CELPIP Vocabulary for Money and Finance

The Celpip Plus team

Written and reviewed against the official CELPIP scoring criteria

Updated October 4, 202614 min read

Money & Finance collocations for CELPIP

Money runs through many CELPIP tasks, even when the prompt is not about finance. Writing Task 1 may ask you to email a company about a billing error, or ask a friend to pay back money you lent them. Writing Task 2 surveys often ask how an employer or a city should spend a budget. In Speaking, Task 1, Giving Advice, may involve a friend who wants to save for a car; Task 6, Dealing with a Difficult Situation, may involve a relative who wants to borrow money; and Task 7, Expressing Opinions, may ask whether schools should teach personal finance. These collocations help you talk about earning, saving, spending and debt precisely.

Verb + noun collocations

Collocation	Meaning	Example sentence
save money	put money aside instead of spending it	We're trying to save money by cooking at home more often.
spend money (on)	use money to buy something	I don't want to spend money on a gym I'll never visit.
earn a living	make enough money to support yourself	She earns a living as a freelance graphic designer.
make a profit	earn more than you spent	The bakery finally started to make a profit after two slow years.
pay off a debt	fully repay money that you owe	It took him five years to pay off his student debt.
take out a loan	borrow a set amount of money from a bank	We took out a loan to cover the cost of the renovation.
open a bank account	start an account with a bank or credit union	Many newcomers open a bank account in their first week in Canada.
withdraw cash	take money out of an account	I need to withdraw cash before the farmers' market on Saturday.
set a budget	plan in advance how much you will spend	Our family sets a budget at the start of every month.
invest in stocks	buy shares, hoping they grow in value	My uncle invests in stocks instead of leaving his savings in a chequing account.
cut costs	reduce expenses	The company had to cut costs after losing its biggest client.
raise funds	collect money for a specific purpose	The school is raising funds for a new playground.

Adjective + noun collocations

Collocation	Meaning	Example sentence
a tight budget	very little money available to spend	We're on a tight budget this year, so the wedding will be small.
disposable income	money left after rent, bills and other essentials	Once rent and bills are paid, my disposable income is pretty limited.
a steady income	regular, reliable earnings	A steady income made it much easier to qualify for a mortgage.
financial security	a stable money situation without constant worry	Paying off the house gave my parents real financial security.
hard-earned money	money you worked hard for	I wasn't going to waste my hard-earned money on a phone I didn't need.
a sound investment	a sensible, low-risk use of money	Many advisors call a low-fee index fund a sound investment for beginners.
a high interest rate	a large percentage charged on borrowed money	Credit cards often carry a high interest rate.
a low interest rate	a small percentage charged on borrowed money	We renewed our mortgage early to lock in a low interest rate.
hidden fees	extra charges that are not clearly shown at first	The "free" trial came with several hidden fees.
financial hardship	serious difficulty caused by a lack of money	The pandemic pushed many small businesses into financial hardship.
a competitive salary	pay that compares well with similar jobs	The job posting promised a competitive salary and full benefits.
spare cash	extra money you don't need for essentials	Any spare cash at the end of the month goes straight into savings.

Phrasal verbs

Collocation	Meaning	Example sentence
save up (for)	gradually collect money for a specific goal	We're saving up for a down payment on a condo.
put aside	keep money apart for later use	I try to put aside a little from every paycheque.
cut back on	spend less on something	We had to cut back on eating out this year.
run out of	have none left	By the third week of the trip, we'd nearly run out of cash.
live off	use a particular source of money to pay for daily life	He's living off his savings while he looks for work.
splash out on	spend a lot on something, often as a treat	We splashed out on a nice dinner for our anniversary.
get by on	manage to live on a limited amount of money	It's tough to get by on minimum wage in a big city.
pay back	return money that you borrowed	I still need to pay back the money my sister lent me.
budget for	plan your money to cover a specific cost	Make sure you budget for winter tires and car repairs.
dip into	use part of savings that were meant to stay untouched	We had to dip into our emergency fund after the car broke down.
stock up on	buy a large quantity of something to use later	We stocked up on groceries before the long weekend.
scrape by	manage with barely enough money	Some months we just scrape by until the next paycheque.

Formal and spoken phrases for money and finance

These phrases belong to money situations. Use the formal ones in Writing Task 1 emails to a bank or a company, or in a Writing Task 2 survey response about spending, and the spoken ones when you talk about your own money in Speaking.

