Part 1: Banking & Personal Finance Collocations
Collocations are words that naturally go together. These phrases are common when talking about banking & personal finance.
Common Banking & Personal Finance Collocations
| Collocation | Example | Meaning |
|---|---|---|
| take out a loan | "He took out a loan to buy a car." | Borrow money from a bank |
| direct debit | "My rent is paid by direct debit." | An automatic payment from a bank account |
| interest rate | "The interest rate on savings accounts is very low." | The percentage charged or earned on money |
| open an account | "I opened an account at my local bank." | Start a bank account |
| credit score | "A good credit score helps you get loans." | A rating of how trustworthy a borrower is |
| monthly instalment | "She pays a monthly instalment on her sofa." | A regular partial payment |
More Banking & Personal Finance Collocations
| Collocation | Example |
|---|---|
| overdraft fee | "I was charged an overdraft fee last month." |
| fixed-rate mortgage | "They chose a fixed-rate mortgage for stability." |
| savings account | "Put some money into a savings account each month." |
| outstanding balance | "Pay off your outstanding balance to avoid interest." |
| financial advisor | "A financial advisor helped them plan for retirement." |
Practice: Collocations
Exercise 1: Complete the collocations (no hints)
1. He __________ out a loan to buy a car.
2. My rent is paid by __________ debit.
3. The interest __________ on savings accounts is very low.
4. I __________ an account at my local bank.
5. A good credit __________ helps you get loans.
Part 2: Banking & Personal Finance Idioms
Idioms add colour and natural expression to your English when talking about banking & personal finance.
Common Banking & Personal Finance Idioms:
- in the red – in debt or spending more than you have "The company has been in the red for two years."
- in the black – financially healthy or making a profit "After the new deal, we're finally in the black."
- tighten your belt – spend less money "We need to tighten our belts this month."
- nest egg – money saved for the future "They've built up a nice nest egg for retirement."
- break the bank – cost a huge amount of money "That holiday won't break the bank."
- money doesn't grow on trees – money is limited and must be earned "Turn off the lights - money doesn't grow on trees!"
Practice: Idioms
Exercise 2: Complete the idioms (no hints)
1. The company has been in the __________ for two years.
2. After the new deal, we're finally in the __________.
3. We need to __________ our belts this month.
4. They've built up a nice nest __________ for retirement.
5. That holiday won't __________ the bank.
Part 3: Banking & Personal Finance Phrasal Verbs
These phrasal verbs are commonly used when talking about banking & personal finance.
| Phrasal Verb | Meaning | Example |
|---|---|---|
| save up | accumulate money over time | "I'm saving up for a new laptop." |
| pay off | fully repay a debt | "It took years to pay off the mortgage." |
| draw out | withdraw money | "I need to draw out some cash." |
| set aside | reserve money for a purpose | "We set aside money each month for emergencies." |
| run out | have no money left | "We ran out of money before payday." |
Usage Tips:
Pay off refers to completely clearing a debt, not just making a payment.
Draw out is more British/formal for withdrawing cash; "take out" is also common.
Set aside implies planning ahead, unlike simply "spending".
Practice: Phrasal Verbs
Exercise 3: Complete the phrasal verbs (no hints)
1. I'm __________ up for a new laptop.
2. It took years to __________ off the mortgage.
3. I need to __________ out some cash.
4. We __________ aside money each month for emergencies.
5. We __________ out of money before payday.
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