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 Money Matters 1

Money Matters
Contents

Getting started… Brainstorming, partner interviews, write a personal comment,

Vocabulary and Language
Winning the lottery
Time Banking
share your ideas in class, discuss pros and cons, mini debates,
online game.
words/phrases related to money (verb collocations, money
idioms, categorising terms, definitions of words), dictionary
search, playing a word game, analyse a song and work with
expressions, revise if sentences, a survey on money and
gender (+ conduct your own survey and editing tas), learn and
talk about pocket money: do rankings, dialogue practise,
debate on part-time jobs, learn about the history of money
(multiple matching, answering questions on text, search for
information, word match), interpret a cartoon.
“Lottery winners who lost their millions”
 practise pronunciation, revise if sentences, read
information about individual lottery winners and losers, revise
grammar, give advice, write a letter of advice, compare ideas.
“Time Banks’ Exchange Work, Not Cash”
 sentence completion, elicit information, create your own
quiz, speak about your personal experience/situation.

Students will

 share their views/attitudes towards and express their opinion on different aspects of
money: lottery, pocket money, gender, time banking

 get to know the concept of time banking

 comment on different views/pictures related to money

 revise, study and get to know words and phrases related to money in different ways
(dictionary search, collocation/sentence match, word/synonym match, cartoons etc)

 scan newspaper articles for information (discuss/answer questions, complete sentences)

 learn and talk about money

 get to know (basic) facts about money: history, gender, time banking

 revise different aspects of grammar (prepositions, if sentences)

 revise skills used in the centralised exam (Standardisierte Reifeprüfung Neu): Language
in Use multiple matching and editing
2 Money Matters

1 GETTING STARTED…

1A Brainstorming

Spend one minute writing down everything you associate with money. Then compare your
findings with your partner and complement your lists.

1 Interview your partner about money. Then share your ideas in class.

 How much money do you spend each week?

 What’s the most expensive thing you have bought in the last two weeks?

 How do you usually pay for things? Cash, maestro or credit card? Why?

 Which of the following do you use? Cash machines, piggy banks, safes?

Why?

2
 Money Matters 3

1A Talk about the pros and cons of the following means of payment.

 Banknotes

 Coins

 Credit Cards

 e-Money

 Mobile phone money

1A Think about these questions. Choose one you want to talk about with your
partner. Then share your ideas in class.

 People usually spend money on things they don’t need.

 It’s difficult to save money these days.

 Young people have too much money to spend

 Never borrow money from a friend; never lend money to a friend .

1A Changes in Change: an online game

You can put your counting skills to use by giving change after make-
believe purchases. Check out this online game on calculating change.

http://www.funbrain.com/cashreg/index.html
4 Money Matters

1C Personal comment

Look at the following cartoons and choose one. Then write a brief comment.
It is up to you to choose the form of this comment: It can be a letter, an advertising
text, a weblog entry, a newspaper article, an inner monologue (e.g. of one of the
persons in the pictures) etc.
Then read out your comments in class and compare your ideas.

from: http://www.stus.com/stus-category.php?cat=MON&sub=CSS, http://www.greatpriceshere.com/2008/06/03/best-

money-cartoons/

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 Money Matters 5

2 MONEY MATTERS: VOCABULARY AND LANGUAGE

2A Money verbs

The following verbs are commonly used with the noun ‘money’ or an amount
of a particular currency. With the help of a dictionary find out what they
mean and use ten of them to form meaningful sentences.

to count money

to bring in / earn / make money

to borrow money .

to lend money
to bank / deposit / pay in / pay
into the bank / put in the bank
to draw out / get out / take out /
withdraw money
to pay out / shell out / spend
money .
to fritter away / squander / throw
away money
to hoard / save / set aside / stash
away money
to contribute / donate / give
money
to give back / pay back / refund /
repay money
to owe sb. money

to share money

to accept / take money .

to be worth money

to change / exchange money .

to allocate / earmark money .

to channel / direct / funnel money

to embezzle / extort / siphon off /
steal money
to launder money .
from: http://esl.about.com/od/vocabularyreference/a/cl_money.htm
 6 Money Matters

2B Money Idioms

Read through the following article packed with ‘money’ idioms. With the help of a dictionary
find out what each of these idioms means and explain them using your own words.

