HELP 1. Jimmy needs to pay car insurance premiums of $910 two times per year. He has decided to make deposits from each paycheck to a savings account for “Other Expenses (Predictable)” to cover this expense. How much should Jimmy deposit from each paycheck if the paycheck is weekly?

* $35

$140

$17.50

$70

2. Marie’s essential (fixed) expenses are $850 per month, her essential (flexible) expenses are $600 per month, and her non-essential expenses are $350 per month. Her 401-K retirement account has $6,000, her education savings account has $3,000, and her emergency fund savings account has $5,000. Marie wants an emergency fund of 4 times monthly living expenses. How much more does Marie need to save to have an adequate emergency fund? *

$4000

$0

$1100

$2200

3. Dylan’s essential (fixed) expenses are $1000 per month, his essential (flexible) expenses are $550 per month, and his non-essential expenses are $395 per month. His 401-K retirement account has $12,000, and his emergency fund savings account has $2500. Dylan wants an emergency fund of 3 times monthly living expenses. About how much does Dylan need to save per month to have an adequate emergency fund in one year?

$450

$280

$5200

$3335

4. Benvolio is a graphic artist. After paying all the expenses in his monthly budget, has a monthly net cash flow of $450. He has decided to add monthly savings to his budget in order to cover his health insurance co-pays and other expenses that come at odd times as listed below. (See "Table for #4") If Benvolio leaves the cash flow in the checking account for all needs that arise, he runs the risk of not having the money for these very important future expenses. He has decided to make an automatic monthly transfer from his checking account to his savings accounts to cover these other predictable expenses. How can he divide these future expenses into a monthly deposit that can be added to his monthly budget? How much will be left over each month that can be deposited into a general emergency fund? *

$60 future expenses; $390 emergency fund

$340 future expenses; $110 emergency fund

$450 future expenses; $0 emergency fund

$250 future expenses; $200 emergency fund