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- Adds up your essential monthly expenses.
- Sets a target of 3, 6, 9 or 12 months of expenses.
- Shows how much you still need and your progress so far.
- Works out how many months it will take at your saving pace.
How to use the emergency fund calculator
Enter your essential monthly costs
Rent or mortgage, groceries, utilities, transport, insurance, minimum debt payments and other must-pays.
Choose how many months to cover
3, 6, 9 or 12 months.
Enter what you have saved
And how much you can add each month.
Read your target and timeline
See the goal, what is left and how long it will take.
How big should an emergency fund be?
An emergency fund covers essential costs if you lose income or face a large unexpected bill. Only count expenses you could not cut in a crisis. Keep the money somewhere safe and easy to reach, such as a high-yield savings account.
Emergency fund formulas
Target = monthly essential expenses × months to cover
Months to reach it = (target − already saved) ÷ monthly saving
Example: $3,250 of monthly essentials
Six months of cover.
- Emergency fund target $19,500
- Already saved $2,000
- Still to save $17,500
- Time at $400 a month 44 months (3.7 years)
A three-month fund would be $9,750 and a twelve-month fund $39,000.
Choosing the right number of months
3 months
A stable job and a second income in the household.
6 months
The usual recommendation for most households.
9 to 12 months
Self-employed, commission-based or a single income.
Big known risks
Older car, health costs or an industry with layoffs.
Plan your monthly saving with the savings goal calculator, compare savings rates with the APY calculator, or see your full picture with the net worth calculator.
Emergency fund calculator FAQ
How much should I have in an emergency fund?
Most experts suggest three to six months of essential expenses, and more if your income is irregular.
What expenses should I include?
Only essentials: housing, food, utilities, transport, insurance and minimum debt payments.
Where should I keep my emergency fund?
In a safe, easy-to-reach account such as a high-yield savings account, not in stocks.
Should I pay off debt or build an emergency fund first?
Many people build a small starter fund first, then pay down high-interest debt, then finish the full fund.
How long does it take to build an emergency fund?
Divide what is left by what you can save each month. $17,500 at $400 a month takes 44 months.
When should I use it?
For real emergencies, such as job loss, medical bills or urgent repairs, not planned purchases.