Money Idioms: You can put your money on Tim Bowen

coming up with some more valuable idioms.
by Tim Bowen, from: http://www.onestopenglish.com

‘Money talks' as the old something expensive, you

saying goes, meaning that might say 'Hold on - I'm not
money brings you power and made of money, you know'. If
influence. There are a you are a bit short of
number of idioms that money, you probably want to
describe people who have a make sure you get your
lot of money or waste a lot money’s worth, as in ‘Get
of money on things they there early to make sure you
don’t really need. They get your money’s worth’.
spend money like water or
If you are completely sure
throw their money around.
that something will happen,
They have money to burn and
you can put your money on
have more money than sense.
it, as in ’She’ll be late.
For such people, money is no You can put money on it’.
object. Perhaps the money And if you want someone to
they have is dirty money or actually do something to
they may be in the money. show that they mean what
Maybe they are in the they say instead of just
fortunate position of talking about it, say ‘Put
earning money for old rope. your money where your mouth
is’.
If, on the other hand, you
do not have much money and
someone asks you to buy

1. put your money on sth/sb

2. money talks
3. to spend money like water/to throw one’s
money around / to have money to burn to
have more money than sense
4. money is no object .

5. dirty money

6. to be in the money

7. to earn money for old rope

8. I'm not made of money!

9. to be short of money

10. to get your money’s worth

11. to put your money where your mouth is

 Money Matters 7

2C Abba singing about money: analyse a song

Read through the lyrics of this song dealing with the subject of money and check it
out on the internet (if you don’t know it). What aspect of money does it deal with?
Then do the tasks below

Abba: Money, Money, Money

I work all night, I work all day, Aha-ahaaa
to pay the bills I have to pay All the things I could do
Ain't it sad If I had a little money
And still there never seems to be It's a rich man's world
a single penny left for me
That's too bad A man like that is hard to find
In my dreams I have a plan but I can't get him off my mind
If I got me a wealthy man Ain't it sad
I wouldn't have to work at all, And if he happens to be free
I'd fool around and have a ball I bet he wouldn't fancy me
That's too bad
Money, money, money So I must leave, I'll have to go
Must be funny To Las Vegas or Monaco
In the rich man's world And win a fortune in a game,
Money, money, money my life will never be the same
Always sunny
In the rich man's world Chorus

a) Read through the lyrics again and summarise the main idea of the
song in a few sentences. Read your summaries out and compare them.
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b) Analyse that! Explain what the following phrases mean.

to have a ball

to get oneself a wealthy man

in the rich man’s world

go to Las Vegas or Monaco

my life will never be the same

8 Money Matters

c) If I had a little money… - What are the ten things you would do “with a little
money”? Think about it for a couple of minutes and take notes. Then write
a short comment.

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Read your comment to your neighbour. Have you come up with similar ideas?
Then share your ideas in class and compare them.
 Money Matters 9

2D Money terms: categorise them

a) The following words all have to do with different aspects of money. With
the help of a dictionary find out what they mean and categorise them into
the following groups according to the field they are used in.

bankrupt salary cost net income savings expense check

bonus cashier earnings gross income credit card rise price
bargain bill receipt bank statement currency purse loan
account earn cash income exchange rate budget wage
purchase deposit reduction traveller's check scholarship spend debt
invest refund inherit pension mortgage donate tip
wallet grant shares inheritance pocket money donation winnings

Earning money Banking Buying / Spending Giving / Getting

b) Play a game!

Get together in small groups of about three students. Two groups play
with/against each other. Each of you chooses three words you will have to
explain to the rest of your small group of three in a certain time (about 30
seconds) without saying the actual word or parts of it.
If your group manages to guess the right word within the given time, you
will get a point. If not, it’s the other group’s turn. Within your group also
take turns so that everybody of you explains and guesses. The group with
the highest score wins.
10 Money Matters

2E Editing: Women are better at dealing with money than men

You are going to read an article on women’s and men’s handling of money. In some lines of
the text there is one word that is not necessary. Write the extra word in the space provided
after each line. Some lines are correct. Indicate these with a tick. The first two have been
done for you.

