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Money Basics  - Financial Problem Solving Strategies

Money basics  -, financial problem solving strategies, money basics financial problem solving strategies.

Money Basics: Financial Problem Solving Strategies

Lesson 2: financial problem solving strategies.

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Financial problem-solving strategies

Have you ever experienced a financial problem? Do you feel like finances are holding you back from reaching your goals? This lesson will give a brief overview of the general problem-solving process and how to apply it to the most common financial problems.

The problem-solving process

First, let's take a look at a general problem-solving process that you can apply to any situation, not just a financial one.

• Identify the problem . The first step in solving a problem is to identify it. What exactly do you need to overcome?
• Make a plan. What are the steps you need to take in order to overcome the problem?
• Implement the plan . This step actually puts the plan you created in place. While it sounds fairly straightforward, this is usually the most difficult step.
• Evaluate the plan . Although this is listed last, this step might actually occur simultaneously with implementing the plan. Things happen and circumstances change, so you may need to re-evaluate your plan as it is happening.

Identifying the problem

The first step in the problem-solving process is to get to the root of the problem and understand what you need to overcome. Here is a list of the most common financial problems people may face:

• Lack of income/job loss
• Unexpected expenses
• Too much debt
• Need for financial independence
• Overspending or lack of budget
• Lack of savings

When thinking about these common problems, each one falls into one of three areas: You need more money, you need to reduce your debt, or you need to change how you spend.

Making a plan

After identifying the problem you need to overcome, it's time to make a plan. Not sure where to start? No worries! We have you covered with some tips and places to begin.

Problem 1: You need more money . Whether you've lost your job, met an unexpected expense, or are working on becoming more financially independent, a form of income is necessary.

If you are a looking for additional work or maybe just a better-paying job, take some time to update your resume and cover letter. Make sure they are neat, up to date with your most current information, and free of spelling and grammar errors.

Be wary of any advertisements or jobs that offer fast, easy money. A lot of quick-cash methods come with unintended consequences. More often than not, if something sounds too good to be true, it probably is.

Problem 2: You need to reduce your debt . With high interest rates or the need to live paycheck to paycheck, high debt can be debilitating. Sometimes it feels like climbing a neverending mountain with an invisible peak. However, by prioritizing and negotiating your debt, you can make it more manageable.

Try listing all of your debt and the interest rates associated with each. Focus on paying off the ones with the highest interest rates first. If you're having trouble making payments, call the loan company and see if it can offer any solutions for you. The company may be able to lower your interest rate or offer a temporary forbearance to help you get back on your feet. If you need more help tackling your debt, you may want to contact a professional debt counselor like Consolidated Credit.

Problem 3: You need to change how you spend . Going from financial problems to a healthy financial status often requires organization and a shift in thinking. Avoiding overspending, building your savings, and gaining financial independence can often be accomplished with good spending habits.

The first thing you may want to try is creating a budget. There are many templates and resources available to help you create one. Sticking to one can be challenging, but simply having a budget laid out can help you see where you need to start spending less.

In addition to your budget, create a savings plan. Start out small. Even stowing away an extra dollar or two here and there can make a big difference. Also, try placing your savings in a place you cannot easily access. For example, create a savings account at a bank you don't usually use. The more difficult it is to access your money, the less likely you are to spend it.

Implementing the plan

Although the explanation of this part is the simplest, this is often the most difficult part to actually execute. It requires self-discipline and perseverance. The most important part of this step is to know that if your plan doesn't work or if you have a difficult time sticking to it, all is not lost. If it happens, move on to the next step, evaluate your plan, then repeat the process.

Overcoming financial obstacles can require changing your lifestyle, and this does not happen overnight. However, just having a plan itself can help to give you confidence and reassurance that you can eventually overcome whatever is in your way.

Evaluating your plan

As you implement your plan, you'll need to continually evaluate it. Maybe something happens and your original plan needs to change. Perhaps you've learned more along the way and realize that your original plan was incomplete. Or maybe your first plan went as planned and was a success. No matter the circumstances, it is always a good idea to look back and re-evaluate. Try answering these questions:

• Was your problem solved? Did a new problem arise?
• What went right?
• What went wrong?
• What circumstances changed?
• Was there anything you didn't account for?
• What was easy about implementing your plan?
• What was difficult about implementing your plan?

Financial obstacles can often seem debilitating and impossible to overcome. They often create a significant source of financial anxiety . We hope this lesson will help give you the confidence to take on your problem one step at a time so you can conquer your anxiety and move forward.

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Solving money problems

Part of Maths Money Year 4

What is problem solving?

Problem solving is a great way to put your money knowledge into practice and think about how money is used in the real world.

Remember that RUCSAC can help you solve word problems:

More on Money

Find out more by working through a topic

What is financial decision making?

• count 5 of 6

How much have I spent?

• count 6 of 6

What is currency?

• count 1 of 6

Compare and order amounts of money

• count 2 of 6

16 Money Word Problems with Solutions and Answers (By Grade)

By: Author Amanda L. Grossman

Posted on Last updated: January 9, 2024

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Develop students’ money life skills plus work on math concepts with real-life money word problems with solutions and answers.

Bell ringers, math centers, classroom money pickles, daily warm-ups…you can sneak these money word problems with solutions and answers into your student’s day in lots of different ways.

Or, make them the highlight of your 30-minute personal finance session – use whatever time you’ve got.  

The exciting thing about using money word problems and consumer math worksheets is you’re giving your students the chance to practice both math AND money life skills they’ll be able to use out in the wilds of the “real world” (like in the produce section of the super market).

Awesome! Let’s dig in.

Money Word Problems with Solutions and Answers

Money word problems can begin as early as 2 nd grade with simple addition and subtraction.

And they get increasingly more complex – two steps, then multiple steps, and more complex thinking – as students go through middle school and then high school.

We’ll start with the easier money word problems, and move into more complex ones, by grade.

Psst: do your students need a refresher on counting money or identifying coins? Here are free 2 nd grade money worksheets , 14 money counting games , and a bunch of free consumer math worksheets .

Money Word Problems Grade 3

While there’s no mention of money for Grade 3 Common Core Standards , you can relate several of the math standards to money word problems.

Teaching students math AND money life skills at the same time? #winning.

For example:

• Number and Operations in Base Ten (CCSS.MATH.CONTENT.3.NBT.A.2) : Fluently add and subtract within 1000 using strategies and algorithms based on place value, properties of operations, and/or the relationship between addition and subtraction.
• Operations and Algebraic Thinking (CCSS.MATH.CONTENT.3.OA.D.8) : Solve two-step word problems using the four operations. Represent these problems using equations with a letter standing for the unknown quantity. Assess the reasonableness of answers using mental computation and estimation strategies including rounding.

Here are some worksheets with money word problems to help your students practice these concepts.

1. Money Task Cards + Scavenger Hunt

This free set of money task cards each has mostly one-step money word problems on them.

You can cut them out, and do a scavenger hunt around the room to get students up and moving. OR, she has lots of other ideas for how to use them. There’s also a worksheet asking students to come up with their own money word problem using specific amounts.

Very helpful!

2. Money Shopping Word Problems

Scroll down on this page, and you’ll find a nice collection of shopping money word problem worksheets for free.

Students will work through:

• Adding up the cost of ordered items from a menu
• Calculating their change after an order
• Calculating sales tax

They’ve also got some good free worksheets on Wage word problems, simple and compound interest calculation word problems, etc.

Hint: there’s worksheets in here for older grades, too.

Two-Step Money Word Problems for 3 rd Graders

You likely saw above that third graders are supposed to be doing two-step word problems.

Two-step money word problems require two calculations to complete them. They’re not entirely straightforward – your students will need to think things through a bit more before they can come up with the correct answer.

3. Money Within $100 Word Problems

Get your set of 5 free, two-step money word problems within $100. Each word problem has space to draw and work through the problem.

4. Simple Two-Step Money Word Problems

Here’s a three-page set of two-step money word problems that have students add up the total amount of spending, then figure out how much change they should get back.

There are spaces for students to work out each of the two steps.

Hint: this is a free set of money word problems, but you’ll need a free Teachers Pay Teachers account to access it.

5. August Problem Solving Path Worksheets

I just love the real-world approach this packet of word problems takes.

She includes a math journal for each problem (there is one money word problem, and the rest are word problems involving other common core standards for 3 rd graders), and a rubric on the math journal sheet so that you can easily grade based on your student’s work.

There’s both a US and a UK version.

6. Two Simple Two-Step Money Word Problems

And here’s another set of two-step money word problems for 2 nd -4 th graders. Again, kids are asked to add up the total cost of items purchased, then calculate how much change they would get back.

7. Can I Buy It? Word Problems

If you’re looking for an easier set of two-step word problems for your bunch of students, then you should check these out.

8. Mix of One-Step and Two-Step Money Word Problems

Here’s a simple worksheet that has a mix of both two-step and one-step money word problems for 3 rd graders. The theme is around ordering food items.

Money Word Problems with Solutions and Answers Grade 5

There are no Common Core State Standards for Mathematics (CCSSM) specifically for money math at the 5th grade level.

However, you can relate the math concepts in the CCSSM to real-life money scenarios with these money word problems.

• Number and Operations in Base Ten (CCSS.MATH.CONTENT.5.NBT.B.5 – B.7) : Students should be able to perform operations with multi-digit whole numbers and decimals to the hundredths (which is an essential skill when working with money).
• Operations and Algebraic Thinking (CCSS.MATH.CONTENT.5.OA.A.2) : Students should be able to understand and write expressions and equations and solve real-world and mathematical problems using addition, subtraction, multiplication, and division.

1. Bertie’s Big Win

Students are tasked with figuring out how much money Bertie won through the lottery, based on the fractional amounts he spent on various things (like a house, a trip to space, a luxury yacht, etc.).

Answer sheet is included, which is good – because this is a tough one!

Hint: they say on the website that the 4 th grade versions of his money word problems are a bit easier than the 5 th grade ones, so you might want to try those if this seems too hard for your class.

2. YMI’s Healthy Meal, Healthy Budget Worksheets

Grab your free teaching kit (for grades 3-5, then 6-8) that pairs healthy eating lessons with 5 money math word problems you’d find in the real world.

For example, the first word problem asks students to plan a meal for two people using chicken tenders as the base. They’re given the serving size for each person, then two different options to buy and asked to calculate which is the best money (by calculating the per-unit cost and then comparing that with what they get). 

Answers and explanations are provided.

3. Mixed Practice Money Word Problems

Students are given three paragraphs describing a real-life scenario that is going to cost money. Then, students are asked a series of questions below it, and will need to use multiple kinds of calculations to solve them (subtraction, addition, multiplication, etc.).

4. Value Your Power Word Problems

Here’s a set of money math worksheets tied to electricity use in the household.

In the first activity, students are asked to decipher an electricity bill. They’ll chart the kilowatts used each month of the year, and then work through a series of questions based on that information (such as calculating an average monthly cost).

There’s also a Value Your Power Scoreboard worksheet students can take home as a family challenge.

Hint: it says it’s for 4 th grade – but I suspect these would be great for some 5 th grade students anyway.

