You have housing and fixed expenses of $813.52/month.

Question

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?

Answer 1

To determine how much you need to save per month to build a 6-month emergency fund for your housing and fixed expenses of $813.52 per month over 18 months, you would follow these steps:

1. Calculate the total emergency fund needed: \[ \text{Total Emergency Fund} = \text{Monthly Expenses} \times \text{Number of Months} \] \[ \text{Total Emergency Fund} = 813.52 \times 6 = 4,881.12 \]

2. Determine how much you need to save per month: \[ \text{Monthly Savings} = \frac{\text{Total Emergency Fund}}{\text{Number of Months to Save}} \] \[ \text{Monthly Savings} = \frac{4,881.12}{18} \approx 271.17 \]

Therefore, you need to save approximately $271.17 per month in order to fund your 6-month emergency fund in 18 months.