Formal phrases for Writing

Collocation	Meaning	Example sentence
a significant proportion of income	a large share of what someone earns	For many families, rent takes a significant proportion of their income.
from a financial standpoint	looking only at the money side of a question	From a financial standpoint, renting can be more flexible than buying.
as a result of inflation	because prices have risen over time	As a result of inflation, our grocery bill has climbed sharply this year.
in terms of affordability	when you consider how affordable something is	In terms of affordability, public transit is the better option for most commuters.
the cost of living	how much money people need for housing, food and basics	The cost of living in Vancouver has risen faster than wages.
a billing error	a mistake on a bill or statement	I believe there is a billing error on my March statement.
an outstanding balance	money that is still owed on an account	According to your letter, I have an outstanding balance of $86.40.
set up a payment plan	arrange to pay a debt in smaller amounts over time	I would like to set up a payment plan to pay this amount over three months.
waive a fee	agree not to charge a fee	Since the late payment was caused by your system outage, I am asking you to waive the fee.

Spoken phrases for Speaking

Collocation	Meaning	Example sentence
tight on cash	short of money for a while	I'm a little tight on cash this week, so let's do something cheap.
cost an arm and a leg	be very expensive	That laptop cost an arm and a leg, but I need it for work.
live within your means	spend no more than you earn	My parents always taught me to live within my means.
money doesn't grow on trees	money is limited and has to be earned	My dad used to say money doesn't grow on trees every time I asked for something.
split the bill	divide the cost evenly	Let's just split the bill and call it even.
a rip-off	something that costs far more than it's worth	Twenty dollars for a sandwich? That's a total rip-off.
worth every penny	fully worth the cost, even if expensive	The course was pricey, but it was worth every penny.
my treat	I'll pay for this	Put your wallet away. The coffee's my treat.
break the bank	cost more than you can comfortably afford	A weekend camping trip won't break the bank.
on a shoestring	with very little money	We travelled across the country on a shoestring when we were students.
pinch pennies	be very careful about every small expense	We've been pinching pennies ever since I was laid off.

Connectors such as "consequently" and "in the long run" fit any topic, so they are collected on two shared pages: Formal Phrases for CELPIP Writing and Natural Spoken Phrases for CELPIP Speaking.

Worked examples

Writing Task 2: Choosing a workplace benefit

Prompt: Your employer has money left in this year's budget and is asking staff how to use it. Choose the option you prefer and explain why.

Option A: Match employee contributions to a group retirement savings plan (RRSP).
Option B: Give every employee a one-time cash bonus of $1,000.

I would choose Option A, because a matching plan would help staff for years, while a bonus would be gone in weeks.

First, a matching program offers real financial security. A one-time bonus is welcome, but most people would spend it on monthly bills. Money in an RRSP keeps growing. Even colleagues on a tight budget could put aside fifty dollars a month and see the company double it.

Second, many of my coworkers have told me they cannot afford to save for retirement. Rent and groceries take up so much of their steady income that they have almost no disposable income left. A matching plan would give them a reason to start. It is also a sound investment for the company, because it rewards staff who stay.

I understand that some employees are trying to pay off credit card debt and would rather have cash now. However, a single payment of $1,000 would not solve that problem, while a matching plan would help everyone build savings over a whole career.

For these reasons, I believe Option A is the better choice.

The answer states its choice in the first sentence, gives two reasons with specific details, and then answers the main argument for Option B.

Speaking Task 7: Expressing Opinions

Prompt: Some people think every high school student should have to take a personal finance course. Others think money skills should be taught at home. What is your opinion? Explain why.

I strongly believe high schools should require a personal finance course, for two main reasons.

First, young people make big money decisions much earlier than we think. At eighteen, many students take out a loan for college or university, or get their first credit card. If nobody has explained how a high interest rate works, they can end up with debt they'll be paying off for years. A friend of mine got a credit card in his first year of college, and by the spring he owed almost three thousand dollars. He told me later that no one had ever shown him how fast interest adds up.

Second, a course like this teaches habits, not just facts. Students could practise how to set a budget, compare a phone plan full of hidden fees with a simpler one, and save up for something they really want. Those are skills they'll use every week, whether they become nurses or electricians.

Some people say parents should teach this at home. That's true in some families, but not every parent has the time or the knowledge. A required course would make sure every student learns to live within their means, and that's why I support it.

A clear opinion, two reasons with a personal example, and a short answer to the other side fill the 90 seconds.

CLB 7 vs CLB 9: one sentence, two ways

CLB 7 version: I don't have a lot of money this month, so I don't go to restaurants.

CLB 9 version: I'm a bit tight on cash this month, so I'm cutting back on eating out.