5. Thanksgiving Dinner PBL

This project for grades 3-5 starts with the following driving question:

“ I need to feed my family of six for Thanksgiving. For my meal I need an appetizer, main dish, two side dishes, a dessert, and a drink (at least). I have $175 to spend on all the ingredients and any decorations I may want. What should I make?”

Students are tasked with creating a meal plan, recipes, and a grocery list with prices.

Hint: you’ll need a free account on ShareMyLesson.com to download this free lesson plan and rubric.

Advanced Money Word Problems for Older Students

Got a group of high schoolers, or advanced middle schoolers to find money word problems for? These multi-step money word problems and money-thinkers might be just the thing.

Money Word Problem #1: Ad Sale Decode

Money Lesson : Ads aren't always truthful, or as good of a deal as they first seem.

Norgay Sherpa, a mighty Everest climber who has personally climbed to the top of Everest three times (called summitting), saw a television commercial for a pair of Black Diamond Trail Pro Shock Trekking Poles. They have non-slip grips + are collapsible (something that would be very helpful on future climbs).

He wants to purchase them, but is confused about how much his total cost will be. Here are the details for a pair of trekking poles:

• Two easy payments of $127.05
• $9.95 Shipping & Handling
• Get one extra pair free (an incredible deal!), just pay Shipping & Handling (S&H)

What is Sherpa Norgay's total cost going to be?

Answer : $274. How you get there is adding the two “easy payments” of $127.05 + $127.05 + $9.95 S&H + $9.95 S&H (for the second “free” pair).

Money Word Problem #2: Car Insurance Snafu

Money Lesson : How auto insurance works.

One of your expedition partners, Sandy, is facing a money dilemma. She called her husband over Base Camp's satellite phone and found out he was in a car accident. Don't worry, he's okay! But their family car looks like it was in an Avalanche.

Here are the details:

• The accident was her husband's fault, meaning he hit the other car.
• Her family has a liability auto insurance policy that insures both of their vehicles.
• They pay a monthly premium of $96/month.
• They took the vehicle to a repair shop, and the quote to repair their car is $875.
• They have an auto insurance deductible of $500.

How much is this car repair going to cost Sandy and her family out of their own pocket?

Answer : $875. They don't have comprehensive car insurance, and Liability Only insurance means costs to repair the other person's car will be paid, but not their own car. So, they're left to pay the full $875.

Money Word Problem #3: Foreign Currency Mix Up

Money Lesson : How to figure out the value of a US Dollar against one of the other 168 currencies in the world.

Mingma Sherpa has been an outstanding partner for your expedition team. He's done all of his duties to help you on Everest − such as setting up your tents and cooking some of your meals − and was paid 360,908.33 Nepalese Rupees for doing so.

It is common courtesy to tip your Sherpa, especially when they've done a great job. If you were to tip Mingma 51,593.24 Nepalese Rupees, how many US Dollars would that be?

Assume that 1 US dollar = 103.186 Nepalese Rupees.

Answer : $500 US Dollars. That's 51,593.24/103.186.

I hope you've found some helpful money word problems with solutions and answers. I think these can open up some fun and helpful discussions with and between students that will help them manage their money as adults.

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Money word problems

Here you will learn about money word problems, including the values of the coins in our money system and solving a variety of money word problems.

Students will first learn about money word problems as part of measurement and data in 2nd grade and continue to build on this knowledge as they learn how to operate with decimals as a part of numbers and operations in base 10 in 5th grade.

What are money word problems?

Money word problems use US money in cents (¢) and dollars (\$).

To solve money word problems, you need to know the names and values of the coins and bills in our money system.

There are also bills for different dollar amounts. The first four bills are…

For example,

Solving in cents \textbf{(¢)} :

Jesse has 4 pennies, 3 nickels and 2 dimes. How many cents does Jesse have in total?

4 pennies = 4¢

3 nickels = 15¢

2 dimes = 20¢

So Jesse has 39¢.

Solving in dollars \bf{(\$)} :

A pair of shoes costs \$22.45. Joe buys 3 pairs of them, how much will the 3 pairs cost?

= 66 wholes, 12 tenths, and 15 hundredths.

The 3 pairs cost \$67.35.

[FREE] Arithmetic Worksheet (Grade 4 to 6)

Use this quiz to check your grade 4 to 6 students’ understanding of arithmetic. 10+ questions with answers covering a range of 4th, 5th and 6th grade arithmetic topics to identify areas of strength and support!

Common Core State Standards

How does this relate to 2nd grade math and 5th grade math?

• Grade 2 – Measurement and Data (2.MD.C.8) Solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using \$ and ¢ symbols appropriately. Example: If you have 2 dimes and 3 pennies, how many cents do you have?
• Grade 5 – Numbers and Operations in Base 10 (5.NBT.B.7) Add, subtract, multiply, and divide decimals to hundredths, using concrete models or drawings and strategies based on place value, properties of operations, and/or the relationship between addition and subtraction; relate the strategy to a written method and explain the reasoning used.

How to solve money word problems

In order to solve money word problems in cents:

Recall the value of each coin.

Find the total for each type of coin.

Add all total coin values.

Write a sentence answering the money word problem question.

In order to solve money word problems in dollars:

Read the question carefully and decide which operation(s) to use.

Use what you know about decimals to solve.

Money word problems examples

Example 1: whole number word problem – adding coins.

Mark has 12 pennies and 5 nickels. How many cents does he have?

Each penny is 1¢. Each nickel is 5¢.

2 Find the total for each type of coin.

12 pennies = 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 = 12¢

5 nickels = 5 + 5 + 5 + 5 + 5 = 25¢

3 Add all total coin values.

4 Write a sentence answering the money word problem question.

Mark has 37¢.

Example 2: whole number word problem – adding coins

A pencil costs 3 dimes and 2 quarters. How many cents does the fancy pencil cost?

Each dime is 10¢. Each quarter is 25¢.

3 dimes = 10 + 10 + 10 = 30¢

2 quarters = 25 + 25 = 50¢

A fancy pencil costs 80¢.

Example 3: whole number word problem – subtracting coins

Kia has 3 quarters. A piece of gum costs 6 nickels. If Kia buys one piece of gum, how many cents will she have left?

Each nickel is 5¢. Each quarter is 25¢.

6 nickels = 5 + 5 + 5 + 5 + 5 + 5 = 30¢

3 quarters = 25 + 25 + 25 = 75¢

Kia will have 45¢ after buying one piece of gum.

Example 4: decimal word problem – one step addition

Hank buys a bottle of water for \$1.95 and a sandwich for \$4.56. How much did he pay in total?

You need to add to find the total of the water and the sandwich together.

One way to solve with decimals is to use what you know about fraction addition.

1.95=1 \cfrac{95}{100} \quad and \quad 4.56=4 \cfrac{56}{100}

\begin{aligned} & 1 \cfrac{95}{100}+4 \cfrac{56}{100} \\\\ & = 5+\cfrac{151}{100} \\\\ & = 5+\cfrac{100}{100}+\cfrac{51}{100} \\\\ & = 5+1+\cfrac{51}{100} \\\\ & = 6 \cfrac{51}{100} \\\\ & = 6.51 \end{aligned}

Hank paid \$6.51 for the bottle of water and sandwich.

Example 5: decimal word problem – one step division

Two boxes of markers cost \$8.28. If each box costs the same, how much does one box of markers cost?

You need to take the total cost and divide it between the two boxes.

One way to solve with decimals is by breaking up the decimal into each place value.

8.28 \div 2=(8+0.2+0.08) \div 2=

0.2 \div 2=0.1

0.08 \div 2=0.04

Add the partial quotients:

4 + 0.1 + 0.04 = 4.14

Each box of markers cost \$4.14.

Example 6: decimal word problem – one step multiplication

Sara is saving to buy a science kit. She saves \$11.25 each week. How much money will she have saved after 5 weeks?

You need to multiply since she saved the same amount each week.

One way to solve with decimals is by breaking up the decimal into friendly numbers.

11.25 \times 5=(11+0.25) \times 5=

11 \times 5=55

Add the partial products:

55 + 1.25 = 56.25

After 5 weeks, Sara will have saved \$56.25.

Teaching tips for money word problems

• When first introducing 2nd graders to the money system, give them plenty of opportunities to use real life coins. This will help them memorize the value of each coin and also encourage solving by skip counting.
• Give 2nd graders experiences representing the same amount of money in different ways. For example, ask them, “How many different ways can you show 45 cents with coins?” This gives students practice memorizing the coin values and also encourages them to look for patterns.
• Solving money word problems can be difficult for students who have a lower reading comprehension. Provide visuals or phonics support to any student who may need it, so that their reading comprehension is not a barrier for this skill.
• Math worksheets, including money word problem worksheets, can be a good way for students to practice, but they should not be the only way that students learn this skill. Set up real-world scenarios in the classroom that involve solving with money, such as budgeting, to give students real life experiences connected to this skill.
• While you may introduce them separately, at some point it is necessary to combine practice with subtraction word problems and addition word problems so that students can practice figuring out which operation to use.

Easy mistakes to make

• Use two decimals places to record money in dollars Always use two decimal places when writing the final amount of money in dollars. For example, if your answer is 3.4, write it as \$3.40, using two decimal places to represent all the money positions.

Related lessons on arithmetic

• Calculator skills
• Skip counting
• Number sense
• Inverse operations
• Two step word problems

Practice money word problems questions

1. There are 3 dimes, 6 pennies and 4 nickels. How many cents are there?

Each penny is 1¢. Each nickel is 5¢. Each dime is 10¢.

6 pennies = 1 + 1 + 1 + 1 + 1 + 1 = 6¢

4 nickels = 5 + 5 + 5 + 5 = 20¢

There is 56¢.

2. A bag of chips costs 75¢. Mark has 3 quarters and 17 pennies. If he buys a bag of chips, how many cents will he have left?

Each penny is 1¢. Each nickel is 25¢.

17 pennies = 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 + 1 = 17¢

Subtract to find the cents he will have left.

Mark will have 17¢ left.

3. Maryam has 5 dimes and 3 pennies. Then she finds 2 nickels. How many cents does Maryam have now?

3 pennies = 1 + 1 + 1 = 3¢

2 nickels = 5 + 5 = 10¢

5 dimes = 10 + 10 + 10 + 10 + 10 = 50¢

Maryam now has 63¢.

4. Daniel buys a new pair of headphones for \$34.99. If he pays the cashier \$50, how much change will Daniel get back?

You need to subtract to find the difference between the money he gave the cashier and the cost of the headphones.

One way to solve with decimals is to use a number line.

From 35 to 34.99 is subtracting 0.01 more, so 50-34.99 = 15.01.

Daniel will get \$15.01 back.

5. A website charges \$9.99 a month to watch tv shows and movies. How much will 4 months cost?

You need to multiply to find the total price since each month is the same price.

One way to solve with decimals is by breaking up the decimal into place values.

Then combine each place value.

Whole numbers: 36 + 3 = 39

Tenths: 0.6 + 0.3 = 0.9

Hundredths: 0.06

Four months will cost \$39.96.

6. Maria had \$13.45 saved and then she was given \$23.50 on her birthday. How much money does she have now?

You need to combine the money she has saved and the money she was given, so add the numbers.

