Budgeting for Needs Select the items that are needs from your bank statement. ABC BANK Available Balance $230.00 Cell phone plan$45 Rent$400 Car insurance$60 Backpack$10 Electric bill$60 Car payment$250

Rent $400 ⇒ housing expenses

Electric bill $60 ⇒ housing expenses

Car payment $250 ⇒ transportation expenses

Car insurance $60 ⇒ transportation expenses

Backpack $10 ⇒ educational expenses

Explanation:

In economics, basic necessities are the products and services that you need for your day-to-day living, and they include food, housing expenses, transportation, child care, health care, taxes (both payroll and income), clothing and educational expenses (including school supplies).