What changed: "don't have a lot of money" became the spoken phrase "tight on cash", and "don't go to restaurants" became the phrasal verb "cut back on" with "eating out".

Common mistakes

"We did a profit" or "we got a profit" → we made a profit. Profit, money and a living are all "made" or "earned".
"I earn a living by babysitting on weekends" (when it is only pocket money) → I earn some extra money by babysitting. "Earn a living" means earning enough to support yourself.
"We need to make an economy" → we need to cut costs or save money. "Make an economy" is a direct translation from French or Spanish; in Canada, "cut costs" is the everyday phrase.
"Can you borrow me $20?" → Can you lend me $20? or Can I borrow $20? You lend money to someone; you borrow money from someone.
"Disposable income" used for all of your pay → it means only what is left after rent, bills and other essentials. Use income or take-home pay for the full amount.
"I lost my hard money" → I lost my hard-earned money. The fixed phrase needs "earned".
"It gives me financial secure" → it gives me financial security, or it makes me financially secure. Use the noun after "give", and the adverb plus adjective after "make".
"We're saving up a house" → we're saving up for a house. "Save up" needs "for" before the goal.
"We run out money" → we ran out of money. "Run out" always needs "of" before the thing you no longer have.
"I paid off my sister" → I paid back my sister (or paid my sister back). You pay back a person or a lender; you pay off a debt or a loan in full.
"We dipped in our savings" → we dipped into our savings.
"In terms of affordable" → in terms of affordability. "In terms of" is followed by a noun.
"Money is tight these days" (in a formal survey response) → many households are on a tight budget. Fine in conversation or an email to a friend, but too casual for a formal response.
"That laptop cost an arm and leg" → cost an arm and a leg. The idiom is fixed, so both articles stay.
"That's a rip off" (in writing) → That's a rip-off. The noun takes a hyphen; the verb doesn't, as in "That store ripped me off."
"I'm financially prudent" (in Speaking) → I try to live within my means. The spoken phrase sounds natural; the formal one sounds stiff in conversation.
"I'm tight in cash" or "tight with cash" → tight on cash. "Tight with money" means unwilling to spend, which is a different idea.
"It's my pay" (offering to pay) → It's my treat or It's on me.
"The rent is very expensive price" → the rent is very high or the rent is very expensive. A price is high or low; the thing you buy is expensive or cheap.

Practise

Vocabulary flashcards and quizzes: review these collocations until they come to mind without effort.
Writing Task 2 practice: answer a survey about spending money and use at least five collocations from this page.
Speaking Task 7 practice: give your opinion on a money question using "set a budget", "live within your means" and "pay off a debt".

vocabulary

CELPIP Vocabulary for Money and Finance

The Celpip Plus team

Written and reviewed against the official CELPIP scoring criteria

Updated October 4, 202614 min read

Money & Finance collocations for CELPIP

Verb + noun collocations

Collocation	Meaning	Example sentence
save money	put money aside instead of spending it	We're trying to save money by cooking at home more often.
spend money (on)	use money to buy something	I don't want to spend money on a gym I'll never visit.
earn a living	make enough money to support yourself	She earns a living as a freelance graphic designer.
make a profit	earn more than you spent	The bakery finally started to make a profit after two slow years.
pay off a debt	fully repay money that you owe	It took him five years to pay off his student debt.
take out a loan	borrow a set amount of money from a bank	We took out a loan to cover the cost of the renovation.
open a bank account	start an account with a bank or credit union	Many newcomers open a bank account in their first week in Canada.
withdraw cash	take money out of an account	I need to withdraw cash before the farmers' market on Saturday.
set a budget	plan in advance how much you will spend	Our family sets a budget at the start of every month.
invest in stocks	buy shares, hoping they grow in value	My uncle invests in stocks instead of leaving his savings in a chequing account.
cut costs	reduce expenses	The company had to cut costs after losing its biggest client.
raise funds	collect money for a specific purpose	The school is raising funds for a new playground.

