Your realized income is $2,085.44, and your fixed expenses are 30%. You want to save 6 months worth in an emergency fund. How much do you need to save?I got $625.63 per month. Do I multiply this by the 6 months to get the final answer?
Question
Answer:
Answer:$3753.79Step-by-step explanation:To find your emergency fund, you need to get your fixed expenses as the base.Fixed Expenses = $2085.44 x 0.30Fixed Expenses = $625.63Now you need to take your Fixed Expenses and multiply that to the number of months you want to save for.$625.63 x 6 = $3753.79So you will need to save $3753.79 for 6 months worth of an emergency fund.
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11 months ago
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