290,208 views
38 votes
38 votes
You have housing and fixed expenses of $813.52/month. You want to have a 6-month emergency fund and you want to have it funded in 18 months. How much must you save per month?

User Michiel Pater
by
3.0k points

1 Answer

20 votes
20 votes

Since the expenses are fixed at $813.52/month, a 6-month emergency fund will be 6 times this value.


813.52*6=4881.12

The fund must have $4881.12.

Since this will be funded in 18 months, we just need to divide the total amount of the fund by 18 to find how much must be saved per month.


(4881.12)/(18)=271.173333333\ldots\approx271.17

$271.17 must be saved monthly.

User Sherwin F
by
3.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.