Emergency Fund Calculator
Find out exactly how much you need in your emergency fund based on your monthly expenses, job stability, and family situation.
Enter your expenses below to get personalized 3, 6, 9, and 12 month savings targets.
Your Monthly Expenses
Your Situation
Enter your current savings to see a progress bar
📋 Our Recommendation
Your Progress
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Minimum safety net
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Recommended baseline
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Monthly Expense Breakdown
How to Use the Emergency Fund Calculator
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Enter Your Monthly Expenses: Add up your essential monthly costs — housing, utilities, food, transportation, insurance, and anything else you can't live without.
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Assess Your Situation: Select your job stability level and enter your number of dependents. These factors affect how large your emergency fund should be.
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Track Your Progress: Enter your current savings to see how close you are to your goal with a visual progress bar.
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Set Your Target: Based on your situation, pick the right target — 3 months for starters, 6+ months for most people, and 9-12 for freelancers or those with dependents.
What Is an Emergency Fund and Why Do You Need One?
An emergency fund is money set aside specifically for unexpected expenses or financial emergencies — job loss, medical bills, car repairs, or home maintenance. It's your financial safety net that keeps you from going into debt when life throws curveballs.
How Much Should You Save?
Most financial experts recommend 3 to 6 months of essential living expenses. However, the right amount depends on your individual situation:
- • Stable job, no dependents: 3 months may suffice
- • Average situation: 6 months is the standard recommendation
- • Freelancers, single-income families: 9-12 months provides better protection
- • Multiple dependents or unstable income: Aim for 12 months
Where to Keep Your Emergency Fund
Your emergency fund should be liquid and accessible but separate from your daily checking account:
- • High-yield savings account (HYSA) — earns interest while staying accessible
- • Money market account — slightly higher rates, still liquid
- • Separate bank entirely — reduces temptation to spend it
Building Your Emergency Fund
Start small and build consistently:
- • Set up automatic transfers on payday
- • Start with a $1,000 "starter" emergency fund
- • Direct windfalls (tax refunds, bonuses) to savings
- • Use the envelope budget method to find extra money
Frequently Asked Questions
How much emergency fund do I need?
Most experts recommend 3-6 months of essential living expenses. If you have dependents, unstable income, or are self-employed, aim for 9-12 months.
Should I pay off debt or build an emergency fund first?
Start with a small emergency fund of $1,000-$2,000 first, then aggressively pay off high-interest debt, then build your full emergency fund. This prevents you from going deeper into debt when emergencies arise.
Is $10,000 enough for an emergency fund?
It depends on your monthly expenses. If your essential expenses are $2,000/month, $10,000 covers 5 months — a solid emergency fund. If your expenses are $5,000/month, it only covers 2 months, which is below the recommended minimum.
Can I invest my emergency fund?
Your emergency fund should be in a liquid, low-risk account like a high-yield savings account. Investing it in stocks or bonds means you might have to sell at a loss during an emergency. Keep it safe and accessible.
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