What is Estimation of Money?

Estimation of money means making a good guess about how much money you need or how much things cost. It helps you decide if you have enough money or if you need to save more. Estimating is very useful when you want to buy things!

Let’s learn how to estimate money step-by-step.

Why Do We Estimate?

  1. Quick Decisions: Estimation helps you make quick choices without needing to count every penny.
  2. Check Your Budget: It helps to see if you can afford something before you buy it.
  3. Save Time: It saves time when you are shopping.

Key Rules for Estimating Money

  1. Round the Numbers: Round the price of items to the nearest whole number or to the nearest 10 or 100. This makes it easier to add.
    • Example: If a toy costs £3.50, you can round it to £4.
  2. Add or Subtract: Once you have rounded the numbers, you can easily add or subtract them.
    • Example: If you want to buy two toys at £4 each, you can estimate it as £4 + £4 = £8.
  3. Use Simple Math: Use simple addition or subtraction to find the total.
    • Example: If you have £10 and want to buy a book that costs £4, you can estimate £10 – £4 = £6 leftover.

Tips and Tricks for Estimating Money

  • Practice Rounding: Get comfortable rounding numbers to make estimating easier.
  • Use Visuals: Draw pictures or use counters to help you see how much money you are estimating.
  • Check Your Work: After estimating, you can check by doing the exact calculation if needed.

Examples of Estimating Money

  1. Buying Snacks:
    • A chocolate bar costs £1.25, and a packet of crisps costs £0.75.
    • Round £1.25 to £1 and £0.75 to £1.
    • Estimate: £1 + £1 = £2.
  2. Saving Up:
    • You want to buy a game that costs £29.99.
    • Round it to £30.
    • If you have £25, you can estimate: £30 – £25 = £5 more needed.

Questions for Practice

Easy Level Questions

  1. Estimate the cost of a book priced at £3.20.
  2. If a pencil costs £0.60, how much would two pencils cost roughly?
  3. Round £4.50 to the nearest pound.
  4. You have £5. How much is left after buying a toy for £2.30?
  5. A sandwich costs £2.05. Round this to the nearest pound.
  6. If you buy a drink for £1.75, how much money do you have left from £5?
  7. Estimate the cost of two cakes priced at £2.50 each.
  8. Round £6.80 to the nearest whole number.
  9. A toy car costs £3.99. Estimate the price to the nearest pound.
  10. If you have £10 and buy a game for £7.50, how much do you have left?

Medium Level Questions

  1. Estimate the total cost of three books costing £4.25 each.
  2. Round £15.75 to the nearest ten.
  3. If a box of crayons costs £3.99, how much would you estimate two boxes to cost?
  4. You have £20. You buy a hat for £12.99. How much do you have left?
  5. Estimate the total for items costing £1.80, £2.40, and £3.20.
  6. A pair of shoes costs £25.70. Round this to the nearest ten.
  7. If you want to buy three drinks costing £1.50 each, what is the estimated total?
  8. Round £8.60 to the nearest pound.
  9. You have £30 and you spend £22.50. How much do you have left?
  10. If a toy costs £14.99, how much more do you need if you have £10?

Hard Level Questions

  1. Estimate the total cost of five items costing £2.75, £3.25, £1.50, £4.99, and £3.75.
  2. Round £27.85 to the nearest ten.
  3. If you buy two shirts for £15.99 each, how much will it cost approximately?
  4. You have £50. You buy a gaming console for £44.99. What is your estimated change?
  5. Estimate the costs of three different toys priced at £12.50, £9.99, and £15.99.
  6. Round £58.60 to the nearest ten.
  7. If a meal costs £18.75, how much do you need if you have £15?
  8. Estimate the total of three items costing £7.20, £8.50, and £6.30.
  9. Round £49.99 to the nearest ten.
  10. If you have £100 and buy a bike for £89.99, how much do you have left?

Answers and Explanations

Easy Level Answers

  1. £3 (rounded from £3.20)
  2. £1 (rounded from £0.60 each)
  3. £4
  4. £2.70
  5. £2 (rounded from £2.05)
  6. £3.25 (from £5)
  7. £5 (rounded from £5)
  8. £7 (rounded from £6.80)
  9. £4 (rounded from £3.99)
  10. £2.50 (from £10)

Medium Level Answers

  1. £13 (rounded from £12.75)
  2. £20
  3. £8 (roughly £8)
  4. £7.01
  5. £7 (rounded from £7.40)
  6. £30
  7. £5 (rough estimate)
  8. £9 (rounded from £8.60)
  9. £7.50 (from £30)
  10. £5 (from £10)

Hard Level Answers

  1. £19 (rounded sum)
  2. £30
  3. £31 (rounded from £31.98)
  4. £5 (from £50)
  5. £35 (rounded from £37.48)
  6. £60
  7. £3.00 (rounded from £18.75)
  8. £22 (rounded from £21.00)
  9. £50
  10. £10 (from £100)

Feel free to practice these questions to get better at estimating money. Remember, estimating helps you make smart choices when you shop! Happy learning!