0
An international survey has found out that women are better at managing 
0
money than men. They work harder than to become financially than
1
independent from and they are not as likely to get into debt as men. ________________
2
The survey showed that both men and women think the same. Almost 5,000 ________________
3
men and women in twelve countries were got asked. ________________
4
Although 40% of women said they used credit cards most of them thought ________________
5
that having more than one credit card could lead to financial problems. On ________________
6
the other hand side most women admitted that they spent more than men. ________________
7
The results of the survey could help companies understand what the needs ________________
8
of women because they live longer and usually have less money than when ________________
9
they retire. Women who share their money with their husband often suffer ________________
10
more when a relationship ends. Some of them have saved up money if they ________________
11
get into such a situation, others simply don't care about. ________________
12
About six out of every other ten women said they were financially ________________
13
independent. However, almost every half thought that a man should be ________________
responsible for the paying the mortgage or house payments. 14
________________

adapted from http://www.english-online.at

Go through the text again. Do you agree? Where do you (dis)agree? Share your ideas in
class.
 Money Matters 11

2F Survey: Gender and money matters

Go through the text above again. Note down those points that are said to have been asked
in the survey (e.g. debt, credit cards, spending per month, etc.). Form questions that you
can use to find out about other people’s money behaviour. Compare your questions with the
rest of the class. Discuss different options and agree on a set of questions.
Now conduct your survey. Ask as many people as possible (friends, family, etc.).
Then evaluate your outcomes and present them in class. What did the others find out?
Compare your results to those mentioned in the article. Is there anything different?
12 Money Matters

2G Children’s pocket money in danger: Read the article then do the tasks
below.

a) What comes to your mind when you hear the term “pocket money”?
Together with your partner collect ideas and use the following
questions as starting points.

 Did you have enough pocket money when you were a young teen?

 Are you saving up for anything at the moment?

 From what age do you think children should start receiving pocket money?

 Do you think kids complain about their pocket money?

 What do you think is a reasonable amount of weekly pocket money?

 Is it OK to stop giving pocket money to kids if times are tough?

 What would you do with more pocket money?

b) How do you use your pocket money? Have a look at the following list and
complete it if there is something missing. Rank them and share your
rankings with your partner. Put the most important at the top. Change
partners and share your rankings again.

Ranking

Computer games, DVDs, CDs etc.

save

food

school stuff

presents

clothes

going out (cinema, clubs, etc.)

 Money Matters 13

c) Now read the following article on pocket money and how teenagers
suffer from the bad economical situation.

Children's pocket money falls to 7-

year low
http://uk.reuters.com
London, Sep 20, 2010, by David Milliken

LONDON (Reuters) – Children's Parents paid daughters

weekly pocket money has fallen to less pocket money than
a seven-year low, in a sign sons, in a parallel to
parents are still cutting back on the gender gap in the
non-essential spending even as the earnings of grownups.
country emerges from recession, a
Girls received an average
survey showed on Monday.
5.70 pounds a month,
Halifax, part of Lloyds Banking compared to 6.08 pounds a
Group, said average pocket money month for boys, a
fell to 5.89 pounds a week in 2010 difference of around 6
from 6.24 pounds in 2009. The new percent compared to 12
figure is the lowest weekly sum percent between men and
since 2003 when parents paid an women in full-time work.
average of 5.79 pounds.
Halifax based its data on
Children's pocket money has fallen a survey of 1,204
despite a small rise in their children aged between 8
parents' wages over the past year. and 15 conducted from
Average weekly pay in Britain in August 26 to September 2.
the three months to July was 431
pounds excluding bonuses, 1.8
percent more than a year earlier.

d) Dialogues: Talk to your

parents!
Get together in pairs.
Imagine one of you is the
parent who does not or
cannot hand out pocket
money, and the other one
is the teenager despera-
tely waiting for and
complaining about her/his
weekly pocket money.
Think about your argu-
ments for a couple of
minutes. Then perform the
dialogues in front of the
class.
 14 Money Matters

e) Debate on part-time jobs:

Get together and think about what possibilities there are for teenagers to
earn money (e.g. baby sitting, giving tutoring lessons, etc.). Make a list and
share your ideas and experiences in class.
Then divide the class into two groups. One group favours the idea of giving
pocket money to teenagers (whether you speak from a parent’s perspective
or your own you may choose), while the other group strongly believes that
teenagers should earn money from part-time jobs.
Form 2 circles so that 2 students from different groups face each other. Talk
to each other for a few minutes each, then change partner and start again.
Your teacher takes the time and will tell you when to change partners. After
your discussions go back to your seats and talk about your experiences
during the debates.

2H The history of money

What do you know about the history of money? Together with your partner make a
list. Compare with the rest of your class. Then do the following tasks.

a) Read the article on the history of money. Complete the text with the
headlines provided in the box.

