesize content

- Make Word file

- Introduction and conclusion

- Start now

- Automation Nguyễn Hải Anh 23D131006 - Start saving small and

consistently

- Determine the best place

to store funds

Lê Thị Ngọc Ánh 23D131008 - Save money by changing

your mindset

- Must have a budget Nguyễn Thị Thu

- Increase salary

- Looking for a companion

- Power point

MEETING MINUTES - GROUP: 6 Time: from 13:00 to 14:00

Place: TMU’s library

Participants:

- Dao Thi Anh Ngoc

- Do Van Anh

- Le Thi Ngoc Anh

- Nguyen Hai Anh

- Nguyen Thu Hien

Contents for discussing: Save money

Conclusion: Introduce of topic, duty's members, content of topic.

1 Save money by changing your mindset

2 Must have a budget

3 Set clear goals

4 Automation

5 Start saving small and consistently

6 Determine the best place to store funds

7 Increase salary

8 Looking for a companion

9 Start now

Duties for participants:

PEER ASSESSMENT

- Idea, synthesize content

- Make Word file

- Introduction and conclusion

- Start now

- Automation Nguyễn Hải Anh 23D131006 - Start saving small and

consistently

- Determine the best place

to store funds

Lê Thị Ngọc Ánh 23D131008 - Save money by changing

your mindset

- Must have a budget Nguyễn Thị Thu

- Increase salary

- Looking for a companion

- Power point

Leader (Signature and name) Minute-Taker (Signature and name)

1 Introduction 6

1.1 Greeting: 6

1.2 Introducing the group’s topic: 6

1.3 Outline the presentation: 6

2 Body 6

2.1 Save money by changing your mindset 6

2.2 Must have a budget 6

2.3 Set clear goals 7

2.4 Automation 7

2.5 Start saving small and consistently 8

2.6 Determine the best place to store funds 8

2.7 Increase salary 8

2.8 Looking for a companion 9

2.9 Start now 9

3 Conclusion 9

PRESENTATION OUTLINE

1 Introduction

1.1.Greeting:

Hello everyone, my name is Anh Ngoc It is pleasure to be here to share about our group’s topic: Save money

1.2.Introducing the group’s topic:

It is often say that save money is incredibly crucial in the life Each individual should have some savings to use in the following cases:

- Prevent risks when you need to spend unexpectedly: In life, sometimes situations will arise that were not planned Therefore, you should save to promptly handle these unexpected expenses

- Minimize debt: Smart financial planning and risk savings will help you limit debt in the future - when you encounter situations where you cannot pay

- Have available money for use in retirement: When you get old, you need to have some savings to ensure your life without having to rely financially on anyone

Knowing that importance, our group of 6 will offer some ways to save for you

1.3.Outline the presentation:

 Save money by changing your mindset

 Must have a budget

 Set clear goals

 Automation

 Start saving small and consistently

 Determine the best place to store funds

 Increase salary

 Looking for a companion

 Start now

2 Body

2.1.Save money by changing your mindset

If you are having trouble with money, you need to learn how to change your mindset

from wanting to spend money to being satisfied with what you have

 Control your own spending

When you spend more than you earn, you will go into debt It could be debt from friends, relatives or credit card debt

You must control your spending if you don't want to become a debtor You should only buy necessary things that are within your ability to pay For example: Do not use credit cards Credit cards are a double-edged sword Its convenience comes with high interest rates, debts will increase exponentially if you do not pay on time

 Be satisfied with what you have and eliminate the need to spend money Many people overspend because they have a need to spend money They think spending money will make them happy and believe everything they buy is necessary In reality, most of what you really need is inexpensive and many of the things you think you need are too expensive

For example: You don’t need new clothes if the one you're wearing is still trendy and beautiful

Be satisfied and understand the value of what you have and give up the habit of wasting money

2.2.Must have a budget

If you want to manage your expenses effectively, regardless of whether your income is high or low, you cannot ignore the step of creating a budget

Creating a budget allows you to spend with a plan, according to the set limits Avoid overspending and having to borrow money to meet your consumption needs This is especially true for families with average and low incomes

When creating a budget for expenses, the entire income will be divided into specific categories such as spending, saving, investing, etc with specific monetary limits This will create a habit of spending scientifically, ensuring that your financial situation is always stable

2.3.Set clear goals

"Be as specific as possible in your goals," advises Dr Tanya Ince, a money expert and business consultant

