Beth and Bob Martin have a total take-home pay of $3,600 a month. Their monthly expenses total $3,100. Calculate the minimum amount this couple needs to establish an emergency fund. How did you calculate this amount?
Financial planners typically recommend creating an emergency fund equal to three to six months of living expenses. So Beth and Bob will need $3100(living expenses) times three(min)= $9300 and $3100 times six= $18, 600.
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