Match Needs, Wants, and Savings Goals

Match the following item to its category: Netflix

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

Netflix is a subscription service for entertainment, which is considered a luxury rather than a necessity.

It falls under the category of 'Wants'.

Match the following item to its category: Retirement

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

Retirement is primarily a financial goal that requires planning and saving, making it a 'Saving Goal'.

It is not merely a need or a want, but a long term goal to ensure financial security in later years.

Match the following item to its category: Dining Out

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

Dining out is considered a 'want' because it is a discretionary expense, not a necessity for survival.

While it can enhance quality of life, it is not essential like basic needs such as food and shelter.

Match the following item to its category: Emergency Fund

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

An Emergency Fund is a financial safety net for unexpected expenses, making it a key component of saving goals rather than a need or want.

It fits best under 'Saving Goals'.

Match the following item to its category: Groceries

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

Groceries are essential items needed for daily living, making them a necessity.

But fast food, restaurants & smiley cookies are a want rather than a need.

Food bridges both the Want & Needs category.

Match the following item to its category: Health Insurance

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

Health insurance is essential for managing medical expenses and ensuring access to healthcare, making it a necessity rather than a luxury.

It falls under the category of 'Needs'.

Match the following item to its category: Gym Membership

• A: Needs

• B: Wants

• C: Saving Goals

Answer explanation

A gym membership is considered a 'want' because it is not a basic necessity for survival.

It's a want for fitness and leisure activities.

Match the following item to its category: Internet Bill

• A: Saving Goals

• B: Wants

• C: Needs

Answer explanation

The Internet Bill is a necessary expense for accessing online services, making it a 'Need' rather than a 'Want' or a 'Saving Goal'.

It is essential for communication and information in today's digital age.

Match the following item to its category: Electricity Bill

• A: Saving Goals

• B: Wants

• C: Needs

Match the following item to its category: Home Renovation Fund

• A: Wants

• B: Saving Goals

• C: Needs