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

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.

group of high school students with teacher around table working, text overlay

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 2nd 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 2nd 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 3rd 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 3rd 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 2nd-4th 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 3rd 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.

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

For example:

  • 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 4th grade versions of his money word problems are a bit easier than the 5th 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.).

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

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 4th grade – but I suspect these would be great for some 5th 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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Amanda L. Grossman is a writer and Certified Financial Education Instructor, a 2017 Plutus Foundation Grant Recipient, and founder of Money Prodigy. Her money work has been featured on Experian, GoBankingRates, PT Money, CA.gov, Rockstar Finance, the Houston Chronicle, and Colonial Life. Amanda is the founder and CEO of Frugal Confessions, LLC. Read more here or on LinkedIn.