13.45=13 \cfrac{45}{100} \quad and \quad 23.50=23 \cfrac{50}{100}

Maria has \$36.95 now.

Money word problems FAQs

In 5th grade, students operate with decimals using their own strategies based on place value understanding and the connection to whole number and fraction operations. 6th grade is when students learn the standard algorithm for decimal operations.

Because coins have the value of 1, 5, 10, and 25, learning to operate with the coins builds student understanding of not only the operations but of patterns in our Base 10 system. When students begin to solve in dollars, they deepen their understanding of operating with decimals.

Learning how to use the money system is an important life skill. As students get older they will encounter situations like calculating the total of a bill or making change, so it is important that they have classroom experiences that promote the understanding of our money system.

The next lessons are

• Properties of equality
• Addition and subtraction
• Multiplication and division

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Make Money with your Mathematical Skills: 5 Websites that Pay

• by Denise Hilton
• August 15, 2020
• 14 Comments

Are you exceptionally good at Mathematics and don’t know what to do with it? Worry no more because we might just have the right opportunity for you. You can actually use your mathematical skills to make money online.

Generally, people who are good at mathematics have a fewer career options when they are done with their studies. You have the option teach at school, college or university level. You can even work in a scientific organization as a researcher and help build amazing new models. Some people are not so fortunate. They have to do further specializations in order to get a suitable job that matches their financial requirements.

This guide is about sharing some really cool opportunities that allow you use your Computer and Internet connection to earn a living. You can actually earn around $20 to $30 per hour with your Math skills.

Keep on reading to know how to do it exactly.

5 Websites that Pay you for your Math Skills

Here are some websites and apps where you can make money by either solving math problems or teaching math online:

Study.com offers an excellent opportunity for Math experts to join their online platform and help students online. As a High school maths expert, you will be expected to answer student questions as they come. Sometimes you will have to write detailed explanations for your answers to help students understand better. Don’t worry about making mistakes though. They have a team of reviewers to help you along the way. Your work will almost always go through a review before it gets delivered to the students. You’re expected to be really good at school level math, algebra, trigonometry and geometry. All you need to have is a computer with an reliable internet connection to apply for the role.

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Love teaching mathematics? Preply brings an exciting opportunity to earn money by teaching math online. Sounds simple right? They have some teaching jobs that pay as much as $50 per hour depending on your skill and experience. Applying for such tutoring jobs is very simple. All you need to do is to create your tutor profile on their platform and apply for the jobs that are suited to you. You can simply browse a list of such jobs and write a short proposal to apply for them. Most tutors earn around $500 per week. So if you work consistently you can simply do the math. You can set your own work hours depending on your schedule.

If you are familiar with the Freelance industry you must have heard the name ‘Upwork’ at least once. It’s currently the most popular freelance platform in the world. Just like Upwork offers freelance jobs in almost every area of the IT industry, it also offers online jobs for Math experts. As surprising it is, they have a huge list of such jobs updated everyday. To apply for maths jobs, you need to create a profile on Upwork and put in as much details as possible about your expertise and experience. It’s also okay if you’ve just finished your studies and looking for work. Once you’ve verified your profile, you can start apply for the jobs by sending a proposal with brief details about your offerings. If the clients like your bid, you will get the job.

Math Cash App

Now this is probably the most fun way to get paid for your math skills. You can actually earn money by solving math problems. You’re going to be a hell lot surprised the way it works. You can win money by competing with other players in a game of arithmetic expressions. As a player, you will be participating in a Math cash duel. You will have to solve 20 sets of arithmetic expressions in 60 seconds. You can beat your opponents by solving those expressions as fast as you can. Whoever wins the race, wins the points. It’s like a perfect game for nerds that gives out real cash prizes.

Yup.com is a great online tutoring platform where you can teach maths to students globally and earn steady income. It’s one of the most user-friendly tutoring services out there. You don’t have to be tech-savvy to use this platform. Simply create your tutor profile and decide your work hours. However, you should know that you will be going through a Math proficiency exam and a Teaching exam . Getting in can be a tough task but it’s equally rewarding. Yup.com supports these subjects: Math, Algebra, Trigonometry, Geometry, Probability and Calculus.

What if you don’t have Direct Deposit in your country? If you don’t have Direct Deposit or Paypal in your country you don’t need to worry. Simply create a Payoneer account and it will allow you to receive your Direct Deposit payments directly to your bank account.

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14 thoughts on “Make Money with your Mathematical Skills: 5 Websites that Pay”

Great work there. You guys are amazing. Keep it up. Cheers !!!

Thanks for the encouragement!

this is an awesome list of websites for teachers who want to make money online.Thanks for posting.

It is a great site specially for those who prefer to work from home online.

Thank u Soo much for this encouragement I wants apply in it for nowww

Thank you Denise 😉

You’re welcome 🙂

Thank you so much!

Thank you so much

Thank you so much for this article, it made me so content your way of writing is so cheerful and uplifting, keep it up.

Great article. I will checkout these sites if they will work out for me.

awesome and encouraging

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Core Math Worksheets

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These money word problems worksheets engage students with real world problems and applications of math skills. The problems are grouped by addition and subtraction (appropriate for second or third grade students), or multiplication and division (appropriate for fourth or fifth grade students who have mastered decimal division), or combinations of all four operations. Click one of the buttons below to view the individual worksheets in each set.

Addition and Subtraction

28 money word problems worksheets.

Addition and subtraction word problems for money.

Multiplication and Division

20 money word problems worksheets.

Introductory word problems for multiplication and division.

Mixed Operation Money Word Problems

16 money word problems worksheets.

Mixed operation word problems with money.

Addition and Subtraction with Extra Facts

Addition and subtraction word problems for money with extra unused facts in the problem.

Multiplication and Division with Extra Facts

Word problems for money multiplication and division with extra unused facts in the problem.

Mixed Operation Money Word Problems with Extra Facts

Mixed operation word problems with money with extra unused facts in the problem.

Word Problems to Introduce Money Skills

Money is a powerful and familiar application of basic math operations, and the money story problem worksheets on this page are perfect for grade school age children to start putting their basic arithmetic skills to work.

The worksheets start with sets that have exactly the information needed to solve particular money word problems, but an important skill is to learn to identify excess or unused facts in the problem description. Because money problems in the real world appear in the context of lots of information you may not need to solve a problem, recognizing what information is important is often as critical a skill as being able to do the basic arithmetic. The money word problems worksheets marked as having 'extra facts' on this page are appropriate for 3rd or 4th grade students who can confidently solve other problems.

The word problems are grouped into sets focusing on addition and subtraction, or multiplication and division, or combinations of all four operations. If you are learning basic math facts, worksheets appropriate to the operations you are working on may help solidify concepts and can be used alongside math fact practice for extra support. Because these are all money story problems, they typically involve both dollars and cents, so students will need some familiarity with decimal arithmetic to solve them.

For a visual introduction to money, check out the Money Worksheets page, which includes Making Change and a really nice set of Printable Play Money that can be a great manipulative aid when solving money word problems and more!

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Students will absolutely need to know how to handle money in their daily lives. Math Games is here to make sure that happens! Our free educational games motivate kids to hone and develop this skill by combining instructional tools with competitive fun.

Our games can be played on computers and mobile devices, and we offer other free resources (such as printable worksheets) to facilitate math review inside and outside the classroom. Pupils can use our tools to practice:

• Counting and understanding money values
• Adding and subtracting money
• Making change and interpreting price lists
• Calculating tips, markups, discounts and commission
• Understanding simple and compound interest

With Math Games, pupils complete tasks that are specially tailored to their individual abilities and grade level, and get to have a blast in the process! Choose a skill to start playing now.

5 Simple Steps to Resolve Money Problems

Money problems can take many forms..

Posted April 23, 2019

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Money problems can take many forms. You might be swamped with debt, struggling to save or pay for college for your kids or worried about outliving your resources in retirement . (Retirement? What retirement?)

Maybe you’re confused by a bewildering array of options and so you do nothing, which just adds to your stress and deepens the hole you find yourself in.

But money problems are just itching for solutions, if you have the foundation, courage and focus to make changes.

By foundation, I mean the basic knowledge you need to understand how to make financial decisions that move you toward the life you value.

If your first reaction is, "Whoa—I don’t know much about the fine points of money," you’re not alone. Here’s a quiz to give you a quick idea of how firm your financial foundation is right now.

Answer each with either TRUE or FALSE:

• Spending more than I can afford (adding to debt) reduces my financial well-being. ___
• The more debt I carry, the more difficult it is to save. _____
• Spending on things I do not truly value is likely to lead me into trouble. ___
• Having a liquid emergency fund is prudent for unexpected expenses or situations, like a major home repair or losing my job. _____
• Investing in risky assets is a dangerous strategy for money I’ll need in the short-term. ___
• Protecting my most valuable assets (health, family, property) is important. ____
• I should have a Will and Powers of Attorney in case I die or become incapacitated. ____
• Filing my taxes on time is important. _____
• My portfolio should support my situation and future plans as well as my risk tolerance and time horizon. ____

If you answered TRUE to these questions, your foundation is on its way. If you answered FALSE to any of these questions, send me an email with your thoughts.

You can hire someone to help you with the foundation ( here’s a list of fee only financial planners), or you can educate yourself on the fundamentals. But once you have that firm foundation, you can follow these five steps to work your way out of money problems.

Define the problem—you can’t solve what you don’t acknowledge. What’s happening that’s causing you financial difficulties, stress and worry? Writing it down will help bring clarity (and stop that endless loop going on in your head).

Know what you don’t know. Identify and sort through what you know from what you don’t. For example, you might know that you’ve got $10,000 in credit card debt, but you’re not sure the best way to dig yourself out.

Explore resources. Whether you hire a professional to help you or commit to learning from books, courses and articles from trusted sources, find the answers and/or solutions to what you don’t know.

Create an action plan. Write it down and put it where you can’t avoid seeing it every day. If you don’t act on your goals and plan, nothing changes.

Track your progress. Measure your headway, celebrate your wins, and make adjustments or course corrections, as you need them.

These steps aren’t complicated, but they require your personal resolve, courage, to keep on track. Missteps and challenges are not fatal. They test your desire to reach your goals—the best thing you can do with a mistake is learn from it.

Your resilience and support from your personal and professional team will get you through those moments of doubt or mistakes.

Given how complicated life is, keeping your focus on a simple, direct and clear action plan is your best ally to success.

Michael F. Kay is a Certified Financial Planner, practitioner and CPA. He is the president of the firm Financial Life Focus.

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Money Word Problems

First, we will look at a money word problem involving calculating Simple Interest. Simple Interest word problems are based on the formula for Simple Interest and the formula for Amount. Then, we will look at a money word problem that involves coins and dollar bills.

Simple Interest Word Problems

Formula for Simple Interest

i represents the interest earned. p represents the principal which is the number of dollars invested. r represents the interest rate per year. t represents the time the money is invested which is generally stated in years or fractions of a year.

Formula for Amount

A represents what your investment is worth if you consider the total amount of the original investment ( p ) and the interest earned ( i )

James needs interest income of $5,000. How much money must he invest for one year at 7%? (Give your answer to the nearest dollar)

5,000 = p (0.07)(1)

p = 71,428.57

Dollar and Coin Word Problems

Paul has $31.15 from paper route collections. He has 5 more nickels than quarters and 7 fewer dimes than quarters. How many of each coin does Paul have?

