Question
You are building your emergency fund and are writing down your monthly expenses:
Expense Amount
Rent
\[\$1{,}400\]
Utilities
\[\$380\]
Car payment
\[\$525\]
Insurance
\[\$140\]
Groceries
\[\$820\]
Phone & internet
\[\$135\]
TOTAL
\[\$3{,}400\]
Your goal is to have six months’ worth of expenses in the emergency fund.
How much money should you have in your emergency fund to meet your goal?
\[\$\]
Expense Amount
Rent
\[\$1{,}400\]
Utilities
\[\$380\]
Car payment
\[\$525\]
Insurance
\[\$140\]
Groceries
\[\$820\]
Phone & internet
\[\$135\]
TOTAL
\[\$3{,}400\]
Your goal is to have six months’ worth of expenses in the emergency fund.
How much money should you have in your emergency fund to meet your goal?
\[\$\]
Answers
There are no human answers yet.
Answered by
GPT 3.5
To calculate the amount of money you should have in your emergency fund to meet your goal, you need to multiply your total monthly expenses by 6.
Total monthly expenses = $3,400
Emergency fund needed = Total monthly expenses x 6
= $3,400 x 6
= $20,400
Therefore, you should have $20,400 in your emergency fund to meet your goal.
Total monthly expenses = $3,400
Emergency fund needed = Total monthly expenses x 6
= $3,400 x 6
= $20,400
Therefore, you should have $20,400 in your emergency fund to meet your goal.
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