Emergency Fund Calculator
Calculate exactly how much you need in your emergency fund and how long it will take to get there.
Emergency Fund
Calculate your safety net
How to Use
- 1 Enter your monthly expenses by category — housing, utilities, food, transportation, insurance, debt, medical, and other essentials
- 2 Choose how many months of coverage you want: 3, 6, 9, or 12 months
- 3 Enter your current emergency savings balance
- 4 Set how much you can save each month toward your emergency fund
- 5 Optionally set your savings account interest rate (e.g. 4.5% for a high-yield savings account)
- 6 View your target fund amount, current progress, and estimated time to reach your goal
What You Get
Emergency fund calculator with itemized expense breakdown across 8 categories. Calculates your target savings, tracks progress, and estimates months to fully fund your safety net — including compound interest on savings.
Input: $4,000/month expenses, 6 months coverage, $5,000 saved, $500/month
Output: $24,000 target, 20.8% funded, ~38 months to goal
Input: $2,500/month expenses, 3 months coverage, $0 saved, $300/month
Output: $7,500 target, 0% funded, ~25 months to goal
Input: $6,000/month expenses, 9 months coverage, $54,000 saved
Output: $54,000 target, 100% funded — fully funded!
How much should I have in an emergency fund?
Most financial experts recommend saving 3 to 6 months of essential living expenses. If you have dependents, variable income, or work in an unstable industry, aim for 6 to 9 months. Self-employed individuals may want up to 12 months. Start with a $1,000 starter fund, then build toward your full target.
What is an emergency fund and why do I need one?
An emergency fund is money set aside to cover unexpected expenses like job loss, medical bills, car repairs, or home emergencies. Without one, you may be forced to rely on credit cards or loans with high interest rates. An emergency fund provides financial security and peace of mind, preventing a temporary setback from becoming a long-term debt problem.
How do I build an emergency fund fast?
Start by setting a specific monthly savings goal using this calculator. Automate transfers to a separate high-yield savings account on payday. Cut non-essential spending temporarily, sell unused items, and redirect windfalls (tax refunds, bonuses) directly to savings. Even $100–$200 per month adds up — consistency matters more than size.
Where should I keep my emergency fund?
Keep your emergency fund in a high-yield savings account (HYSA) that earns 4–5% APY. It should be liquid (accessible within 1–2 days) but separate from your checking account to avoid spending it. Avoid investing your emergency fund in stocks or crypto — the goal is safety and accessibility, not growth.
Should I pay off debt or build an emergency fund first?
Do both simultaneously. Start with a $1,000 mini emergency fund to cover small surprises, then focus on paying off high-interest debt (above 7%). Once high-interest debt is gone, shift to building your full 3–6 month emergency fund. Having no emergency fund while paying off debt puts you at risk of going deeper into debt when unexpected costs arise.
How long does it take to save an emergency fund?
It depends on your target and monthly contribution. For example, if your target is $15,000 and you save $500/month, it takes about 30 months (2.5 years). With a 4.5% HYSA, interest shaves off a few months. Use this calculator to see your personalized timeline based on your expenses, savings, and contribution amount.
Is $10,000 enough for an emergency fund?
It depends on your monthly expenses. If your essential costs are $2,500/month, $10,000 covers 4 months — solid for most single adults. If your expenses are $5,000/month, $10,000 only covers 2 months, which is below the recommended minimum. Use this calculator to find YOUR number based on your actual expenses.
What expenses should an emergency fund cover?
An emergency fund should cover essential living expenses only: housing (rent/mortgage), utilities, food, transportation, insurance premiums, minimum debt payments, and medical costs. It should NOT need to cover discretionary spending like dining out, entertainment, or shopping. Calculate only what you truly need to survive during a financial emergency.
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