Credit cards The History of Money Paper money Early Forms of Money Coins

Money

Money is something people in himself. They soon saw that they

various cultures think of in needed each other. The fisherman
different ways. A London banker needed furs to protect himself
and an African tribesman have from the cold and the hunter
different ideas of what money is. needed something to eat, so they
Many people think of money as a exchanged their goods. This is
currency – metal coins and paper called barter.
bills. We need it to buy things
Barter also had disadvantages. If
and we get money for the work we
there weren’t any more people who
do. So, money is a way of
needed the hunter’s furs he
exchanging goods and services.
couldn’t trade them for the things
(1) he needed.
__________________________________
(2)
In early civilisations people did _________________________________
not have money. They traded
objects. Maybe a hunter had more As time went on, people used
animal furs than he could use and things that were valuable as a
his neighbour might have caught kind of money. Cattle was one of
more fish than he could eat the earliest forms of money and
 Money Matters 15

people who had many cows were Until the middle of the 20th
thought to be very rich. Later on, century governments all over the
grain and salt were common forms world had deposits of gold that
of money with the advantage of was worth as much as the money
being able to weigh them. they gave to their people. Paper
money had many advantages, such as
The Aztecs used cacao beans as being cheaper to make and easier
money. They were valuable and easy to carry around.
to carry. The early American
But there were also dangers.
colonists used gunpowder, tobacco
Governments could produce as much
and nails as money, as these
paper money as they wanted. If
things were very rare.
they produced too many banknotes
(3) and gave them to the people, they
_________________________________ would have too much money to
spend. If there were not enough
In the course of time people goods to buy, prices would go up.
searched for better ways of The money then would lose its
trading goods. They found out that value. We call this inflation.
metal, especially gold and silver, Today, the amount of money in
was very valuable. Some historians circulation is controlled by
believe that the first coins were central banks. They make sure that
made at around 700 B.C. by the paper money has a constant value.
Lydians. The Greeks and Romans
also had silver and gold coins. In the second half of the 20th
Their value was guaranteed by the century people realized that they
government. didn’t have to carry money around
to buy the things they needed.
But it was not until the late Information about money was sent
Middle Ages that coins became from bank to bank, so you could
common throughout Europe. Metals have your money transferred from
were stamped and coins had to have one place to another without
a certain weight. People knew how touching it.
many coins they needed to buy
something because they had a fixed (5)
value. _________________________________
(4)
Today, more and more people use
_________________________________
credit cards to buy things. You
don’t have to take real money with
Paper money came into use about you. With a credit card the bank
300 years ago. The idea came from lends its customer money to buy
goldsmiths who gave people pieces something. The customer signs a
of paper in exchange for their small slip of paper and the shop
gold. These bills could be assistant sends it to the bank and
exchanged for their gold later on gets his money at once. A few
and they told you that real gold weeks later the customer pays the
and silver existed somewhere. money back to the bank.

adapted from: http://www.english-online.at/economy/money/money-value-history-functions.htm

b) Answer the following questions:

 What did early civilisations do instead of using money?
 What objects were used?
 Who used the first coins and when was that?
 What are the advantages of paper money?
 Why did governments have deposits of gold?
16 Money Matters

c) Look back at your list: What new information could you get from the
article? Complete your list.

d) Now match the following explanations with the appropriate words from the
text.

_______________ quantity, sum

_______________ to put a sign on a coin

_______________ the money that a country uses

_______________ trade; to give someone something for something else

_______________ a round piece of metal that is used as money

_______________ a system without money; you exchange goods for other goods

_______________ buying goods from and selling goods to other countries

_______________ the money that all the people in a country have

_______________ a national bank that controls the money in a country

_______________ to let someone borrow money from you

_______________ a safe place where you put money or a lot of gold

_______________ a piece of paper money

th
e) The following cartoon reflects a period in the 19 century when panning for
gold was popular among adventurers. Look at it and answer the questions
below. Talk to your partner, then share your ideas in class.

1. What/whom does the miner represent?

_______________________________________

_______________________________________
2. Where are the gold nuggets coming from?

_______________________________________

_______________________________________
3. Where is the ‘river’ coming from?

_______________________________________

_______________________________________
http://ecedweb.unomaha.edu/lessons/feus7.htm
 Money Matters 17

3 WINNING THE LOTTERY

3A Dialogue: Winning the lottery

In the following dialogue two people talk about winning the lottery. Read through it and
look at intonation and stress. Practise with your partner. Then perform it in front of the
class.

A: Tom, take a look at this! This guy's won ten million dollars in the lotto!

B: What luck!

A: What would you do if you won ten million dollars?

B: Well, I know what I WOULDN'T do! If I won so much money, I wouldn't spend it. I'd put
it in the bank!