Adjective + noun collocations

Collocation	Meaning	Example sentence
a tight budget	very little money available to spend	We're on a tight budget this year, so the wedding will be small.
disposable income	money left after rent, bills and other essentials	Once rent and bills are paid, my disposable income is pretty limited.
a steady income	regular, reliable earnings	A steady income made it much easier to qualify for a mortgage.
financial security	a stable money situation without constant worry	Paying off the house gave my parents real financial security.
hard-earned money	money you worked hard for	I wasn't going to waste my hard-earned money on a phone I didn't need.
a sound investment	a sensible, low-risk use of money	Many advisors call a low-fee index fund a sound investment for beginners.
a high interest rate	a large percentage charged on borrowed money	Credit cards often carry a high interest rate.
a low interest rate	a small percentage charged on borrowed money	We renewed our mortgage early to lock in a low interest rate.
hidden fees	extra charges that are not clearly shown at first	The "free" trial came with several hidden fees.
financial hardship	serious difficulty caused by a lack of money	The pandemic pushed many small businesses into financial hardship.
a competitive salary	pay that compares well with similar jobs	The job posting promised a competitive salary and full benefits.
spare cash	extra money you don't need for essentials	Any spare cash at the end of the month goes straight into savings.

Phrasal verbs

Collocation	Meaning	Example sentence
save up (for)	gradually collect money for a specific goal	We're saving up for a down payment on a condo.
put aside	keep money apart for later use	I try to put aside a little from every paycheque.
cut back on	spend less on something	We had to cut back on eating out this year.
run out of	have none left	By the third week of the trip, we'd nearly run out of cash.
live off	use a particular source of money to pay for daily life	He's living off his savings while he looks for work.
splash out on	spend a lot on something, often as a treat	We splashed out on a nice dinner for our anniversary.
get by on	manage to live on a limited amount of money	It's tough to get by on minimum wage in a big city.
pay back	return money that you borrowed	I still need to pay back the money my sister lent me.
budget for	plan your money to cover a specific cost	Make sure you budget for winter tires and car repairs.
dip into	use part of savings that were meant to stay untouched	We had to dip into our emergency fund after the car broke down.
stock up on	buy a large quantity of something to use later	We stocked up on groceries before the long weekend.
scrape by	manage with barely enough money	Some months we just scrape by until the next paycheque.

Formal and spoken phrases for money and finance

Formal phrases for Writing

Collocation	Meaning	Example sentence
a significant proportion of income	a large share of what someone earns	For many families, rent takes a significant proportion of their income.
from a financial standpoint	looking only at the money side of a question	From a financial standpoint, renting can be more flexible than buying.
as a result of inflation	because prices have risen over time	As a result of inflation, our grocery bill has climbed sharply this year.
in terms of affordability	when you consider how affordable something is	In terms of affordability, public transit is the better option for most commuters.
the cost of living	how much money people need for housing, food and basics	The cost of living in Vancouver has risen faster than wages.
a billing error	a mistake on a bill or statement	I believe there is a billing error on my March statement.
an outstanding balance	money that is still owed on an account	According to your letter, I have an outstanding balance of $86.40.
set up a payment plan	arrange to pay a debt in smaller amounts over time	I would like to set up a payment plan to pay this amount over three months.
waive a fee	agree not to charge a fee	Since the late payment was caused by your system outage, I am asking you to waive the fee.

Spoken phrases for Speaking

Collocation	Meaning	Example sentence
tight on cash	short of money for a while	I'm a little tight on cash this week, so let's do something cheap.
cost an arm and a leg	be very expensive	That laptop cost an arm and a leg, but I need it for work.
live within your means	spend no more than you earn	My parents always taught me to live within my means.
money doesn't grow on trees	money is limited and has to be earned	My dad used to say money doesn't grow on trees every time I asked for something.
split the bill	divide the cost evenly	Let's just split the bill and call it even.
a rip-off	something that costs far more than it's worth	Twenty dollars for a sandwich? That's a total rip-off.
worth every penny	fully worth the cost, even if expensive	The course was pricey, but it was worth every penny.
my treat	I'll pay for this	Put your wallet away. The coffee's my treat.
break the bank	cost more than you can comfortably afford	A weekend camping trip won't break the bank.
on a shoestring	with very little money	We travelled across the country on a shoestring when we were students.
pinch pennies	be very careful about every small expense	We've been pinching pennies ever since I was laid off.

Connectors such as "consequently" and "in the long run" fit any topic, so they are collected on two shared pages: Formal Phrases for CELPIP Writing and Natural Spoken Phrases for CELPIP Speaking.

Worked examples

Writing Task 2: Choosing a workplace benefit

Prompt: Your employer has money left in this year's budget and is asking staff how to use it. Choose the option you prefer and explain why.

Option A: Match employee contributions to a group retirement savings plan (RRSP).
Option B: Give every employee a one-time cash bonus of $1,000.

I would choose Option A, because a matching plan would help staff for years, while a bonus would be gone in weeks.

First, a matching program offers real financial security. A one-time bonus is welcome, but most people would spend it on monthly bills. Money in an RRSP keeps growing. Even colleagues on a tight budget could put aside fifty dollars a month and see the company double it.

