Emergency Fund Calculator
Calculate how much you need in emergency savings
$
$
$
Formula
Target = Monthly Expenses × Months of Coverage
Financial experts recommend 3-6 months of expenses in an easily accessible savings account.
Examples
$4k expenses, 6 months
Need
Frequently Asked Questions
About Emergency Fund
Calculate how much you need in emergency savings and track your progress toward that goal. Financial experts recommend keeping 3-6 months of essential expenses in a high-yield savings account for unexpected events like job loss, medical emergencies, or major home repairs. Start with a starter fund of
,000, then build toward your full target. Keep emergency funds in a high-yield savings account—separate from your checking account to reduce temptation, but still accessible within 1-2 business days. As of 2024, high-yield savings accounts offer 4-5% APY, so your emergency fund can earn meaningful interest while staying liquid. Essential expenses to include: housing, utilities, food, transportation, insurance, minimum debt payments, and healthcare. You can exclude discretionary spending like dining out and entertainment. Revisit your emergency fund target annually or after major life changes like a move, new job, marriage, or having children.
Related Calculators
Mortgage Calculator
Calculate monthly mortgage payments, interest, and amortization
Use calculator
Compound Interest Calculator
See how your money grows with compound interest over time
Use calculator
Loan Calculator
Calculate loan payments, interest costs, and payoff timelines
Use calculator
Salary Calculator
Convert between hourly, monthly, and annual salary
Use calculator