Keeping a running total of money
A child's piggy bank, money box, savings jar or wallet, and a list of 3 to 5 things that happen to the money: spending it, lending it, being given some, earning some. Beside each one is a box for how much is left after it. In some questions the starting amount is given and the student works forwards; in others only what is left at the end is given, and the student works backwards to find the start. In the rest, one amount on the list is smudged and has to be found.
The tricky part is the direction. Money in means add and money out means take away, and working backwards turns both round. When the question asks how much was taken out altogether and some money also went in, the start take away the end gives the wrong answer: only the amounts that went out are added up.
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What changes each time
- Whole dollars ($20 to $100 to start, up to $25 at a time), or cents under a dollar
- 3 to 5 events, at least two of them money out, and the balance never runs out
- Work forwards and total up, work backwards to the start, or find the smudged amount
More money and profit practice
- Counting coins (Grade 2)
- Profit or loss (Grade 2)
- Buying and selling the same thing again (Grade 3)
- Making change from the coins you have (Grade 3)
- Profit and loss from a table (Grade 4)
- Best price after discount (Grade 4)
- Buying and selling problems (Grade 5)
- Selling price to reach a target (Grade 6)