You're working on building your emergency fund. Your total living expenses are
\[\$2{,}200\] per month. You're hoping to save enough for six months of expenses, and you're currently saving
\[\$1{,}100\] each month.
How long will it take you to fill your emergency fund if you continue saving at the same rate?
months
To calculate the number of months it will take to fill the emergency fund, divide the total amount needed by the amount saved each month.
The total amount needed is 6 times the monthly living expenses: \(\$2,200 \times 6 = \$13,200\).
Dividing the total amount needed (\$13,200) by the amount saved each month (\$1,100), we get:
\(\dfrac{13,200}{1,100} = 12\) months.
Therefore, it will take you 12 months to fill your emergency fund if you continue saving at the same rate.