Let x be the number of quarters x + 5 be the number of nickels x – 7 be the number of dimes

25 x + 5( x + 5) + 10( x – 7) = 3,115 25 x + 5 x + 25 + 10 x – 70 = 3,115 40 x = 3,160 x = 79

Algebra Money Word Problems

Coin Word Problem

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Money Worksheets & Printables

Teach Kids that Money and Math Go Hand in Hand

Money Worksheets

Welcome to the money worksheets page at Math-Drills.com where you will not be short-changed! This page includes Money worksheets for counting coins and for operations with Dollars, Euros, and Pounds.

Students encounter money early on, and they must be able to manage it themselves in their everyday lives and into adulthood. There are many activities that you can do related to counting, adding, and subtracting money, so save some coins or purchase some play money to complete some of the activities on the money math worksheets below.

The policies of the United States Mint and the European Central Bank allow us to use their coin images on our worksheets. The Canadian coin images are used with permission from the Royal Canadian Mint. Permission to use Australian currency coin designs was obtained from the Royal Australian Mint.

Most Popular Money Worksheets this Week

Counting Coins Worksheets

This is a great place to start with younger students as they are likely to encounter coins before they encounter too many bills. Including children in money transactions helps them to develop important money management skills and has benefits in other math topics such as fractions.

Until everyone starts paying with their smart phones and microchips in their fingers, coins are still a thing. The U.S. Mint still makes billions of coins every year and children will probably encounter them very early on in their life. Knowing how much money you have in coins can be accomplished with a coin counting machine, or it can be accomplished with some mental math.

• Counting U.S. Coins Counting U.S. Coins Counting U.S. Coins including Half and One Dollar Coins Counting Small Collections of U.S. Coins Counting Small Collections of U.S. Coins including Half and One Dollar Coins
• Counting Sorted U.S. Coins Counting Sorted U.S. Coins Counting Small Collections of Sorted U.S. Coins
• Counting Canadian Coins Counting Canadian Coins Counting Canadian Coins (No $) Counting Small Collections of Canadian Coins Counting Small Collections of Can. Coins (No $) Counting Canadian Coins Including 50 Cent Pieces
• Counting Sorted Canadian Coins Counting Sorted Canadian Coins Counting Sorted Canadian Coins (No $) Counting Small Collections of Sorted Canadian Coins Counting Small Collections of Sorted Canadian Coins (No $)

No one likes their coins better than the U.K. With pockets full of eight different coin values, reinforced stitching on trouser pockets and handbags is common place. Learning to count all of these coins is a feat in itself, but the worksheets in this category should help.

• Counting British Coins Counting British Coins Counting British Coins - No Pound Coins Counting Small Collections of British Coins Counting Small Collections of British Coins (No Pound Coins)
• Counting Australian Coins Counting Australian Coins Counting Australian Coins (No Dollars) Counting Small Collections of Australian Coins Counting Small Collections of Australian Coins (No Dollars)
• Counting Sorted Australian Coins Counting Sorted Australian Coins Counting Sorted Australian Coins (No Dollars) Counting Small Collections of Sorted Australian Coins Counting Small Collections of Sorted Australian Coins (No Dollars)
• Counting Euro Coins Counting Euro Coins Counting Euro Coins (No 1 or 2 Cents) Counting Euro Coins (No 1 or 2 Euro Coins) Counting Euro Coins (Only 5, 10, 20 and 50 Cent Coins) Counting Small Collections of Euro Coins Counting Small Collections of Euro Coins (No 1 or 2 Cents) Counting Small Collections of Euro Coins (No 1 or 2 Euro coins) Counting Small Collections of Euro Coins (Only 5, 10, 20 and 50 Cent Coins)
• Counting Sorted Euro Coins Counting Sorted Euro Coins Counting Sorted Euro Coins (No 1 or 2 Cents) Counting Sorted Euro Coins (No 1 or 2 Euro coins) Counting Small Collections of Sorted Euro Coins Counting Small Collections of Sorted Euro Coins (No 1 or 2 Cents) Counting Small Collections of Sorted Euro Coins (No 1 or 2 Euro coins)
• Counting New Zealand Coins Counting New Zealand Coins (No Dollars) Counting New Zealand Coins Counting Small Collections of New Zealand Coins (No Dollars) Counting Small Collections of New Zealand Coins

Rounding Money Amounts

The next dollar up is a skill for young students who are not yet able to make change, but can determine how many dollars it will take to cover an amount. For example, if something is $5.45 in a store, then they would need to give $6 to cover that amount since the next dollar up from $5.45 is $6. Students should understand that any amount above zero after the decimal means they need to add another dollar to the number before the decimal in order to have enough to pay for the item. The rest of the worksheets in this section are general rounding questions involving dollar amounts.

• Next Dollar Up (U.S. Version) Next Dollar Up (Amounts to $5 ) (U.S. Version) Next Dollar Up (Amounts to $10 ) (U.S. Version)
• Next Dollar Up (Canadian Version) Next Dollar Up (Amounts to $5 ) ( Canadian Version) Next Dollar Up (Amounts to $10 ) ( Canadian Version)
• Next Dollar Up (Australian Version) Next Dollar Up (Amounts to $5 ) ( Australian Version) Next Dollar Up (Amounts to $10 ) ( Australian Version)
• Next Pound Up (U.K. Version) Next Pound Up (Amounts to £5 ) Next Pound Up (Amounts to £10 )
• Rounding Dollar Amounts Rounding Dollar Amounts to the Nearest 5 Cents Rounding Dollar Amounts to the Nearest 10 Cents Rounding Dollar Amounts to the Nearest 20 Cents Rounding Dollar Amounts to the Nearest 25 Cents Rounding Dollar Amounts to the Nearest 50 Cents Rounding Dollar Amounts to the Nearest 1 Dollar Rounding Dollar Amounts to the Nearest 2 Dollars Rounding Dollar Amounts to the Nearest 5 Dollars
• Rounding British Pound Amounts Rounding British Pound Amounts to the Nearest 5 Pence Rounding British Pound Amounts to the Nearest 10 Pence Rounding British Pound Amounts to the Nearest 20 Pence Rounding British Pound Amounts to the Nearest 25 Pence Rounding British Pound Amounts to the Nearest 50 Pence Rounding British Pound Amounts to the Nearest 1 Pound Rounding British Pound Amounts to the Nearest 2 Pounds Rounding British Pound Amounts to the Nearest 5 Pounds
• Rounding Euro Amounts Rounding Euro Amounts to the Nearest 5 Cents Rounding Euro Amounts to the Nearest 10 Cents Rounding Euro Amounts to the Nearest 20 Cents Rounding Euro Amounts to the Nearest 25 Cents Rounding Euro Amounts to the Nearest 50 Cents Rounding Euro Amounts to the Nearest 1 Euro Rounding Euro Amounts to the Nearest 2 Euros Rounding Euro Amounts to the Nearest 5 Euros

Adding and Subtracting Money

Adding money amounts is a nice way to gently move students into thinking about decimals and what a great opportunity to use some manipulatives. Students generally perform better with math that has meaning. Decimal numbers to hundredths have most likely been in students' lives since very early on as stores display prices, parents comment about the prices to help develop critical thinking in their children, so if there is one decimal that students understand well, it is money. They sometimes have trouble relating it to paper and pencil which is why manipulatives come in handy. Play money is a little cheaper than real money and doesn't disappear quite as quickly.

• Adding Money Amounts with Increments Specifically for U.S. Canadian Currencies Adding With Amounts up to $10 Adding With Amounts up to $100 Adding in Increments of 50 Cents ($) Adding in Increments of 25 Cents ($) Adding in Increments of 10 Cents ($) Adding in Increments of 5 Cents ($)
• Adding Money Amounts with Increments Specifically for British Currency Adding With Amounts up to £10 Adding With Amounts up to £100 Adding Increments of 50 Pence (£) Adding Increments of 20 Pence (£) Adding Increments of 10 Pence (£) Adding Increments of 5 Pence (£) Adding Increments of 2 Pence (£)
• Adding Money Amounts with Increments Specifically for Australian and New Zealand Currencies Adding With Amounts up to $10 Adding With Amounts up to $100 Adding Increments of 50 Cents ($) Adding Increments of 20 Cents ($) Adding Increments of 10 Cents ($) Adding Increments of 5 Cents ($)
• Adding Money Amounts with Increments Specifically for Euro Currency Adding With Amounts up to €10 Adding With Amounts up to €100 Adding Increments of 50 Euro Cents Adding Increments of 20 Euro Cents Adding Increments of 10 Euro Cents Adding Increments of 5 Euro Cents Adding Increments of 2 Euro Cents

The strategy of choice for subtracting money is the counting up strategy. It works especially well for giving change from whole dollar/Pound/Euro amounts. Following is an example of how it works. Let's say the bill at the grocery store came out to $13.46 and the cashier was presented with a $20.00 bill and for some odd reason, the monitor on his cash machine had a crack in it that obscured the amount of change to give. What would he do?! The first thing to do is to take four cents out of the drawer because he needs to add the $13.46 to an unknown amount to make $20, and four cents will bring the $13.46 up to $13.50 which makes things rounder and, for most, a little easier. Next, he needs to pull out two quarters to bring the amount up to $14 even. He can then remove a dollar bill to make the amount $15, and finally pull out a $5 bill to count up to $20. Now, if he wanted to know how much change he gave, he just needs to think back to what he pulled out of the drawer: $5 + $1 + $0.50 + $0.04 = $6.54.

