Emergency Fund Calculator
Estimate how much you need in an emergency fund based on your monthly expenses and target months of coverage.
Calculator
Target emergency fund
$18,000
Current savings
$5,000
Still needed
$13,000
Progress
27.78%
Projection
What is emergency fund?
An emergency fund is money set aside to cover unexpected expenses like job loss, medical bills, or car repairs. Most experts recommend 3 to 6 months of essential expenses.
Example
If your essential monthly expenses are $3,000 and you want 6 months of coverage, your target is $18,000.
Money-saving tips
- •Start with a $1,000 starter emergency fund, then build to 3-6 months.
- •Keep emergency savings in a high-yield savings account, separate from checking.
- •Only use it for true emergencies — not vacations or planned purchases.
Common mistakes
- •Keeping emergency money in checking where it gets spent.
- •Using the fund for non-emergencies and never replenishing it.
Financial definitions
- Essential expenses
- The minimum you must spend to live: housing, food, utilities, insurance.
- High-yield savings
- A savings account paying a higher interest rate than typical banks.
Frequently asked questions
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Estimated reading time: 5 min