Question

your monthly living expenses are $1500 on an income of $1,650 per month. your goal is to have an emergency fund of 4 times your monthly living expenses. your emergency fund savings account has $2,400 and you put the remainder of your monthly income into the emergency fund each month. how much more money would you have to save each month to complete your emergency fund in 12 months?

Answer 1

You will need 6000$ in your Ef. You already got 2400 so now u need 3600$. 3600/12= 300$ , which is the amount of money you need to save, you are already saving 150$ so now you need to save 150 more.