Emergency fund calculator
Work out how big your emergency fund should be and how much to save each month to build it.
Your target fund
- Still needed
- Save each month
Estimates only, for illustration.
How this calculator works
Enter your essential monthly expenses, how many months of cover you want, what you've already saved and how long you want to take. The calculator works out your target, how much more you need, and how much to save each month to get there.
It doesn't add interest, so if you keep the money in a high-yield savings account, you'll get there a little sooner.
Building it
- Start small. A first goal of $500 to $1,000 covers many common surprises, like a car repair.
- Automate a transfer each payday into a separate savings account.
- Add windfalls, such as a tax refund or bonus.
- Refill it after you use it.
Saving for something else too? The savings goal calculator works for any goal.
Common questions
Three to six months of essential expenses is the usual guide. Aim for more if your income varies, you're self-employed, you're the only earner in your household or your job would be hard to replace.
Costs you'd still have to pay if you lost your income, such as housing, utilities, groceries, insurance, transportation and minimum debt payments. Leave out things you could cut, like eating out and subscriptions.
Somewhere safe and easy to reach, like a high-yield savings account, separate from your everyday checking account. Don't invest it in stocks, since its value could fall just when you need it.