"Real time speech to text" can be defined as accurate conversion of words that represents uttered word instantly after speaking. Speech-to-text-conversion is a useful tool for integrating people with hearing impairments in oral communication settings, e. g. counseling interviews or conferences. However, the transfer of speech into written language in real time requires special techniques as it must be very fast and correct to be understandable. Our aim is to develop software that enhances the user's way of speech through correctness of pronunciation following the English phonetics. This software allows one to learn, judge and recognize their potential in English language. It also facilitates an extra add-on feature which nourishes the user's communication skills by an option of text to speech conversion also. The paper introduces and discusses different techniques for speech to text conversion and its process that described in complement with the options that are already in use. This paper presents a method to design a Text to Speech con version module by the use of Matlab. This method is simple to implement and involves much lesser use of memory spaces.