Emergency Fund worksheet

1. Emergency fund target: $19,250.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$2,750.00}\times 7\text{\hspace{0.17em}months}$$=\mathrm{\$19,250.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$5,750.00}}{\mathrm{\$2,750.00}}$$=2.0909\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$19,250.00}-\mathrm{\$5,750.00}$$=\mathrm{\$13,500.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$13,500.00}}{\mathrm{\$310.00}}$$=43.5484$

5. Round up to a whole month, because the last partial deposit still has to be made

   $44\text{\hspace{0.17em}months}$

2. Emergency fund target: $10,000.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$2,500.00}\times 4\text{\hspace{0.17em}months}$$=\mathrm{\$10,000.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$5,400.00}}{\mathrm{\$2,500.00}}$$=2.16\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$10,000.00}-\mathrm{\$5,400.00}$$=\mathrm{\$4,600.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$4,600.00}}{\mathrm{\$480.00}}$$=9.5833$

5. Round up to a whole month, because the last partial deposit still has to be made

   $10\text{\hspace{0.17em}months}$

3. Emergency fund target: $18,750.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$3,750.00}\times 5\text{\hspace{0.17em}months}$$=\mathrm{\$18,750.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$3,750.00}}{\mathrm{\$3,750.00}}$$=1\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$18,750.00}-\mathrm{\$3,750.00}$$=\mathrm{\$15,000.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$15,000.00}}{\mathrm{\$330.00}}$$=45.4545$

5. Round up to a whole month, because the last partial deposit still has to be made

   $46\text{\hspace{0.17em}months}$

4. Emergency fund target: $21,000.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$3,500.00}\times 6\text{\hspace{0.17em}months}$$=\mathrm{\$21,000.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$7,000.00}}{\mathrm{\$3,500.00}}$$=2\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$21,000.00}-\mathrm{\$7,000.00}$$=\mathrm{\$14,000.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$14,000.00}}{\mathrm{\$460.00}}$$=30.4348$

5. Round up to a whole month, because the last partial deposit still has to be made

   $31\text{\hspace{0.17em}months}$

5. Emergency fund target: $26,600.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$3,800.00}\times 7\text{\hspace{0.17em}months}$$=\mathrm{\$26,600.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$6,200.00}}{\mathrm{\$3,800.00}}$$=1.6316\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$26,600.00}-\mathrm{\$6,200.00}$$=\mathrm{\$20,400.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$20,400.00}}{\mathrm{\$320.00}}$$=63.75$

5. Round up to a whole month, because the last partial deposit still has to be made

   $64\text{\hspace{0.17em}months}$

6. Emergency fund target: $24,500.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$3,500.00}\times 7\text{\hspace{0.17em}months}$$=\mathrm{\$24,500.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$5,000.00}}{\mathrm{\$3,500.00}}$$=1.4286\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$24,500.00}-\mathrm{\$5,000.00}$$=\mathrm{\$19,500.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$19,500.00}}{\mathrm{\$400.00}}$$=48.75$

5. Round up to a whole month, because the last partial deposit still has to be made

   $49\text{\hspace{0.17em}months}$

7. Emergency fund target: $13,500.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$2,250.00}\times 6\text{\hspace{0.17em}months}$$=\mathrm{\$13,500.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$4,500.00}}{\mathrm{\$2,250.00}}$$=2\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$13,500.00}-\mathrm{\$4,500.00}$$=\mathrm{\$9,000.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$9,000.00}}{\mathrm{\$460.00}}$$=19.5652$

5. Round up to a whole month, because the last partial deposit still has to be made

   $20\text{\hspace{0.17em}months}$

8. Emergency fund target: $15,000.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$3,000.00}\times 5\text{\hspace{0.17em}months}$$=\mathrm{\$15,000.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$5,600.00}}{\mathrm{\$3,000.00}}$$=1.8667\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$15,000.00}-\mathrm{\$5,600.00}$$=\mathrm{\$9,400.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$9,400.00}}{\mathrm{\$340.00}}$$=27.6471$

5. Round up to a whole month, because the last partial deposit still has to be made

   $28\text{\hspace{0.17em}months}$

9. Emergency fund target: $24,000.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$4,000.00}\times 6\text{\hspace{0.17em}months}$$=\mathrm{\$24,000.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$3,750.00}}{\mathrm{\$4,000.00}}$$=0.9375\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$24,000.00}-\mathrm{\$3,750.00}$$=\mathrm{\$20,250.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$20,250.00}}{\mathrm{\$390.00}}$$=51.9231$

5. Round up to a whole month, because the last partial deposit still has to be made

   $52\text{\hspace{0.17em}months}$

10. Emergency fund target: $17,400.00

1. Find your target: multiply your essential monthly costs by the months you want covered

   $\mathrm{\$2,900.00}\times 6\text{\hspace{0.17em}months}$$=\mathrm{\$17,400.00}$

2. See how long your savings would last now: divide them by your monthly costs

   $\frac{\mathrm{\$5,250.00}}{\mathrm{\$2,900.00}}$$=1.8103\text{\hspace{0.17em}months}$

3. Find how much is still to save: the target minus what you have now

   $\mathrm{\$17,400.00}-\mathrm{\$5,250.00}$$=\mathrm{\$12,150.00}$

4. Divide what's left to save by your monthly deposit to see how many deposits it takes

   $\frac{\mathrm{\$12,150.00}}{\mathrm{\$400.00}}$$=30.375$

5. Round up to a whole month, because the last partial deposit still has to be made

   $31\text{\hspace{0.17em}months}$