Savings

Emergency fund calculator

An emergency fund is your financial buffer for the unexpected. Calculate how much you need based on your essential expenses and how many months you want covered, and track your progress and how long it'll take to get there.
Essential expenses per month
$
Housing, food, utilities, transportation…
Current savings set aside for emergencies
$
Monthly savings you can contribute
$
Months you want covered
There's no required number. Choose the buffer that lets you feel at ease.
Resets these values back to their defaults.
Target fund for 6 months of expenses
$9,000
$3,000
You already have
$6,000
Still needed
Progress
33%
You'd complete it in 1 year and 8 months
With $1,500 in essential expenses per month, a 6-month fund is $9,000. Right now you have 33.3% of that covered.

How to read the result

The target fund is the amount that would cover the months of expenses you chose. The progress bar shows how far along you are, and if you enter a monthly contribution, how long it'll take to finish. It's not a rigid goal. It's a reference point for your peace of mind.

How it's calculated

We multiply your monthly essential expenses by the number of months you want covered. From that figure we subtract what you've already saved to get what's left, then divide that amount by your monthly contribution to estimate the time to complete it.

A simple example

If your essential expenses are $1,500 a month and you want 6 months covered, your target fund is $9,000. If you already have $3,000 saved and contribute $300 a month, you'd cover the rest in about 20 months.

Frequently asked questions

What is an emergency fund?
It's a pool of liquid, easily accessible money set aside for the unexpected: a car repair, a home fix, a period without income, or any surprise expense. Its purpose is to keep a setback from forcing you into debt.
How many months of expenses should it cover?
There's no single rule. A common range is 3 to 12 months of essential expenses, depending on how stable your income is and your own circumstances. Choose the number that lets you sleep at night. The calculator doesn't impose one.
Which expenses should I count?
Only the essentials: housing, utilities, groceries, transportation, insurance, and unavoidable payments. Don't include entertainment or other costs you could cut back on temporarily in an emergency.
Where should I keep the fund?
An emergency fund is meant to be safe and available quickly, which is why this tool doesn't apply any rate of return to it. Where you keep it is a personal decision. This calculator is for information only.

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