How to Solve Word Problems of Budgeting a Weekly Allowance
Understanding how to budget a weekly allowance using word problems can be an important financial lesson for students.
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A Step-by-step Guide to Solving Word Problems of Budgeting a Weekly Allowance
Here’s a step-by-step guide to solving word problems related to budgeting a weekly allowance for students:
Step 1: Understand the Problem
Begin by reading the problem carefully. Make sure you understand what the problem is asking. What do you need to find out? What information is given?
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Step 2: Identify the Important Information
Highlight or underline the important numbers and information in the problem. In budgeting problems, this might be the total allowance, how much is spent, and how much is saved.
Step 3: Decide on the Operation
Determine what mathematical operation you need to use to solve the problem. Will you need to add, subtract, multiply, or divide? In budgeting problems, you’ll often need to subtract (to find out how much is left after spending) or divide (to find out how long it will take to save a certain amount).
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Step 4: Write an Equation
Write a math equation that represents the problem. For example, if a child receives $10 each week and spends $3 on candy, you could write “10 – 3 = S” where S is the amount saved.
Step 5: Solve the Problem
Carry out the operation. In the above example, you’d do the subtraction to find out that S equals 7.
Step 6: Check Your Work
Review the problem and your solution. Does your answer make sense in the context of the problem?
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