A: You've got to be joking! I'd make sure to spend at least the first two million having a
good time and buying things I've always wanted. I'd definitely spend a lot of time
travelling.

B: Use your head! If you spent money like that, you'd soon have spent all your winnings!

A: You are so boring! If you were in his shoes, you'd just put money in the bank.

B: That's right. I'm sure I'd eventually start spending some money, but I'd be very careful to
make that money last for the rest of my life.

A: What use would that be, if you didn't have any fun?

B: Oh, I'd have fun. I'd just be careful about how much fun I'd have.

A: I can't believe you!

B: Well you know the saying 'different strokes for different folks'*!

* different strokes for different folks = different people believe or enjoy different things

from: http://esl.about.com/od/intermediatepronunciation/a/id_imagine.htm
18 Money Matters

What would YOU do if you won the lottery? Read through the following list and tick
those you agree with. What are other possibilities? Write down a list and compare
with your partner. Then share your ideas in class. What are the top five ideas?

If I win a lot of money, I …

 will give up my job.

 will buy new things.

 won’t tell anybody.

 will give money to everyone asking for it.

 will go on a spending spree.

 will give it away to the poor.

Top five list:

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

3B Lottery winners who lost their millions

Having piles of cash only compounds problems for some people. Here are sad tales
of foolishness, hit men, greedy relatives and dreams dashed.
The following article presents four different examples of people who have not been
so lucky after winning the lottery. Get together in groups of four. Each of you reads
one text (A, B, C and D) and takes notes. You then tell each other in one or two
sentences what your text was about. Take notes. Then do the tasks below.

from http://new-million-dollar-ideas.blogspot.com/2007/10/7-lottery-winners-who-lost-their.html
 Money Matters
A: Living in a trailer
"Winning the lottery isn't always what it's cracked
up to be," says Evelyn Adams, who won the New
Jersey lottery not just once, but twice (1985, 1986),
to the tune of $5.4 million. Today the money is all
gone and Adams lives in a trailer.
"I won the American dream but I lost it, too. It was
a very hard fall. It's called rock bottom. Everybody
wanted my money. Everybody had their hand out.
I never learned one simple word in the English
B: Living on food stamps
William “Bud” Post won $16.2 million in the
Pennsylvania lottery in 1988 but now lives on his
Social Security. “I wish it never happened. It was
totally a nightmare,” says Post.
A former girlfriend successfully sued him for a
share of his winnings. It wasn't his only lawsuit. A
brother was arrested for hiring a hit man to kill
him, hoping to inherit a share of the winnings.
Other siblings pestered him until he agreed to
invest in a car business and a restaurant – two
ventures that brought no money back and further
strained his relationship with his siblings.
C: Back to the basics
Ken Proxmire was a machinist when he won $1
million in the Michigan lottery. He moved to
California and went into the car business with his
brothers. Within five years, he had filed for
bankruptcy.
“He was just a poor boy who got lucky and wanted
to take care of everybody,” explains Ken's son
D: Even more…
One Southeastern family won $4.2 million in the
early '90s. They bought a huge house and
succumbed to repeated family requests for help in
paying off debts. The house, cars and relatives ate
the whole pot.
Eleven years later, the couple is divorcing, the
house is sold and they have to split what is left of
What do you think? How could this have happened? Talk about this and share
your ideas. What are strategies to avoid these unlucky situations? In small
groups think about each case and find solutions. Then share your ideas in class.
19
language: 'No.' I wish I had the chance to do it all
over again. I'd be much smarter about it now," says
Adams, who also lost money at the slot machines
in Atlantic City. "I was a big-time gambler," she
admits. "I didn't drop a million dollars, but it was a
lot of money. I made mistakes, some I regret,
some I don't. I'm human. I can't go back now so I
just go forward, one step at a time."
Post even spent time in jail for firing a gun over the
head of a bill collector. Within a year, he was $1
million in debt.
Post admitted he was both careless and foolish,
trying to please his family. He eventually declared
bankruptcy.
Now he lives quietly on $450 a month and food
stamps. “I'm tired, I'm over 65 years old, and I just
had a serious operation for a heart aneurysm.
Lotteries don't mean anything to me,” says Post.
Rick. “It was a hell of a good ride for three or four
years, but now he lives more simply. There's no
more talk of owning a helicopter or riding in limos.
We're just everyday folk. Dad's now back to work
as a machinist.”
the lottery proceeds. The wife got a very small
house. The husband has moved in with the kids.
Even the life insurance they bought ended up
getting cashed in.
"It was not the pot of gold at the end of the
rainbow," says their financial advisor.
20 Money Matters

3C Even more losers…

Here are yet other examples of people who won and lost everything. Choose the correct
expression to complete the sentences.

