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
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.
To calculate the amount you must save per month to fund a 6-month emergency fund in 18 months, follow these steps:
1. Determine the total amount needed for a 6-month emergency fund.
- Multiply your monthly expenses by the number of months you want to cover.
- In this case, 6 months of housing and fixed expenses would be: 813.52 * 6 = 4,881.12.
2. Calculate the monthly savings amount needed.
- Divide the total amount needed by the number of months you want to save in.
- 4,881.12 / 18 = 271.17.
So, you would need to save approximately 271.17 per month to fund a 6-month emergency fund in 18 months.