Describe a time when you received money as a gift
Describe a time when you received money as a gift. You should say:
- When it happened?
- Who gave you the money?
- Why he/she gave you the money?
- And explain how you used the money.
💡 You have 1 minute to prepare and should speak for 1-2 minutes.
What it was?
A memorable moment in my life occurred during my birthday last year, when I received money as a gift from my grandparents. They had always been generous, but this particular gift held special significance for me.
Who gave you the money?
My grandparents, who live in Delhi, sent me a thoughtful gift of five thousand rupees. They are both retired and have always managed their finances well, so I felt grateful for their generosity. They often prefer giving money instead of physical gifts, believing it allows me to make choices that suit my needs.
Why he/she gave you the money?
They decided to give me this money because they wanted to support my education. I had recently been accepted into a prestigious college, and they knew that I would need funds for various expenses, including books, supplies, and even some personal items. Their gesture was not just about the money; it was their way of encouraging me in my academic journey.
How you used the money?
I carefully considered how to utilize this generous gift. First, I allocated a portion for my college books, which were quite expensive but essential for my courses. I also set aside some money for a laptop, as I needed one for my assignments and research. Finally, I saved a small amount for personal expenses, such as transportation and meals. This experience taught me the importance of budgeting and making informed decisions about money, which I believe will benefit me in the long run. My grandparents' gift not only provided financial support but also reinforced my sense of responsibility towards my education.
Why do people rarely use cash now?
People rarely use cash now because of the growing convenience of digital payments.
With the advent of smartphones and mobile banking apps, transactions can be completed within seconds.
Additionally, the COVID-19 pandemic has accelerated the shift towards contactless payments, as many people prefer to avoid handling cash for hygiene reasons.
Moreover, online shopping has become increasingly popular, making cash less practical.
These factors have contributed to a significant decline in cash transactions, with many people finding digital methods more efficient and secure.
When do children begin to comprehend the value of money?
Children typically begin to comprehend the value of money around the age of five or six.
At this age, they start understanding basic concepts such as saving, spending, and the difference between needs and wants.
Parents often play a crucial role in teaching them about money through activities like giving them an allowance or involving them in budgeting for family purchases.
As they grow older, their understanding deepens, and they learn about earning money through chores or small jobs.
Ultimately, instilling a solid foundation regarding money management from a young age is essential for their future financial literacy.
Should parents reward children with money?
Yes, parents should reward children with money, but it should be done thoughtfully.
Monetary rewards can motivate children to complete chores or achieve academic goals, teaching them the value of hard work.
However, it is important for parents to also emphasize the importance of saving and spending wisely.
This helps children understand that money is not just a reward but also a tool for future opportunities.
Balancing financial rewards with lessons on responsibility can foster a healthy relationship with money as they grow.
Is it good and necessary to teach children to save money?
Absolutely, teaching children to save money is both good and necessary.
It instills essential financial habits that can help them manage their finances effectively in adulthood.
By encouraging them to save a portion of their allowance or gift money, children learn the importance of setting goals and being patient.
This practice can also help them understand that money can grow over time through saving.
Ultimately, instilling these values early on prepares them for a secure financial future.
What are the advantages and disadvantages of credit cards?
Credit cards offer several advantages, such as convenience and the ability to build a credit history.
They allow users to make purchases without immediate cash, which can be beneficial in emergencies.
However, the disadvantages include the risk of overspending and accumulating debt due to high-interest rates.
If not managed wisely, credit cards can lead to financial troubles.
Therefore, it is crucial for users to be disciplined and understand the terms associated with their credit cards to maximize benefits and minimize risks.
Do you think it’s a good thing that more people are using digital payments?
Yes, the increasing use of digital payments is generally a positive development.
Digital payments offer convenience and speed, reducing the need for cash handling.
They also enhance security, as transactions can be tracked, minimizing the risk of theft.
Furthermore, digital payments facilitate online shopping, which has become essential in today's economy.
However, it is important to ensure that all segments of society have access to digital payment methods to avoid exclusion.
- • Use the 1-minute preparation time to make notes and organize your thoughts
- • Speak for the full 1-2 minutes - don't stop too early
- • Use past tense when describing experiences or events
- • Include specific details and examples to make your answer interesting
- • Practice transitions between different points in your answer
- • Stay calm if you can't think of a perfect example - any relevant story works