Emergency fund calculator
An emergency fund is measured in months of expenses, not a round number plucked from the air. Enter what you spend on essentials, choose how many months you want to cover, and this shows your target, how far you've got to go, and how long it'll take to get there.
A planning estimate. Three to six months of essentials is a common range — see the guidance below.
How to use this calculator
Enter your essential monthly expenses — only the costs you couldn't skip if money got tight (housing, utilities, food, transport, insurance, minimum debt payments), not your total spending. Choose how many months to cover; three to six is the usual range. Add what you've already saved and what you can put away each month, and you'll see your target, the gap remaining, and roughly how long until you're fully funded.
How it works
The target is straightforward:
From there, the gap is your target minus what you've already saved, and the time to finish is that gap divided by your monthly contribution. The reason it's built on essential expenses is that an emergency fund only needs to keep the lights on during a rough patch — not maintain your full lifestyle — so basing it on must-pay costs keeps the goal realistic and reachable.
A worked example
If your essentials run $2,500 a month and you want 3 months of cover, your target is $2,500 × 3 = $7,500. With $1,500 already saved, the gap is $6,000. Putting away $400 a month closes that gap in 15 months. Want a sturdier 6-month cushion instead? The target becomes $15,000 — the same tool shows how that changes your timeline.
How many months should you aim for?
Lean toward three months if your income is stable and salaried, you have two earners, or your work is easy to replace. Lean toward six months or more if your income is variable or commission-based, you're self-employed, you're the only earner, or your field is volatile. If you're starting from zero, a $500–$1,000 starter fund is a great first milestone before building toward the full amount. Our emergency fund guide goes deeper on where to keep it and how to build it.
Frequently asked questions
What counts as an "essential" expense?
The things you genuinely couldn't cut quickly: rent or mortgage, utilities, groceries, transport to work, insurance, and minimum debt payments. Streaming, dining out, and discretionary shopping don't belong in the figure — in a real emergency, those pause.
Where should I keep the money?
Somewhere safe and reachable within a day or two — typically a separate high-yield savings account. Not your checking account (too easy to spend) and not investments that can drop right when you need the cash. Access and safety matter more than the interest.
Should I build this before paying off debt?
A common approach is to build a small starter fund first, then focus on high-interest debt, then return to finish the full fund. That way a surprise expense doesn't push you straight back into borrowing while you're trying to climb out.