Second, many of my coworkers have told me they cannot afford to save for retirement. Rent and groceries take up so much of their steady income that they have almost no disposable income left. A matching plan would give them a reason to start. It is also a sound investment for the company, because it rewards staff who stay.

I understand that some employees are trying to pay off credit card debt and would rather have cash now. However, a single payment of $1,000 would not solve that problem, while a matching plan would help everyone build savings over a whole career.

For these reasons, I believe Option A is the better choice.

The answer states its choice in the first sentence, gives two reasons with specific details, and then answers the main argument for Option B.

Speaking Task 7: Expressing Opinions

Prompt: Some people think every high school student should have to take a personal finance course. Others think money skills should be taught at home. What is your opinion? Explain why.

I strongly believe high schools should require a personal finance course, for two main reasons.

First, young people make big money decisions much earlier than we think. At eighteen, many students take out a loan for college or university, or get their first credit card. If nobody has explained how a high interest rate works, they can end up with debt they'll be paying off for years. A friend of mine got a credit card in his first year of college, and by the spring he owed almost three thousand dollars. He told me later that no one had ever shown him how fast interest adds up.

Second, a course like this teaches habits, not just facts. Students could practise how to set a budget, compare a phone plan full of hidden fees with a simpler one, and save up for something they really want. Those are skills they'll use every week, whether they become nurses or electricians.

Some people say parents should teach this at home. That's true in some families, but not every parent has the time or the knowledge. A required course would make sure every student learns to live within their means, and that's why I support it.

A clear opinion, two reasons with a personal example, and a short answer to the other side fill the 90 seconds.

CLB 7 vs CLB 9: one sentence, two ways

CLB 7 version: I don't have a lot of money this month, so I don't go to restaurants.

CLB 9 version: I'm a bit tight on cash this month, so I'm cutting back on eating out.

What changed: "don't have a lot of money" became the spoken phrase "tight on cash", and "don't go to restaurants" became the phrasal verb "cut back on" with "eating out".

Common mistakes

"We did a profit" or "we got a profit" → we made a profit. Profit, money and a living are all "made" or "earned".
"I earn a living by babysitting on weekends" (when it is only pocket money) → I earn some extra money by babysitting. "Earn a living" means earning enough to support yourself.
"We need to make an economy" → we need to cut costs or save money. "Make an economy" is a direct translation from French or Spanish; in Canada, "cut costs" is the everyday phrase.
"Can you borrow me $20?" → Can you lend me $20? or Can I borrow $20? You lend money to someone; you borrow money from someone.
"Disposable income" used for all of your pay → it means only what is left after rent, bills and other essentials. Use income or take-home pay for the full amount.
"I lost my hard money" → I lost my hard-earned money. The fixed phrase needs "earned".
"It gives me financial secure" → it gives me financial security, or it makes me financially secure. Use the noun after "give", and the adverb plus adjective after "make".
"We're saving up a house" → we're saving up for a house. "Save up" needs "for" before the goal.
"We run out money" → we ran out of money. "Run out" always needs "of" before the thing you no longer have.
"I paid off my sister" → I paid back my sister (or paid my sister back). You pay back a person or a lender; you pay off a debt or a loan in full.
"We dipped in our savings" → we dipped into our savings.
"In terms of affordable" → in terms of affordability. "In terms of" is followed by a noun.
"Money is tight these days" (in a formal survey response) → many households are on a tight budget. Fine in conversation or an email to a friend, but too casual for a formal response.
"That laptop cost an arm and leg" → cost an arm and a leg. The idiom is fixed, so both articles stay.
"That's a rip off" (in writing) → That's a rip-off. The noun takes a hyphen; the verb doesn't, as in "That store ripped me off."
"I'm financially prudent" (in Speaking) → I try to live within my means. The spoken phrase sounds natural; the formal one sounds stiff in conversation.
"I'm tight in cash" or "tight with cash" → tight on cash. "Tight with money" means unwilling to spend, which is a different idea.
"It's my pay" (offering to pay) → It's my treat or It's on me.
"The rent is very expensive price" → the rent is very high or the rent is very expensive. A price is high or low; the thing you buy is expensive or cheap.

Practise

Vocabulary flashcards and quizzes: review these collocations until they come to mind without effort.
Writing Task 2 practice: answer a survey about spending money and use at least five collocations from this page.
Speaking Task 7 practice: give your opinion on a money question using "set a budget", "live within your means" and "pay off a debt".