🛡️

Emergency Fund Calculator

Determine how much you need in savings based on monthly expenses and risk tolerance.

Monthly expenses

Include rent, utilities, food, insurance, etc.

Current emergency savings

Monthly savings contribution

Number of dependents

Job stability

Income streams

Disability insurance gapOngoing health concerns

Emergency Fund Basics

An emergency fund is savings set aside for unexpected expenses or income loss. It provides financial security and prevents you from going into debt when life throws curveballs like job loss, medical bills, or major repairs.

How to Use

1. Enter your total monthly expenses
2. Add your current emergency savings balance
3. Set how much you can save each month
4. Select your job stability and income situation
5. Click Calculate to see your personalized target

FAQ

How many months of expenses should I save?

The standard recommendation is 3-6 months, but it varies by situation. Single income households, variable income earners, and those with dependents should aim for 6-12 months.

Where should I keep my emergency fund?

Keep it in a high-yield savings account that's separate from your checking. You want easy access without the temptation to spend it. Avoid CDs or investments that lock up your money.

What counts as an emergency?

True emergencies include job loss, medical expenses, essential home or car repairs, and unexpected family situations. Sales, vacations, or planned purchases are not emergencies.

Should I pay off debt or build emergency savings first?

Build a starter emergency fund of $1,000-2,000 first, then focus on high-interest debt. Without any emergency savings, unexpected expenses will force you back into debt.

Calculator Limitations

• Provides general guidelines, not personalized financial advice
• Does not account for all personal circumstances
• Assumes consistent monthly expenses
• Does not include interest earned on savings
• For educational purposes only

How Much Emergency Fund Do You Actually Need?

Why the 3-6 month rule doesn't fit everyone

Your Emergency Fund Is Losing Money: Here's Where to Put It

Better places to park your safety net

7 Retirement Mistakes That Cost the Average American $340,000

Including not having an emergency fund