Emergency Fund Calculator
Calculate how much you need for your emergency fund and how long it will take to reach your goal
Emergency Fund Details
Ready to Calculate
Enter your financial details to determine your emergency fund needs and savings timeline.
How to Use This Calculator
Calculate Monthly Essential Expenses
Add up your monthly essential expenses including housing, utilities, food, transportation, insurance, and minimum debt payments.
Enter Current Emergency Savings
Input the amount you currently have saved specifically for emergencies, separate from other savings or investments.
Set Monthly Savings Goal
Determine how much you can realistically save each month toward your emergency fund without compromising other financial goals.
Choose Target Coverage Period
Select how many months of expenses you want to cover. Common recommendations are 3-6 months, but consider your job stability and family situation.
Include Additional Costs
Optionally include monthly debt payments and set an interest rate if your emergency savings earn interest.
Review Your Plan
Analyze your timeline to reach your goal and adjust your monthly savings or target coverage as needed.
Emergency Fund Tips
Start with a goal of $1,000 for immediate small emergencies, then build to 3-6 months of expenses
Keep your emergency fund in a high-yield savings account for easy access and some growth
Consider your job security when determining target coverage - freelancers may need 6-12 months
Don't invest emergency funds in stocks or volatile investments - liquidity is key
Automate your emergency fund contributions to build the habit of consistent saving
Only use emergency funds for true emergencies - job loss, medical bills, major repairs
Replenish your emergency fund immediately after using it for an emergency
Adjust your target amount when your monthly expenses change significantly