• Subtracting Money Amounts with Increments Specifically for U.S. and Canadian Currencies Subtracting With Amounts up to $10 Subtracting With Amounts up to $100 Subtracting in Increments of 50 Cents ($) Subtracting in Increments of 25 Cents ($) Subtracting in Increments of 10 Cents ($) Subtracting in Increments of 5 Cents ($)
• Subtracting Money Amounts with Increments Specifically for British Currency Subtracting With Amounts up to £10 Subtracting With Amounts up to £100 Subtracting Increments of 50 Pence (£) Subtracting Increments of 20 Pence (£) Subtracting Increments of 10 Pence (£) Subtracting Increments of 5 Pence (£) Subtracting Increments of 2 Pence (£)
• Subtracting Money Amounts with Increments Specifically for Australian and New Zealand Currencies Subtracting With Amounts up to $10 Subtracting With Amounts up to $100 Subtracting Increments of 50 Cents ($) Subtracting Increments of 20 Cents ($) Subtracting Increments of 10 Cents ($) Subtracting Increments of 5 Cents ($)
• Subtracting Money Amounts with Increments Specifically for Euro Currency Subtracting With Amounts up to 10 € Subtracting With Amounts up to 100 € Subtracting Increments of 50 Euro Cents (€) Subtracting Increments of 20 Euro Cents (€) Subtracting Increments of 10 Euro Cents (€) Subtracting Increments of 5 Euro Cents (€) Subtracting Increments of 2 Euro Cents (€)
• Adding and Subtracting Money Amounts with Increments Specifically for U.S. and Canadian Currencies Adding & Subtracting With Amounts up to $10 Adding & Subtracting With Amounts up to $100 Adding & Subtracting in Increments of 50 Cents ($) Adding & Subtracting in Increments of 25 Cents ($) Adding & Subtracting in Increments of 20 Cents ($) Adding & Subtracting in Increments of 10 Cents ($) Adding & Subtracting in Increments of 5 Cents ($)
• Adding and Subtracting Money Amounts with Increments Specifically for British Currency Adding & Subtracting With Amounts up to £10 Adding & Subtracting With Amounts up to £100 Adding & Subtracting Increments of 50 Pence (£) Adding & Subtracting Increments of 20 Pence (£) Adding & Subtracting Increments of 10 Pence (£) Adding & Subtracting Increments of 5 Pence (£) Adding & Subtracting Increments of 2 Pence (£)
• Adding and Subtracting Money Amounts with Increments Specifically for Australian and New Zealand Currencies Adding & Subtracting With Amounts up to $10 Adding & Subtracting With Amounts up to $100 Adding & Subtracting in Increments of 50 Cents ($) Adding & Subtracting in Increments of 20 Cents ($) Adding & Subtracting in Increments of 10 Cents ($) Adding & Subtracting in Increments of 5 Cents ($)
• Adding and Subtracting Money Amounts with Increments Specifically for European Currency Adding & Subtracting With Amounts up to 10 € Adding & Subtracting With Amounts up to 100 € Adding & Subtracting Increments of 50 Euro Cents (€) Adding & Subtracting Increments of 20 Euro Cents (€) Adding & Subtracting Increments of 10 Euro Cents (€) Adding & Subtracting Increments of 5 Euro Cents (€) Adding & Subtracting Increments of 2 Euro Cents (€)

Making change from bills and notes worksheets.

• Making Change from U.S. Bills Making Change from U.S. $1 Bills Making Change from U.S. $5 Bills Making Change from U.S. $10 Bills Making Change from U.S. $20 Bills Making Change from U.S. $50 Bills Making Change from U.S. $100 Bills
• Making Change from Mixed U.S. Bills Making Change from U.S. Bills up to $5 Making Change from U.S. Bills up to $10 Making Change from U.S. Bills up to $20 Making Change from U.S. Bills up to $50 Making Change from U.S. Bills up to $100
• Making Change from Canadian Bills Making Change from Canadian $5 Bills Making Change from Canadian $10 Bills Making Change from Canadian $20 Bills Making Change from Canadian $50 Bills Making Change from Canadian $100 Bills
• Making Change from Mixed Canadian Bills Making Change from Canadian Bills up to $10 Making Change from Canadian Bills up to $20 Making Change from Canadian Bills up to $50 Making Change from Canadian Bills up to $100
• Making Change from Euro Notes Making Change from Euro €5 Notes Making Change from Euro €10 Notes Making Change from Euro €20 Notes Making Change from Euro €50 Notes Making Change from Euro €100 Notes Making Change from Euro €200 Notes
• Making Change from Mixed Euro Notes Making Change from Euro Notes up to €10 Making Change from Euro Notes up to €20 Making Change from Euro Notes up to €50 Making Change from Euro Notes up to €100 Making Change from Euro Notes up to €200

Further worksheets will be released as soon as the Reserve Bank of New Zealand releases more banknotes from Series 7.

• Making Change from New Zealand Banknotes Making Change from New Zealand $5 Banknotes Making Change from New Zealand $10 Banknotes
• Making Change from Mixed New Zealand Banknotes Making Change from New Zealand Banknotes up to $10

The Bank of England sent us this response regarding our request for images: "Please note that the Bank of England does not provide images of notes." Therefore, we are unable to create making change math worksheets using Bank of England banknotes.

Multiplying and Dividing Money

It would be nice if our own money could multiply quite as nicely in our bank accounts as it does on these worksheets. Alas, we will have to settle with low interest rates multiplying our money over the span of decades. These multiplying money worksheets would go well with some money manipulatives. Simply make several piles of the same amount (the same number of piles as the multiplier), combine it all into one pile, regroup as much as possible (e.g. five ones into a five), and count up the results.

• Multiplying Dollar Amounts by 1-Digit Multipliers (U.S. and Canada Version) Multiplying Dollar Amounts in Increments of 1 Cent by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 5 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 10 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 25 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 50 Cents by One-Digit Multipliers
• Multiplying Dollar Amounts by 2-Digit Multipliers (U.S. and Canada Version) Multiplying Dollar Amounts in Increments of 1 Cent by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 5 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 10 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 25 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 50 Cents by Two-Digit Multipliers
• Multiplying Pound Sterling Amounts by 1-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 1 Penny by One-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 2 Pence by One-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 5 Pence by One-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 10 Pence by One-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 20 Pence by One-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 50 Pence by One-Digit Multipliers
• Multiplying Pound Sterling Amounts by 2-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 1 Penny by Two-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 2 Pence by Two-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 5 Pence by Two-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 10 Pence by Two-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 20 Pence by Two-Digit Multipliers Multiplying Pound Sterling Amounts in Increments of 50 Pence by Two-Digit Multipliers
• Multiplying Dollar Amounts by 1-Digit Multipliers (Australia and New Zealand Version) Multiplying Dollar Amounts in Increments of 1 Cent by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 5 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 10 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 20 Cents by One-Digit Multipliers Multiplying Dollar Amounts in Increments of 50 Cents by One-Digit Multipliers
• Multiplying Dollar Amounts by 2-Digit Multipliers (Australia and New Zealand Version) Multiplying Dollar Amounts in Increments of 1 Cent by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 5 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 10 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 20 Cents by Two-Digit Multipliers Multiplying Dollar Amounts in Increments of 50 Cents by Two-Digit Multipliers
• Multiplying Euro Amounts by 1-Digit Multipliers Multiplying Euro Amounts in Increments of 1 Cent by One-Digit Multipliers Multiplying Euro Amounts in Increments of 2 Cents by One-Digit Multipliers Multiplying Euro Amounts in Increments of 5 Cents by One-Digit Multipliers Multiplying Euro Amounts in Increments of 10 Cents by One-Digit Multipliers Multiplying Euro Amounts in Increments of 20 Cents by One-Digit Multipliers Multiplying Euro Amounts in Increments of 50 Cents by One-Digit Multipliers
• Multiplying Euro Amounts by 2-Digit Multipliers Multiplying Euro Amounts in Increments of 1 Cent by Two-Digit Multipliers Multiplying Euro Amounts in Increments of 2 Cents by Two-Digit Multipliers Multiplying Euro Amounts in Increments of 5 Cents by Two-Digit Multipliers Multiplying Euro Amounts in Increments of 10 Cents by Two-Digit Multipliers Multiplying Euro Amounts in Increments of 20 Cents by Two-Digit Multipliers Multiplying Euro Amounts in Increments of 50 Cents by Two-Digit Multipliers

Dividing money amounts by whole numbers worksheets.

• Dividing Dollar Amounts by 1-Digit Multipliers (U.S. and Canada Version) Dividing Dollar Amounts in Increments of 1 Cent by One-Digit Divisors Dividing Dollar Amounts in Increments of 5 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 10 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 20 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 25 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 50 Cents by One-Digit Divisors
• Dividing Dollar Amounts by 2-Digit Multipliers (U.S. and Canada Version) Dividing Dollar Amounts in Increments of 1 Cent by Two-Digit Divisors Dividing Dollar Amounts in Increments of 5 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 10 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 20 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 25 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 50 Cents by Two-Digit Divisors
• Dividing Pound Sterling Amounts by 1-Digit Multipliers Dividing Pound Sterling Amounts in Increments of 1 Penny by One-Digit Divisors Dividing Pound Sterling Amounts in Increments of 2 Pence by One-Digit Divisors Dividing Pound Sterling Amounts in Increments of 5 Pence by One-Digit Divisors Dividing Pound Sterling Amounts in Increments of 10 Pence by One-Digit Divisors Dividing Pound Sterling Amounts in Increments of 20 Pence by One-Digit Divisors Dividing Pound Sterling Amounts in Increments of 50 Pence by One-Digit Divisors
• Dividing Pound Sterling Amounts by 2-Digit Multipliers Dividing Pound Sterling Amounts in Increments of 1 Penny by Two-Digit Divisors Dividing Pound Sterling Amounts in Increments of 2 Pence by Two-Digit Divisors Dividing Pound Sterling Amounts in Increments of 5 Pence by Two-Digit Divisors Dividing Pound Sterling Amounts in Increments of 10 Pence by Two-Digit Divisors Dividing Pound Sterling Amounts in Increments of 20 Pence by Two-Digit Divisors Dividing Pound Sterling Amounts in Increments of 50 Pence by Two-Digit Divisors
• Dividing Dollar Amounts by 1-Digit Multipliers (Australia and New Zealand Version) Dividing Dollar Amounts in Increments of 1 Cent by One-Digit Divisors Dividing Dollar Amounts in Increments of 5 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 10 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 20 Cents by One-Digit Divisors Dividing Dollar Amounts in Increments of 50 Cents by One-Digit Divisors
• Dividing Dollar Amounts by 2-Digit Multipliers (Australia and New Zealand Version) Dividing Dollar Amounts in Increments of 1 Cent by Two-Digit Divisors Dividing Dollar Amounts in Increments of 5 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 10 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 20 Cents by Two-Digit Divisors Dividing Dollar Amounts in Increments of 50 Cents by Two-Digit Divisors
• Dividing Euro Amounts by 1-Digit Multipliers Dividing Euro Amounts in Increments of 1 Cent by One-Digit Divisors Dividing Euro Amounts in Increments of 2 Cents by One-Digit Divisors Dividing Euro Amounts in Increments of 5 Cents by One-Digit Divisors Dividing Euro Amounts in Increments of 10 Cents by One-Digit Divisors Dividing Euro Amounts in Increments of 20 Cents by One-Digit Divisors Dividing Euro Amounts in Increments of 50 Cents by One-Digit Divisors
• Dividing Euro Amounts by 2-Digit Multipliers Dividing Euro Amounts in Increments of 1 Cent by Two-Digit Divisors Dividing Euro Amounts in Increments of 2 Cents by Two-Digit Divisors Dividing Euro Amounts in Increments of 5 Cents by Two-Digit Divisors Dividing Euro Amounts in Increments of 10 Cents by Two-Digit Divisors Dividing Euro Amounts in Increments of 20 Cents by Two-Digit Divisors Dividing Euro Amounts in Increments of 50 Cents by Two-Digit Divisors

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For Teachers

Money word problems worksheets, money word problems for elementary students, money word problems for upper elementary and middle school students, about the author, peter brown.

Calculation Money Problems

In these problems we are using the four operations (addition, subtraction, multiplication and division) in the context of money questions.

We need to work out which operation to use for each question.

Example 1: You buy 7 bananas for 23p each. Work out the total cost.

Here we have a multiplication question.

Each banana costs 23p and we have 7 bananas. We need to work out 7 × 23 We can use long multiplication.

We start with 7 × 3 7 × 3 = 21 The one goes in the ones column and the 2 is carried over to the tens.