1) Willie Hurt of Lansing, Mich., ……………………………………… $3.1 million in 1989.

a) has won b) won c) had won

2) Two years later he was broke and charged ……………………………………… murder.

a) with b) of c) on

3) His lawyer says Hurt spent his fortune ………………………… a divorce and crack cocaine.

a) on b) for c) about

4) Janite Lee won $18 million in 1993. Lee was generous ………………………… a variety of
causes, giving ………………………… politics, education and the community.

a) with / to b) to / away c) to / to

5) Eight years after winning, Lee had filed ………………………… bankruptcy with only $700
left in two bank accounts and no cash ………………………… hand.

a) for / in b) for / on c) in / on

6) Suzanne Mullins won $4.2 million in the Virginia lottery in 1993. Now she's deeply
………………………… debt ………………………… a company that lent her money.

a) in / to b) on / to c) for / about

7) She borrowed $197,746.15, which she agreed to pay back ………………………… her yearly
checks ………………………… the Virginia lottery.

a) on / from b) over / of c) with / from

8) She blamed the debt ………………………… the lengthy illness ………………………… her
uninsured son-in-law, who needed $1 million for medical bills.

a) on / of b) on / from c) over / of
 Money Matters 21

3D Advice for lottery winners

In 3D you read about people who lost everything after having won millions and found
strategies for avoiding such situations. Now read an expert’s tips on what you should do and
what you should avoid in case you win the lottery.

How to deal with winning the lottery

You won the lottery! With the winning ticket in hand, you'll probably be thinking to yourself
how incredibly lucky you are. However, what happens after you win the jackpot isn't all that
it's cracked up to be. Read on for information on how to claim the prize and use your windfall
wisely.

1. Keep quiet. Don't tell anyone until you actually have the money.
2. Read carefully all instructions for claiming your prize on the lottery ticket and on the
responsible agency's website. Make a photocopy of the front and back of your ticket, and
deposit the original in a safety deposit box in a reputable bank.
3. Contact a lawyer immediately to weigh your legal options regarding keeping bank
accounts and dividing the winnings.
4. After receiving your money, (with the aid of legal counsel) contact a reputable accountant
or financial advisor before spending.
5. Give yourself a modest initial spending spree and then sock the rest of it away so you can
live on the interest.
6. Do NOT quit your job. You are now very wealthy, however, you will need something to
keep you busy and keep you from spending all of the money. Try to work part-time, and file a
leave of absence.
7. If you were miserable at your job, quit, and go back to school or try for a new job. Do NOT
buy a company out of spite. It will still cost a substantial amount of money.
8. Invest, invest, invest. Diversify your portfolio, but have a cap on risky investments.
Consider safer routes, such as a retirement plan, time deposits, Certificates or Money
Markets.
9. Lie low. Keep your old friends close. This will keep you or anyone else from getting
kidnapped or getting mugged. There is no need for a press release, you don't need the
publicity. You can live comfortably without raising suspicions.
10. Buy smart. You may have enough money to buy a small country, but you still have to run
that country. Consider the additional expenses involved in buying an acre of house or a fleet
of Porsches before buying.
11. Commit this to heart: You did not earn this money; you won it at an improbable game.
Don't be a nut about getting rich. This is just like anything else in life. If you spend a little time
planning, get some help when needed, and use moderation, you will do just fine.
12. Treat your family well.
from: http://www.wikihow.com/Deal-With-Winning-the-Lottery

What do you think about them? Did you come up with similar ideas? What is different? What
is the same?
22 Money Matters

3E Letter of advice

Imagine you are a financial expert working for a company specialised in the field of lottery
money and your job is to advise people who won the lottery. Choose one of the examples in
3B: Imagine this person has just won the lottery and all the problems have not yet started.
Write a letter of advice telling him what he should do or should not do in order to avoid
losing all the money in short time.
Remember the structure of a letter and do not forget to use suitable vocabulary for giving
advice.

