Emergency Fund Calculator
Calculate your ideal emergency fund size based on your expenses, job stability, and personal situation. Track your progress toward financial security.
Build Your Emergency Fund
Calculate how much you need and track your progress
Rent, utilities, food, insurance, etc.
Most salaried positions with reasonable job security
Children, elderly parents, etc.
Your Emergency Fund Target
$21,000
6 months of expenses
Amount Needed
$13,000
to reach goal
Time to Goal
25 months
at current rate
Monthly Expenses
$3,500
covered per month
Months Covered
2.3
with current savings
Emergency Fund Tiers
How to Use This Calculator
Start by entering your monthly essential expenses - this includes rent/mortgage, utilities, groceries, insurance, minimum debt payments, and other necessary costs. Don't include discretionary spending like dining out or entertainment.
Select your job stability level. Government employees, tenured professors, and essential workers have stable jobs. Most salaried employees are moderate. Freelancers, contractors, and those in volatile industries should select unstable.
Enter your number of dependents (children, elderly parents) and your risk tolerance. Conservative savers want larger cushions; aggressive savers are comfortable with minimums.
The calculator will recommend how many months of expenses you need and track your progress toward that goal based on your current savings.
Understanding Your Results
Your target emergency fund is calculated based on your specific situation. The recommendation ranges from 3-12 months depending on job stability, dependents, and risk tolerance.
The progress bar shows how close you are to your goal. Green means you've reached your target, yellow means you're making good progress, and red means you should prioritize building your fund.
The fund tiers section shows different safety levels. Even if your recommendation is 6 months, having 3 months is better than nothing. Work your way up through the tiers.
Time to goal shows how long it will take to reach your target at your current monthly savings rate. If this seems too long, look for ways to increase your savings rate.
Frequently Asked Questions
How much should I have in my emergency fund?
Most financial experts recommend 3-6 months of essential expenses. However, the right amount depends on your job stability, dependents, and risk tolerance. Those with unstable income or dependents may need 9-12 months, while those with very stable jobs and no dependents might be okay with 3 months.
What counts as an emergency?
True emergencies include job loss, major medical expenses, essential car repairs, urgent home repairs, and unexpected family situations. An emergency fund should NOT be used for planned expenses like vacations, new phones, or sales you don't want to miss.
Where should I keep my emergency fund?
Keep your emergency fund in a high-yield savings account at an FDIC-insured bank. It should be easily accessible (within 1-2 business days) but separate from your checking account so you're not tempted to spend it. Don't invest it in stocks - you need guaranteed access without risk of loss.
Should I pay off debt or build an emergency fund first?
Start with a mini emergency fund of $1,000-2,000 to handle small emergencies. Then focus on paying off high-interest debt (credit cards). Once high-interest debt is gone, build your full emergency fund before tackling low-interest debt like student loans or mortgages.
How do I build an emergency fund quickly?
Automate transfers to savings on payday (pay yourself first). Cut unnecessary subscriptions. Sell items you don't need. Use windfalls (tax refunds, bonuses) for your fund. Consider a temporary side hustle. Even $50-100/month adds up over time.
What if I can't afford to save for emergencies?
Start small - even $10-25 per paycheck builds the habit. Look for expenses to cut or ways to increase income. An emergency fund is essential because without one, you'll likely go into high-interest debt when emergencies happen, making your financial situation worse.
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