Next is 7 × 2 7 × 2 = 14 We add on the 2 we carried over 14 + 2 = 16 The 6 goes in the tens and the 1 is carried over to the hundreds

The total cost is 161p We can convert pence to pounds and pence by dividing by 100 161p = £1.61

Example 2: You buy 8 oranges for 29p each. You pay with a £10 note. Work out how much change you should get.

Each orange costs 29p and we have 8 oranges. We need to work out 8 × 29

We start with 8 × 9 8 × 9 = 72 The 2 goes in the ones column and the 7 is carried over to the tens.

Next is 8 × 2 8 × 2 = 16 We add on the 7 we carried over 16 + 7 = 23 The 3 goes in the tens and the 2 is carried over to the hundreds

The total cost is 232p

To find the change we need to take 232p away from £10 £10 = 1000p The change will be 1000 - 232

We start with the column on the right, the ones. We do not want to take 2 away from 0 so we need to take a ten and move it to the ones We do not have any tens or hundreds We can take one thousand and move it to the hundreds, the take one hundred and move it to the tens, then take a ten and move it to the ones. 1000 = 900 + 90 + 10

We can now subtract each column, starting with the ones 10 - 2 = 8

In the tens we have 9 - 3 9 - 3 = 6

In the hundreds we have 9 - 2 9 - 2 = 7

We can convert pence to pounds and pence by dividing by 100 768p = £7.68

Example 3: You buy: 2 burgers for 1.49p each. 3 portions of chips for £1.15 each 5 drinks for £1.28 each Work out the total cost.

We need to work out the cost of the burgers, the cost of the chips and the cost of the drinks. We can then add them all together.

For the burgers we have 2 × 149 (I will do the working out in pence and convert back to pounds at the end).

We start with the ones. 2 × 9 = 18 The 8 goes in the ones and we carry the 1 over to the tens.

Next is the tens. 2 × 4 = 8 We add on the 1 we carried over 8 + 1 = 9

The final column is the hundreds. 2 × 1 = 2

2 × 149 = 298

For the chips we have 3 × 115

The first column is the ones. 3 × 5 = 15 The 5 goes in the ones and we carry the 1 over to the tens.

The next column is the tens. 3 × 1 = 3 We add the 1 we carried over 3 + 1 = 4

The last column is the hundreds. 3 × 1 = 3

3 × 115 = 345

For the drinks we have 5 × 128

The first column is the ones. 5 × 8 = 40 The 0 goes in the ones and we carry the 4 over to the tens.

The next column is the tens. 5 × 2 = 10 We add the 4 we carried over 10 + 4 = 14 The 4 goes in the tens and we carry the 1 over to the hundreds.

The next column is the hundreds. 5 × 1 = 5 We add the 1 we carried over 5 + 1 = 6

5 × 128 = 640

We can now add together the cost of the burgers, chips and drinks to find the total cost.

We need to work out 298 + 345 + 640. We can use column addition

The first column is the ones. 8 + 5 + 0 = 13 The 3 goes in the ones and we carry the 1 over to the tens.

The next column is the tens. 9 + 4 + 4 + 1 = 18 The 8 goes in the tens and we carry the 1 over to the hundreds.

The next column is the hundreds. 2 + 3 + 6 + 1 = 12 The 2 goes in the hundreds and the 1 goes in the thousands.

298 + 345 + 640 = 1283 1283 ÷ 100 = 12.83 The total cost is £12.83

Example 4: You buy a car for £9000 You pay a deposit of £3200 and the rest in 25 monthly installments. Work out the amount of each installment.

The first step in this question is to subtract the deposit of £3200 from the price to see how much is left to pay.

We need to work out 9000 - 3200

We start with the ones. 0 - 0 = 0

In the tens we also have 0 - 0 = 0

In the hundreds we have 0 - 2 We need to take one thousand and move it to the hundreds. 9000 is the same as 8000 + 1000

We now have 10 - 2 in the hundreds 10 - 2 = 8

In the thousands we have 8 - 3 8 - 3 = 5

9000 - 3200 = 5800

We have 5800 left to pay. We need to divide 5800 by 25 to work out the monthly payment. 5800 ÷ 25

We can use short division. We can write the 25 times table down the side to make the division easier.

We start with the biggest column, the thousands. 25 does not go into 5 so we carry the 5 over to the hundreds where it is worth 50.

Next is the hundreds. 25 goes into 58 twice. 25 × 2 = 50 58 - 50 = 8 We carry the 8 over to the tens (where it is worth 80).

Next is the tens. 25 goes into 80 three times. 25 × 3 = 75 80 - 75 = 5 We have 5 left over to carry over to the ones.

In the ones we have 50 25 × 2 = 50 5800 ÷ 25 = 232

The monthly installments are £232

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Money Worksheets

Money and counting money worksheets.

Our money worksheets start with identifying coins and their values and progress through counting coins and shopping problems..

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Kindergarten money worksheets, grade 1 money worksheets, grade 2 money worksheets.

Grade 3 money worksheets  

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• Count small numbers of coins
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Reasoning - Problem Solving - Money Problems (KS1/2) - March 3rd

Subject: Mathematics

Age range: 5-7

Resource type: Worksheet/Activity

Last updated

10 March 2023

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Year 3 Money Challenges Solving Money Problems

Welcome to our Year 3 Money Challenges page. Here you will find our selection of printable money problem worksheets to help your child learn to use their money skills to solve a range of problems.

These challenges are a great resource as an extension for more able pupils, or to consolidate and extend learning.

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Year 3 Money Learning

Knowing how to handle and calculate with money is a very important life-skill.

During Year 3, children build on their knowledge and skills they have achieved during Year 2.

By the time children reach the end of Year 3, they should be able to:-

• use decimal notation for amounts of money, e.g. £3.27
• change amounts in £ to amounts in pence and back;
• count money up to £10;
• calculate change for amounts of money up to £1 mentally;
• solve simple problems involving money;
• use informal methods to add and subtract money amounts in £ and pence.

Our worksheets will support your child with these objectives.

Year 3 Money Challenges Information

The following worksheets involve solving challenges involving money amounts. They are a great way to consolidate and extend money learning once children are confident with counting money amounts.

The challenges start off at a fairly easy level with problems that involve lower value coins and smaller money amounts. The challenges later on involve more complex problems with larger values to calculate.

If you are teaching a class or group of children, then these sheets should give you some great differentiated learning activities with a money theme.

An answer sheet is available for each challenge provided.

The money challenges in each section are carefully graded, allowing you to introduce concepts at an easier level before introducing harder work, or differentiate within your class.

Using the sheets in this section will help your child to:

• count money in coins up to £1;
• develop their reasoning and thinking skills;
• solve problems involving money.

All the money worksheets in this section will help your child to become more confident with money, and develop better problem solving skills.

Year 3 Money Challenges Worksheets

There are 3 challenges - Tyger's Money Square Challenge, Row of Coins Challenge and How Much Money Challenge.

Each main challenge has several versions which start with the easiest level and progress onto harder levels of challenge.

Row of Coins Challenges

• Row of Coins Challenge 1
• PDF version
• Row of Coins Challenge 2
• Row of Coins Challenge 3
• Row of Coins Challenge 4

Tyger's Money Square Challenges

• Tyger's Money Square Challenge 1
• Tyger's Money Square Challenge 2
• Tyger's Money Square Challenge 3
• Tyger's Money Square Challenge 4

How Much Money Challenges

• How Much Money Challenge 1
• How Much Money Challenge 2
• How Much Money Challenge 3

Extension Activity Ideas

If you are looking for a way to extend learning with the How Much Money challenge, why not...

Try playing 'How Much Money' in pairs.

One person chooses 2 or 3 coins and the other person has to ask questions which involve 'yes' or 'no' answers.

To make the game more interesting, have a maximum of 5 questions before you make a guess!

Looking for some more UK money worksheets?

We also have some counting money worksheets with amounts up to £1 or £5.

The sheets are at a more basic level than those on this page.

• Free UK Money Worksheets Coins up to £1
• Year 3 Money Worksheets Coins up to £5
• Year 4 Money Challenges

More Recommended Math Worksheets

Take a look at some more of our worksheets similar to these.

Money Riddles

These puzzles are a great money starter activity to get children thinking and puzzling out which the correct answer is out of a set number of choices. They are great for partner work too.

UK Money Riddles

If you are looking for some fun learning puzzles involving money, then look no further.

The puzzle sheets in this section are designed primarily for children in Years 3 and 4 who need to develop their problem solving skills and mathematical language.

Using these challenges will help your child to:

• apply their existing skills to puzzle out clues;
• understand money terminology;
• develop their thinking skills.
• Money Riddles for Kids (UK coins)

Money Column Addition Worksheets

Here you will find a selection of Column Addition Money sheets designed to help your child add different amounts of money.

Using these sheets will help your child to:

• add up a range of money amounts involving decimals.

The worksheets in this section are aimed at children in Years 4 and 5.

• Column Addition Money Worksheets (UK)

Money Column Subtraction Worksheets

Here you will find a selection of Column Subtraction Money sheets designed to help your child subtract different amounts of money.

• subtract a range of money amounts involving decimals.
• Column Subtraction Money Worksheets (UK)
• Counting Money Games

Here is our collection of counting money games for kids.

All of these games are suitable for kids aged from 1st grade and upwards.

Playing games is a great way to practice math skills in a fun way. Games also help to develop reasoning, thinking and memory.

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How To Spend Money To Improve Your Life (Lessons From The Ultra Rich)

How to spend money to improve your life (lessons from the ultra rich)

Money doesn’t solve all your problems. But it solves your money problems. A single liquidity event or consistent payments from a business or investments can elevate your life as long as you make the right calls on how to spend the cash. You have options. It’s a good problem to have.

But unless you invest with intention and spend with scrutiny, money won’t change your life. You’ll just buy the expensive, flash stuff you feel like you should buy, and wonder why you don’t feel any happier. But that’s not the game.

When you have the money for multiple lifetimes but the time for just one, definite moves matter. Even if you’re not (yet) ultra rich, there are changes you can make right now. Spend money to improve your life and join the new rich. Here’s how to do it.

8 places to spend your money for freedom, health and happiness

Assemble your freedom team.

If you’re going to live the life of your dreams, you need people around you that can remove the friction. Dream big with this step. Think of everything you want to do and find the people who can make your life easy. Better yet, find one person. Employ a chief of staff who hires everyone else for you.

Think hiring people is extravagant? Consider this. Your effective hourly rate is astronomical. If you’re worth $1000 an hour but you do your own laundry, that’s $1000 every week you’re just throwing away. Now $50 doesn’t seem so bad. Don’t stop at laundry. For your maximum life pleasure, consider a driver, personal trainer, travel planner, security and assistants.

Have someone to clean your house, someone to source your outfits, and someone to check you in at hotels before you even arrive. Hire a chef to make every meal to the exact macros you need. Remove every part of life that doesn’t bring you joy and pay someone to make it go away. Keep going until every minute is magical.

Invest in your relationships

Few people are actually self-made, including you. Even if you did all the work yourself, everyone around you played a part in your success. Your parents raised you, your teachers shaped you, every friend gave support and guidance or showed you a good time. Now you’re earning well, repay the favour.

Paying for stuff can start small. Cover the bar tab, pay for the bill at a restaurant. Book nicer places to hang out and just sink the cost. It’s always worth it. People like being treated, and you’ll like treating them. Forget about any sense of who owes what and just have a good time.