For example: If your goal is a trip abroad, estimate the total cost Once it's clear, you'll know how much you have to save and how long you have to save it for

 Write your goals down on paper and place them in a visible place This will remind you every day For example: Ince recommends printing a photo of the car or tourist destination you want and posting it on the refrigerator door or computer screen to remind yourself every day

 Focus on important goals If we have too many goals we will get overwhelmed and make poor financial decisions That's why it's important to choose one or two top priorities If it's important It's important to save for a house, but if you have to give up the trip, don't feel bad because you can always satisfy yourself with a less expensive alternative

Setting clear goals is key so you can save effectively and achieve your financial goals

2.4.Automation

Many people set savings goals but often fall into the “trap” of spending first, saving the rest As a result, they rarely achieve their desired savings goals The effective solution is to automate saving!

Set up the automatic transfer feature from your salary account to your savings account as soon as you receive your salary This helps you “immune” against the temptation to spend and ensures effective implementation of your savings plan You can choose an automatic savings amount that matches your financial ability each

* Benefits of automating savings:

- Helps you be disciplined and persistent with your savings goals

- Remove the temptation to spend in advance, ensuring you always have savings

- Save time and effort

- Helps you track and manage finances more effectively

2.5.Start saving small and consistently

Research shows that people increase their savings over time The hardest thing

is getting started So start small and save regularly

How to find little ways to save: Look for small cuts you can make in your daily spending, like bringing lunch instead of eating out, or using coupons and discounts Every little bit counts!

Remember, consistency is key Even small amounts saved consistently can add

up to a significant sum over time So start small, be consistent, and watch your savings grow!

2.6.Determine the best place to store funds

Here are some options to consider, along with their pros and cons:

 Low-risk options (suitable for short-term goals and emergency funds):

- Savings account: Pros: Very safe, readily accessible Cons: Low interest rates

- Money market account: Pros: Slightly higher interest rates than savings accounts Cons: May require a minimum balance, interest rates can fluctuate

 Moderate-risk options:

- Certificates of Deposit (CDs): Pros: Guaranteed return if held to maturity, typically higher interest rates than savings accounts Cons: Early withdrawal penalties, limited liquidity

 Higher-risk options (suitable for long-term goals):

- Stocks: Pros: Potential for high returns, good for long-term growth Cons: Higher risk of loss, volatile market fluctuations

- Bonds: Pros: Provide regular income stream, lower risk than stocks Cons: Lower potential returns than stocks, interest rate risk

- Mutual funds and ETFs: Pros: Diversification reduces risk, professionally managed Cons: Management fees, still subject to market fluctuations

 Other options:

- Real estate: Pros: Can generate rental income, potential for appreciation Cons: High upfront costs, illiquid investment, requires ongoing management

- Retirement accounts: Pros: Tax advantages for retirement savings Cons: Restrictions on withdrawing funds before retirement age (penalties may apply)

Remember, there’s no one-size-fits-all answer to where to store your funds Do your research, understand the risks involved, and choose the option that best aligns with your financial goals and risk tolerance

2.7.Increase salary

To get more income, ask for a raise, work overtime or take on a side job For people who don’t have a big gap between spending and income, there won’t

be much money to save In these cases, focusing on increasing income is the best strategy

It is important that you have money from different sources Whether it’s a freelancer, becoming a social media influencer, or selling unwanted items, you’ll be able to set aside more money

2.8.Looking for a companion

Like changing any habit, sticking to your savings goal isn’t easy Finding someone or a group to hold you accountable can make all the difference When you have support on your journey, you’re more likely to stay motivated and reach your destination You can also listen to podcasts, join savings groups, and read inspirational materials to help you stay focused and motivated If the

people around you aren’t changing, connect with groups and online resources that will help motivate you

2.9.Start now

Get started today to make your savings dreams come true! The longer we wait, the more money we lose The power of time and accumulation is huge The difference is hundreds of thousands of dollars

If you start saving now, interest will not only accumulate on the initial amount but will be compounded For example: If you start saving $300 a month at age

25 and do it consistently, by age 65 you will have accumulated $1 million (assuming an 8% interest rate) If you start at age 35, saving the same amount every month at the same interest rate, you’ll have only $450,000 at age 65 If you start at age 45, the

amount drops to $178,000, and at age 55 it will only is $56,000

So what are you waiting for? Start saving right away!

3 Conclusion

Our presentation will end here Hope you have knew a few more effective ways for yourself to save money