Emergency Fund Calculator
How much to save for emergencies.
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- No sign-up
- Private — runs in your browser
- Instant results
What is an emergency fund?
An emergency fund is money set aside to cover unexpected expenses or a loss of income — a job loss, medical bill, urgent repair, or family emergency. It's the financial cushion that keeps a setback from becoming a debt spiral. This calculator works out how big your fund should be based on your essential monthly expenses, and how long it'll take to get there at your savings rate.
How much should you save?
The common guideline is three to six months of essential expenses, with six months the popular target. Aim higher — nine to twelve months — if your income is irregular, you're self-employed, you're the sole earner, or your job is less secure. Note this is based on your essential spending (the bills you can't skip), not your full lifestyle budget.
How it's calculated
- Target = monthly essential expenses × months of coverage
- Still needed = target − current savings
- Time to reach it = amount still needed ÷ monthly contribution
Where to keep it
An emergency fund should be safe and easy to access — a separate high-yield savings account is ideal. Keep it apart from your everyday account so you're not tempted to spend it, but liquid enough to withdraw within a day or two. Avoid locking it in investments that can drop in value or charge penalties to access, since you may need it at the worst possible time.
FAQ
Should I build an emergency fund or pay off debt first?
A common approach is to save a small starter fund (say one month of expenses) first, then focus on high-interest debt, then build the full fund. A starter cushion stops a small emergency from putting you deeper into debt.
What counts as an essential expense?
Things you'd still have to pay if your income stopped: housing, food, utilities, transport, insurance, minimum loan payments, and basic necessities. Leave out discretionary spending like dining out and subscriptions.
Is a bigger fund always better?
Up to a point. Once you have a solid 6–12 months, extra cash often does more in investments or paying down debt than sitting idle. Match the size to your risk and peace of mind.