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________
 Money Matters 23

4 TIME BANKING

4A Read the following article, then do the tasks below

'Time Banks' Exchange Work, Not Cash

MICHAEL RUBINKAM | 06/ 3/10

http://www.huffingtonpost.com/2010/06/03/time-banks-exchange-work-
barter_n_599059.html

ALLENTOWN, Pa. — No money? No newer banks with names

problem! Pay with time, instead. like "Back On Track" have
That's what Maria Villacreses did joined Community Exchange
when the economy put a hitch in in offering an
her wedding plans: She used "time alternative to cash. Time
dollars" on everything from a Banks USA, an advocacy
wedding-day makeover to an group in Washington, says
elaborate seven-layer cake. interest in time banking
has surged: About 115 now
In a modern twist on the ancient
operate nationwide, with
practice of barter, people like
100 more in early stages
Villacreses are joining time banks
of development.
to help them get the things they
Membership fluctuates but
need or want without having to
is believed to total more
spend cash.
than 15,000.
In a time bank, members get credit
"People see time banking
for services they provide to other
as a way to deal with the
members, from cooking to
economic pressures they
housekeeping to car rides to home
are feeling, especially
repair. For each hour of work, one
in places hit hardest by
time dollar is deposited into a
the recession", said Jen
member's account, good for
Moore, membership and
services offered by other members.
outreach coordinator for
Scores of time banks are being Time Banks USA.
started in hard-hit communities
In Maine, where paper
around the nation – and thousands
mills and shoe
of devotees are helping each other
manufacturers have
survive tough financial times.
closed, time dollars buy
"Even though we were planning to everything from guitar
do something small and simple, it lessons to yard work –
takes a lot of money, time and even prayer. In
effort. Through time banking, I California, they buy
got a lot of help," said haircuts, tax help and
Villacreses, who belongs to aromatherapy. In
Community Exchange, a 10-year-old Michigan, child care,
time bank in Allentown, where 500 plumbing and yoga.
members offer everything from
In South Carolina, Back
electrical work to tai chi.
on Track Charleston was
As the economy recovers amid launched recently to help
stubbornly high unemployment, down-on-their-luck
24 Money Matters

residents get, well, back on dollars by writing for

track. It's already got 80 the Community Exchange
members. newsletter, hosting
Community Exchan-ge
Winborne Evans relies on Back on
meetings at her house and
Track to supply her with baby-
helping other members
sitting while she picks up extra
with their resumes and
shifts as a waitress. She's also
job searches.
using time dollars, which she
earns by sitting for other Time banks are labour-
members' kids, to help get her intensive and can be
fledgling beekeeping business off difficult to keep going.
the ground. "Becoming a single mom Most of the successful
recently ... I truly can't imagine ones eventually get a
where I would be without it, paid staff, either by
mostly because I can't afford a raising grant money or
baby-sitter, and I can't afford to affiliating with a larger
pay people to help me with my organization. Lehigh
bees," said Evans, 29. Valley Hospital & Health
Network, the Allentown
Unlike bartering, transactions in
region's largest employ-
time banking are not usually
yer, pays the small staff
reciprocal. Instead, Jane baby-
of Community Exchange.
sits for John, John fixes Mary's
leaky faucet, Mary drives Tom to Manager Laura Gutierrez
the doctor's office, and so on, said time banks are worth
all of them earning and spending the effort. "Since the
time dollars. Their labour is economy has been poor,
valued equally: One hour is always people need to be a
worth one time dollar. little more creative
about using resources
People often join for economic
within a community that
reasons but wind up getting more
might not have been
out of it. Among the benefits:
considered resources in
networking, getting to know
the past," she said.
neighbours, building a sense of
community and keeping skills Which is exactly what
sharp. Villacreses did to
salvage her wedding
"Part of it is very practical,"
plans: The 28-year-old,
said Judith Lasker, a professor at
who is fluent in English
Lehigh University in Bethlehem who
and Spanish and earns
is co-writing a book on time
time dollars as a medical
banking. "There's another part of
interpreter and by
it that's very ideological. People
offering rides and pet-
believe the best way to survive in
sitting, thought she
this crazy, unpredictable world is
would have to scale back
to forge local ties, support local
when her fiancée’s hours
economies ... and support local
at work were cut in half.
people in a variety of ways."
Then fellow Community
Services provided by Allentown's Exchange members sugges-
Community Exchange – including ted she use time dollars
gardening, cleaning, cooking and to pay for services that
transportation – have allowed 79- would typically cost
year-old Joan Stevenson to stay in hundreds of dollars.
her home and out of assisted
On the big day, the bride
living. "I'm enriched by it, not
sat at her dining room
only from the services I receive
table while a complete
but by being able to contribute,"
stranger, Marilyn Shive,
said Stevenson, who earns time
did her makeup. "Show me
 Money Matters 25

which colours you tend to like," service, time bankers

said Shive, a Community Exchange took photos and played
member who sells beauty products. the organ. In all, the
As Shive applied foundation and wedding cost about 200
eyeliner, another member of time dollars. By spending
Community Exchange delivered the her time wisely,
cake. Others brought food and Villacreses figures she
decorated the sanctuary and saved about $2,000.
reception hall. During the

a) Complete the following sentences in your own words.

