The research on child poverty typically takes a deficiencies approach that focuses on material deficiencies, which are considered to have a profoundly negative impact on children’s well-being. Countering this approach, our research is based on a lifeworld orientation and explores children’s everyday life from their own perspective. Using a range of qualitative methods such as photovoice, focus group discussions, interviews, and participant observation, we gathered detailed information on the lives and well-being of children growing up in contexts of poverty. Our research provides insights into the complex and multi-layered issue of childhood poverty and suggests that support must take into account not only the negative aspects of poverty, but also those aspects that children consider positively. This begins with taking note of children’s best use of public and private resources that are already available to them.