Question

You have housing and fixed expenses of 813.52 per month you want to have 6 month emergency fund and you want to have it funded in 18 months how much must you save per month

Answer 1

To calculate how much to save per month, we first need to determine the total amount needed for the 6-month emergency fund.

Total emergency fund = 6 x monthly expenses = 6 x $813.52 = $4,881.12

Next, we can divide the total amount needed by the number of months we have to save.

Amount to save per month = Total emergency fund / Number of months
= $4,881.12 / 18
= $271.17

Therefore, to fully fund a 6-month emergency fund in 18 months, you would need to save $271.17 per month.