Question 14
Practical savings goals are often framed with time horizons and monthly contribution amounts. When you know the total target and the timeframe, the math is basic but essential to set up automatic transfers that hit your goal exactly. This reduces guesswork and builds discipline. Automating replenishment — especially after a drawdown — ensures the fund is restored without repeated decision-making. The next question is a direct calculation you’d use when scheduling those monthly transfers.
You withdrew $1,200 and want to replenish it in 6 months. How much must you transfer each month to fully restore the fund?
Did You Also Know...
By Wise Wallet
Choosing a shorter auto loan reduces total interest paid but increases monthly payments—tradeoffs between cost and cash flow matter.