As your earnings increase, consider how you can really spend money on the people who matter. I’m talking about college tuition, medical bills, holidays and experiences. Don’t let anyone around you worry about money. Make their costs go away and tell them you don’t expect anything back. Be someone’s angel like you know they’d be yours.

Ride your materialistic urges

It’s scientifically proven that extravagant material purchases won’t make you any happier. But you’ll want to test that theory for yourself. Try the cars, buy the gadgets, wear the suits. If any part of you wants them, scratch the itch and analyze after.

Dressing sharp could bring you the confidence to land your next big deal. Owning the best watch of everyone you know might turn out to be your jam. Your happiness might genuinely increase in proportion to the horsepower of your new wheels.

Having expensive taste is fine as long as you’ve got the money, and you won’t know unless you give it a go. Buy the things your teenage self always wanted. Buy the things you never thought you’d be able to afford. Keep those that end up adding to your life and donate those that didn’t live up to the hype.

Extend your impact

If you chased money and got it, only to be left feeling flat, it might not be your end goal. You could want purpose and impact. If that sounds right, use your money to scale yourself. Hire a content team and share what you know.

Turn your experience into videos and courses. Turn your frameworks and wisdom into social media posts, turn your ideas into books and empower other people to follow their dreams.

Hire videographers, scriptwriters, editors and producers. Have a PR or social media manager who runs your accounts on your behalf. Get a booking agent on retainer. Show up, talk openly, and see what resonates with the people. You’ll know pretty fast.

Donate generously

Philanthropy is the other way of extending your impact, and this one doesn’t have to involve going on camera. Rich people give shedloads of money away. When you have more than you need, find worthy causes.

Donate in waves, or set up a direct debit. Ask a local charity what they need and wire it over. Get in touch with all your old schools and write them each a check. It does good, it feels good. Don’t wait until you’re dead if you can afford to give right now.

You don’t have to donate to a charity or organization. Give money to strangers in need, cover the coffee order of the person behind you, and conduct random acts of kindness at every opportunity. Don’t keep score, just throw the good vibes out there and trust karma to do its thing.

Upgrade your castle

Your basecamp should be perfect, no excuses. Spend money on home improvements to remove all friction from your day-to-day. Make your main home somewhere you love to be, then repeat the process buying places around the world.

Get a new house or upgrade yours. Hire a home renovation project manager and tell them what you want. They assemble the team to organize the work, you make the key decisions and leave them to build your dreams.

Install a home gym, get a new pool, have a hot tub and sauna and every appliance you will ever need. Cinema room, landscaped gardens, film studio. Watch Cribs for inspiration of what you might want. Upgrade your castle to get more pleasure out of every day.

Expand your horizons

You didn’t earn a lot of money just to stare at the same four walls. To upgrade your life, expand your horizons. See more of the world. Get to better places in a better way. Upgrade your flight or fly private. With an ultra high net worth, you can buy a plane or start a timeshare. Skip lines, get treated well and have a more comfortable experience onboard so you turn up feeling fresh.

When you’re there, stay in better places. Ask for a higher floor, get lounge access, add all the extras. Sort price high to low on Airbnb. Get picked up from your door wherever you go and book the best version of every option. Better yet, get your assistant to book it for you.

Don’t stop at your own experience. Curate who you hang out with. Pay for your best friends to join you. Fly them out and cover the trip. See the world with your favourite people because that’s what money is for.

Elevate your experiences

Every experience can be elevated when you pay a little more. But doing more with your leisure time takes conscious spending. Without this, the shows don’t get booked, the trips don’t happen, and the fine dining is done by someone else.

Book your dream experiences but go all in. Don’t just attend the show, get front row seats and a meet and greet. Don’t just book the restaurant, get the chef’s table experience and cover your friends. Hire Taylor Swift to perform at your next party. Hire your idols to teach you what they know. Visit private islands, get a personal shopper for your next spree. Get the premium, organic version of whatever you eat.

The first class experience can be yours in everything you do. Most people put up with waiting, queuing, and doing what everyone else does, but that’s not how to get the most joy. Use your imagination to make things happen you didn’t know were possible.

How can you pay to improve your life? Conscious spending that buys you time and happiness

No matter how much money you have, one day you’ll die. That means time is your only finite resource. Use money to buy time. Use money to run experiments. Use money to upgrade your life and enjoy the fruits of your hard work.

Assemble your freedom team, invest in your relationships, and ride your materialistic urges until they stop happening. Extend your impact, donate generously, upgrade your castle, expand your horizons and see the world, then elevate your experiences by using your imagination.

Put your cash back into the economy for the good of yourself, your closest allies and the rest of the world. You’ve earned the right to do this.

What To Do When You Owe Someone Money

Anyone who has ever borrowed money from a friend or family member (and we’re not talking about times you were short on change at the local store as a kid) knows that not paying it back can lead to all sorts of problems, like strained relationships or even legal trouble.

If you're in this situation, it might be tempting to avoid the topic until you find a solution. However, taking a proactive approach and communicating clearly with your lenders is key.

In this article, we'll walk you through what to do when you owe someone money and share some tips for sticking to your repayment plan.

Here's what to do when you owe someone money

Below, you'll find actionable steps you can take when you owe money you don’t have. The sooner you act, the sooner you can start getting back on your feet.

1. List all the people you owe money to

Make a list of everyone from whom you've borrowed money or have pending debts, including friends, family, brokers, institutions, companies, and services.

Consider creating a spreadsheet to track the amount borrowed, the remaining balance, any payment arrangements, and what you've already paid.

This will help you prioritize urgent payments, identify larger debts, and explore more effective debt refinancing options (which we’ll discuss below).

2. Talk to your lenders

Do. Not. Avoid. This. (Even though it feels hard.) Lenders want to be kept informed—and they deserve a real explanation, resolution, or apology, whether you owe money to someone or need to justify an overdue payment.

“Direct communication can convey sincerity and a willingness to address the issue, which may encourage a more empathetic response,” says Mason Farmani , a personal and corporate coach.

3. Put it in writing

When communicating with your lenders, start with written communication (i.e. letters or email) if possible. “This can be helpful because it allows you to carefully explain your situation, express your intention to resolve the debt, and suggest a repayment plan,” Farmani says.

However, if the situation is urgent or your relationship with the lender makes it more appropriate, you can also make a phone call or have an in-person conversation. Just be sure to follow up with a written note to document the conversation and any agreements made.

“Regardless of the method chosen, it's crucial to be calm, honest, and respectful and to come prepared with a clear and realistic plan for repayment,” Farmani says.

3. Be honest and communicate clearly

“Approaching someone about an outstanding debt requires tact and respect,” Farmani says. Acknowledge your responsibility for the delayed payments and express gratitude for their patience. Let them know you understand the impact on them and are committed to paying your debt.

Briefly explain your financial difficulties, such as unexpected medical expenses or job loss, that have affected your ability to make payments. Being straightforward about your situation, Farmani says, “can help build trust and foster a more positive outcome, instilling hope and optimism.”

4. Propose a realistic payment plan

Offer a feasible repayment plan, such as making smaller monthly payments with the potential to increase as your financial situation improves. If you're working with a financial institution, consider discussing refinancing options together to find a solution that works for both parties.

5. Consider refinancing your debt

If you’re dealing with a professional lender (rather than say, your uncle), consider refinancing. This involves replacing high-interest debt with a new loan at a lower interest rate. “This is certainly a strategy in helping people pay off debt quicker,” says financial advisor Mike Salierno of Northwestern Mutual .

And whenever you can, go above the agreed-upon minimum monthly payment (whether it’s to Uncle Bob or a credit card company). “I usually advise my clients to keep their obligation low, but their opportunity high,” Salierno says. “This means to avoid putting yourself in a position to ‘have to pay’ a certain amount for a loan every month. Instead, change your mindset by looking at the payment as an opportunity to pay a higher amount if your budget allows you to in that specific month.”

Meeting your new repayment plan

Agreed on a new repayment plan? These bonus tips will help you stay on track and manage your finances effectively as you work toward paying off your debt.

• Reassess your spending habits: Debt often results from poor spending discipline, lack of emergency funds, and inflation effects, Salierno says. While you can’t control inflation, you can tackle these other issues. Take a look at your bills, bank fees, and automatic payments to find places where you can cut back and save more.
• Create a budget: Either set up a new budget or update your existing one to get a clear picture of your income and expenses. This will show you how much you can allocate for debt repayment while still meeting your savings goals and essential expenses. (Need help with creating a budget? Check out our guide on how to make a budget in seven steps .)
• Start small, then build up: Salierno recommends focusing on paying off the smallest debt first and then applying that payment toward the next largest one: “If we focus on the biggest loan first, it's going to take so long that most people will become disheartened and probably just give up.” This strategy can keep you motivated and make the overall debt seem more manageable.
• Seek financial aid: Consult with a financial professional to assess your situation and explore available options. They can help you determine if your repayment plan is realistic and advise on any financial aid or adjustments that might be necessary.

Can you get sued for owing someone money?

Yes, you can be sued for owing someone money, “but it might not always be practical for them due to court costs and legal fees,” says Riley Beam, Managing Attorney at Douglas R. Beam, P.A .

Additionally, there's a time limit for suing over unpaid debts or broken contracts, known as the statute of limitations . “This period varies by state and typically ranges from three to 10 years,” Beam says. “If the time limit has passed, you can use it as a defense in court.

“To avoid legal action, it’s best to negotiate with your creditor and come to a mutual agreement,” he says. “Open communication and a willingness to repay the debt can often prevent such measures.”

Can you go to jail for owing someone money?

You won’t face jail time simply for owing someone money, as “it’s a civil matter, not a criminal one,” Beam says. However, jail could be a possibility if you ignore a court order to repay the debt, “which could be deemed contempt of court.”

I owe someone money and they are threatening me . What should I do?

Your lenders may be upset or persistent about payment, but they cannot harass or threaten jail time. If they use threats of jail or even imply it, “they are misleading you and breaking federal law,” Beam says. Contact a lawyer immediately if this happens.

Depending on the situation, you might also report them to your state attorney general, the Federal Trade Commission , or the Consumer Financial Protection Bureau .

I owe someone money and I don't have it. What can I do?

“Committing to resolving the debt can help build trust and lead to a more positive outcome” Farmani says. “Direct communication can convey sincerity and a willingness to address the issue. It's crucial to be calm, honest, and respectful and to come prepared with a clear and realistic plan for repayment.”

For more advice on managing debt, read this: How to Become Debt-Free: 7 Steps to Get There

How Google's huge defeat in antitrust case could change how you search the internet

In the most significant legal ruling against a major technology giant in more than two decades, a federal judge says Google illegally monopolized online search and advertising by paying companies like Apple and Samsung billions of dollars a year to install Google as the default search engine on smartphones and web browsers.

By monopolizing search queries on smartphones and browsers, Google abused its dominance in the search market, throttling competition and harming consumers, U.S. District Judge  Amit P. Mehta  said in his 286-page decision. Google owes much of its more than $300 billion in annual revenue to search ads.

“ Google is a monopolist , and it has acted as one to maintain its monopoly,” Mehta wrote.

