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Target fund = Essential monthly expenses × Coverage months
Coverage months guidelines: 3 months — salaried employee, stable employer, no dependants, dual income; 4 months — one dependant or moderate income variability; 5 months — sole earner or variable income; 6 months — self-employed, commission-based, or contract worker.
Monthly saving needed = (Target − Current savings) ÷ Months to target date
Worked example: Essential monthly costs: rent 900 + utilities 150 + food 400 + transport 200 + insurance 100 = 1,750/month. Self-employed, 6-month target = 10,500. Current savings 2,000. Gap = 8,500. Saving 500/month → fully funded in 17 months.