1) According to the article, a time bank works as follows:

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

2) Villacreses started using ‘time dollars’, because

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

3) People often join, because

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

4) Besides its practical side, time banking is, according to Professor Judith Lasker,

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

5) Some of the banks get employees, because

26 Money Matters

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

b) Go through the article again. What examples of time banking services are
mentioned? Make a list:

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

4B It’s quiz time!

Read through the article again. Find five questions that can be answered with the
information from the article. Write them on a sheet of paper together with the
answer and hand it in. Your teacher will collect your questions and put them
together in a questions pool.
Then form 2 groups. Your teacher will read the questions to you. The group who
knows the answer sends one student to the front of the class to answer the
question. The group with the highest score wins.
 Money Matters 27

4C Being part in a time bank

What do you think about the concept of a time bank? Would you like to do that?
What could you offer? Do you think you could use other people’s services? Make a
list of things you could offer and a list of things you could use.

What I could offer: What I could use:

Now share your ideas in class.

28 Money Matters

Answers

2B put your money on = to feel very sure that something is true or that somebody will
succeed, money talks = meaning that money brings you power and influence, to spend
money like water / to throw their money around / to have money to burn / have more
money than sense = to have a lot of money or waste a lot of money on things one
doesn’t really need, money is no object = to have a lot of money and be able to buy
what they want, dirty money = money earned through crime, to be in the money =
suddenly rich through money (won or been given), to earn money for old rope = earning
money very easily without much work or effort, I'm not made of money = not to have
much money, to be short of money = not to have much money, to get your money’s
worth = feel that what you have got is worth the amount you paid for it, Put your money
where your mouth is = to show that you mean what they say instead of just talking
about it.

2D  Earning: bonus, earn, earnings, income, gross income, net income, rise, salary, wage;
 Banking: account, bank statement, bankrupt, budget, cash, cashier, check, traveler's
check, credit card, currency, debt, deposit, exchange rate, invest, loan, mortgage,
savings, shares;  Buying: bargain, bill, cost, expense, price, purchase, purse, receipt,
reduction, refund, spend, wallet;  Giving/Getting: donate, donation, grant, inherit,
inheritance, pension, pocket money, scholarship, tip, winnings

2E 1 from, 2 = OK, 3 got, 4 = OK, 5 = OK, 6 hand, 7 what, 8 than, 9 = OK, 10 = OK, 11 about,
12 other, 13 every, 14 the

2Ha) (1) The History of Money; (2) Early Forms of Money, (3) Coins; (4) Paper money; (5)
Credit cards

2Hd) amount =quantity, sum, stamp = to put a sign on a coin, currency = the money that a
country uses, exchange =trade or to give someone something for something else, coin =
a round piece of metal that is used as money, barter = a system without money; you
exchange goods for other goods, trade = buying goods from and selling goods to other
countries, circulation = the money that all the people in a country have, central bank = a
national bank that controls the money in a country, lend = to let someone borrow
money from you, deposit = a safe place where you put money or a lot of gold, bill = a
piece of paper money

3C 1b, 2a, 3a, 4c, 5b, 6a, 7c, 8a

 AWS
TIPP

ARBEITSGEMEINSCHAFT WIRTSCHAFT UND SCHULE

WIR BRINGEN DIE WIRTSCHAFT INS KLASSENZIMMER

Die AWS ist Partner

des Bildungscluster-Büros.

IMPRESSUM
Medieninhaber:
AWS Arbeitsgemeinschaft Wirtschaft und Schule im
Rahmen des Instituts für Bildungsforschung der Wirtschaft,
Wiedner Hauptstraße 63, 1045 Wien

Die Arbeitsgemeinschaft Wirtschaft und Schule (AWS) ist

eine Initiative von Wirtschaftskammer Österreich (WKÖ) und
Österreichischem Sparkassenverband und ist als Projekt am
Institut für Bildungsforschung der Wirtschaft (ibw),
Rainergasse 38, 1050 angesiedelt.

Leiter: Mag. Josef Wallner

Autorin: Mag.Theresa Klimpfinger

Redaktion: Gudrun Dietrich