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?

Answer 1

To calculate how much you need to save per month to fund a 6-month emergency fund in 18 months, you first need to determine the total amount you need to save for the emergency fund.

6 months of expenses = $813.52/month x 6 months = $4,881.12

Now, divide the total amount needed for the emergency fund by the number of months you want to save it in:

$4,881.12 / 18 months = $271.17

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