Emergency Fund Calculator

Calculate how much you need in your emergency fund to cover unexpected expenses or income loss. Your financial safety net starts here.

Calculate Your Emergency Fund

$

Your total monthly essential expenses

Recommended: 3-6 months for most people

$
$

How much you can save each month

Why You Need an Emergency Fund

An emergency fund is a financial safety net designed to cover unexpected expenses or income loss. It's one of the most important foundations of financial security, protecting you from having to rely on credit cards or loans during difficult times.

Common Emergencies

  • • Job loss: Covers living expenses while you search for new employment
  • • Medical emergencies: Unexpected healthcare costs not covered by insurance
  • • Home repairs: Urgent fixes like a broken furnace or roof leak
  • • Car repairs: Unexpected vehicle breakdowns
  • • Family emergencies: Travel or other urgent family needs

How Much Should You Save?

The general recommendation is:

  • 3 months: Minimum for single income earners or those with unstable jobs
  • 6 months: Standard recommendation for most people
  • 9-12 months: Recommended for self-employed, single-income families, or high-risk industries

Building Your Emergency Fund

  • • Start small: Even $1,000 is better than nothing
  • • Automate savings: Set up automatic transfers to a separate savings account
  • • Use a high-yield account: Keep your emergency fund in a savings account that earns interest
  • • Don't touch it: Only use for true emergencies, not planned expenses
  • • Rebuild after use: If you use your emergency fund, prioritize rebuilding it

Frequently Asked Questions

What counts as monthly expenses? +

Include all essential expenses: housing, utilities, groceries, transportation, insurance, minimum debt payments, and basic healthcare. Don't include discretionary spending.

Should I pay off debt first or build an emergency fund? +

Start with a small emergency fund ($1,000-$2,000), then focus on high-interest debt. Once debt is manageable, build your full emergency fund.

Can I invest my emergency fund? +

No. Emergency funds should be easily accessible and not subject to market risk. Keep it in a savings or money market account.

What if I can't save the full amount? +

Start with what you can afford. Even saving $50-100 per month will build your fund over time. The key is consistency.

💰 Build Your Emergency Fund Faster

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