Final answer:
To determine the amount for Lisa and Joe's emergency fund, consider their $3000 credit card bill and their mortgage. An emergency fund should typically cover 3-6 months of expenses, including debt payments.
Step-by-step explanation:
To determine how much money Lisa and Joe should have in their emergency fund, we need to consider their $3000 credit card bill and their mortgage. An emergency fund is typically recommended to cover 3-6 months of expenses, including debt payments such as credit cards and mortgages.
For example, if Lisa and Joe's monthly expenses (including debt payments) are $2000, they would need an emergency fund of $6000-$12000. This amount would cover their $3000 credit card bill and any potential mortgage payments for 3-6 months. It's important to note that the exact amount needed for an emergency fund can vary depending on individual circumstances, such as income stability and other financial obligations.