The massive win for the Department of Justice could fundamentally reshape how Google does business . It also could change how we use the internet and search for information. 

The DOJ filed antitrust charges during the final weeks of the Trump administration, making good on Donald Trump’s pledge to challenge the runaway power of Big Tech. That mission continued during the Biden administration, which has been aggressive in pursuing antitrust cases.

“This victory against Google is an historic win for the American people,” Attorney General Merrick Garland said in a statement. “No company – no matter how large or influential – is above the law.”

The case is the most significant victory for the DOJ in a monopoly case in decades, said Notre Dame Law School professor Roger Alford, who served in the DOJ’s antitrust division. “Not since Microsoft lost in the 1990s have we seen a case of this magnitude.”

Google said it would appeal the decision. “This decision recognizes that Google offers the best search engine, but concludes that we shouldn’t be allowed to make it easily available,” Kent Walker, president of global affairs, said in a statement.

Shares in Google's parent company Alphabet slipped following the judge's ruling. They closed down nearly 5% Monday, part of a broader tech stock selloff .

If upheld, the decision will be a “major boost” for other antitrust cases pending against Google as well as other major tech players like Amazon, Apple and Meta, said Loyola University Chicago School of Law professor Spencer Weber Waller.

Monday’s ruling did not include remedies. Remedies will be decided separately, likely after an appeal. One remedy could see Google losing its ability to strike device deals that have helped make its search engine so ubiquitous.

Devising the right remedy is critical to restoring competition to the marketplace, Waller said.

“There are no fines or monetary penalties in these types of cases, but the court will have to decide whether Google should be broken up in some way. More likely, it will order Google to eliminate the exclusive contracts and licensing restrictions that have reinforced its monopoly position for years,” he said.

Google has argued that its distribution deals are common in the business world. It pays for its search engine to be on phones the way a food manufacturer pays to promote its products at eye level in a grocery store aisle. 

The way Google sees it, if you don’t like Google, you can switch the default search engine on your device. But people don’t switch, Google says, because they prefer Google. 

If Google was not the default search engine on so many devices, would consumers still use it for 90% of web searches?

During the 10-week trial, Microsoft CEO Satya Nadella testified that Google’s unchallenged dominance created a “Google web.”

“You get up in the morning, you brush your teeth and you search on Google,” Nadella said at one point in his testimony. “Everybody talks about the open web, but there is really the Google web.”

Nadella has expressed concern that Microsoft’s disadvantage would increase as artificial intelligence becomes a major component of search.

In a research note Monday, Baird Equity Research senior analyst Colin Sebastian pointed to a range of tactics Google's arch-competitor Microsoft has used to grow the market share of its Bing search engine over the years, from paying users to use its search engine to embedding it in Office.

“People clearly prefer Google to Bing,” Sebastian said.

Chamber of Progress CEO Adam Kovacevich said Monday's ruling hands Microsoft an unearned boost.

“The biggest winner from today's ruling isn't consumers or little tech, it’s Microsoft,” Kovacevich said in a statement. “Microsoft has underinvested in search for decades, but today’s ruling opens the door to a court mandate of default deals for Bing. That’s a slap in the face to consumers who chose Google because they think it’s the best.”

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The Denver basic income experiment

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Homelessness is a pervasive issue that cities across the country struggle to address. This led an entrepreneur to team up with researchers and local foundations for an experiment called the Denver Basic Income Project. The goal was to see how different variations of a basic income program would impact the local homeless population. What the researchers found could become a guide for how localities in the United States could address the problem of homelessness.

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A Gen Xer who 'retired' at 45 shares how the FIRE movement and side hustles helped him grow his savings to over $6 million

• A Gen X doctor was feeling burned out and wanted to retire when he learned about the FIRE movement.
• FIRE is an acronym for "financial independence, retire early."
• It's helped him retire by age 45 and grow his savings to over $6 million.

In 2014, Jordan Grumet felt burned out working as a primary care doctor and was looking for a way out.

By a stroke of luck, he stumbled upon the FIRE movement — FIRE is an acronym for "financial independence, retire early." People who call themselves members of the FIRE community use various strategies to boost their savings — with the end goal typically being an early retirement or financial security.

Grumet said his finances were already in good shape — not quite good enough for him to "jump ship" and retire, though. But after learning about FIRE , he realized it could be exactly what he needed to get to the finish line.

"Discovering FIRE greatly changed my habits," he told Business Insider via email. "For the first time in my life, I started tracking and budgeting. I stopped spending money on things that weren't of value to me."

His efforts paid off. Four years later, in 2018, when he was 45, Grumet said his savings had grown enough for him to retire from his medical practice. But he didn't stop trying to improve his finances.

Over the past six years, his savings in his primary investment account have grown from roughly $2 million to more than $6 million, according to documents viewed by BI. Grumet, who's now 51 and based in Illinois, said he focuses his time on "purposeful and joyful" side hustles that keep him busy and provide an income.

"When I say retired, I mean that I no longer do these things to make money," he said. "All the activities I engage in now, I would do even if no one was paying me for them."

Many Americans are struggling to save for retirement, but the FIRE movement has offered some people a blueprint for becoming financially secure. While the methods and goals of FIRE advocates vary widely, some save the majority of their income , take on side hustles, and delay costly life milestones like having kids. While FIRE isn't for everyone , experts say some of its general principles — like consistently allocating money to diversified investment funds — are applicable to a wide audience.

Grumet shared how he's grown his savings in recent years and his main goals for his retirement.

Side hustles and investing in retirement can boost one's savings

Over the past decade, Grumet has padded his savings through various income streams. Before he retired from his medical practice, he said his average income was roughly $500,000 a year.

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When he retired, he spent time working as an associate hospice medical director. While he considered this to be a side hustle, he said he earned as much as $200,000 a year. He's since scaled back his hospice work to about 10 hours a week — but said it still brings in about $75,000 a year.

In addition to hospice work, he's also tried side hustles that include medical expert work, nursing home medical directing, medical blogging, and several forms of consulting.

Additionally, he's published three books and said he has a fourth on the way. He said the first two books were self-published and "made no money," while the third book — which was traditionally published — has earned him about $20,000 over the past two years in royalties. His most recent books offer advice for improving one's finances and living a meaningful life.

Over the last year, he said he's earned about $110,000 through his various side hustles, including a podcast.

While the extra income has helped boost his savings, Grumet said investing much of this income into the stock market — and seeing strong investment returns — is what's allowed his finances to truly blossom. He said he also sold about $1 million worth of real estate, which provided additional investment funds.

Grumet said his retirement goal was to have at least 25 times his total annual spending in savings — he's already met this milestone. When he set the goal, he said he averaged about $175,000 in annual spending — putting his goal savings figure at roughly $4.4 million.

To be sure, Grumet's level of savings is likely to be out of reach for many people. Business Insider has interviewed other members of the FIRE community who have less ambitious goals — some said they were aiming for between $1.5 million and $2.5 million in savings.

Money doesn't solve all problems

Ever since he embraced the FIRE movement, Grumet said he's sometimes struggled to balance active saving and using some money to enjoy his life. But he said this has gotten easier in recent years.

"I have started spending more freely than before," he said. "I pay less attention to the stock market and concentrate more on using money as a tool to live the life I want to live."

Over the last few years, he said his average annual spending has increased from $175,000 to roughly $250,000.

Going forward, Grumet plans to continue pursuing side hustles that interest him. He said two of his main goals for retirement are to live a life "full of purpose and joy" and think less about his finances. He thinks this would improve his personal life satisfaction and his relationships with his family.

He also hopes to continue using the free time financial security has provided him to work on other areas of his life.

"Money solves money problems," he said. "Being financially independent didn't solve the other myriad problems that come with being a human being. I just had more free time to work on them."

Are you part of the FIRE movement or living by some of its principles? Are you willing to share your story? Reach out to this reporter at [email protected] .

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Phone Won't Charge? Try This Easy DIY Fix First

If nothing happens when you plug your iPhone or Android phone in to charge, this easy trick could save you money.

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If you've had your phone for some time, a blocked charging port might well be a problem.

You plug the charging cable into your iPhone or Android phone and... it doesn't charge. Booooo. From damaged charging ports to broken power cables, there are numerous reasons your phone isn't charging and not all of them can be easily fixed at home. A common reason for faulty charging is simply that the charging cable can't quite fit in the charging port because it's clogged up with months' worth of pocket fluff. 

This common problem can happen with any charging port, whether that's Lightning on the iPhone 14 Pro  or older iPhones, or USB-C on the more recent iPhone 15 Pro  and Android phones like the Google Pixel 8 Pro or Samsung Galaxy S24 Ultra .

Thankfully, this is one of the simplest and cheapest charging problems to fix. Here's how. 

Why is my charging port blocked? 

There are no covers on your phone's charging port, meaning it's exposed to every bit of dust, dirt and debris it encounters. Every time you slide your phone into your pocket, your phone will be susceptible to pocket fluff and if, like me, you've got pockets filled with detritus from accidentally washing your jeans with old receipts in the pockets, then that's asking for trouble. And that's to say nothing of the cookie crumbs. Do not ask me why I have cookie crumbs in my pockets. 

Day by day, this won't be a problem, but those tiny bits of dust and fluff will build up over the months or years you have your phone, compacting together each time you plug in your charging cable until it forms a solid barrier that stops your charger from going all the way in and allowing it to connect and charge. 

A wooden cocktail stick is a great tool for the job as the wood won't damage the internal parts. 

If you've had your phone for more than six months and you're gradually finding the charger becoming less and less stable (particularly if you have to wiggle it around to get it to begin charging) then it's highly likely that dirt in your port is the culprit. 

More Tech Tips

• This Secret iOS Trackpad Makes Typing on Your iPhone So Much Easier
• Let Apple's Reader Mode Save You From Those Annoying Ads
• iPhone's Auto-Brightness Is Driving You Crazy? Here's a Couple of Fixes to Try

How to clean out your phone's charging port 

It's a simple task to unclog your phone's port. You'll need a cocktail stick, toothpick or other thin item that you can poke in to the port to scrape out the grime. Wood or plastic is better as it's less likely to scrape against anything inside and potentially cause harm. I've done this using a metal SIM removal tool and the pin on the back of an earring and while it worked well, it's not the safest option for your phone. 

Insert your tool of choice into the charging port until it won't go further and gently start scraping away. With an older iPhone's Lightning port you can scrape back and forth, but with USB-C you'll need to scrape around the charging connector, which sits in the middle of the port. 

Get it in there.

Eventually you'll start to work the compacted debris loose and you'll be able to encourage the dislodged material out of the port. It's a satisfying process and you might be surprised at how much stuff actually comes out. Gently work on the sides of the port too, but be mindful not to scrape hard against any of the metal charging connectors. 

Eventually you'll have pretty much all of it out. It's difficult to check for sure if you've gotten rid of it all as it's tricky to see inside the port, even if you have a good light to hand. But once you've got a good amount of nonsense out, you can try your charging cable again. 

The satisfying removal of nonsense from your phone's charging port.

Hopefully it'll plug in more securely now and begin charging. If not, carry on trying to extract more dirt and then test the charger again. If that still doesn't solve the issue it's time to consider other solutions like a new cable or charger.

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