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Cogito

Consumer Math · Chapter 2 · Lesson 3

Practice Worksheet

Emergency Funds and Goals

Saving for a purpose, and for a surprise.

12 problems · about 20 minutes · TEKS M.M.2.C

NameDate

Figure — use these to answer the problems

Saving the same amount each month builds steadily. Change the monthly figure and see the three-month total move.
Month 1300
Month 2600
Month 3900
After month 1300
After month 2600
After month 3900
Figure 1

Warm Up

Straightforward practice. Get the method working first.

5 problems

  1. Essentials $1500 a month. Three-month fund in dollars?

    Answer

  2. Why keep an emergency fund in a separate account?

    • Money in the spending account tends to get spent.
    • Separate accounts always pay more interest.

  3. Essentials $2000 a month. Three-month fund in dollars?

    Answer

  4. Essentials $2000 a month. Six-month fund in dollars?

    Answer

  5. Goal $2400 in 12 months. Monthly target in dollars?

    Answer

Build It Up

The same ideas with more to keep track of.

3 problems

  1. Goal $9000 in 30 months. Monthly target in dollars?

    Answer

  2. Saving $250 a month for 8 months. Total in dollars?

    Answer

  3. Should the fund be sized on essential or total spending? 1 essential, 2 total.

    Answer

Stretch Yourself

Mixed problems. Work out what kind of question it is before you start.

4 problems

  1. Put the goal-setting steps in order.

    Write 1 to 4 in the boxes to put these in order.

    • Name the amount and the date.
    • Divide the amount by the months available.
    • Compare that monthly target with the budget surplus.
    • Adjust the amount or the date if it does not fit.

  2. Goal $1500 in 5 months. Monthly target in dollars?

    Answer

  3. The Target

    Essential expenses $1800 a month. What is a three-month emergency fund, in dollars?

    Answerdollars

  4. The Timeline

    Saving $300 a month toward $5400. How many months?

    Answermonths