Emergency Fund Calculator
Determine how much you should have in your emergency fund. Enter your monthly expenses and desired coverage period to calculate your target, then see how your current savings measure up against that goal.
Emergency Fund Calculator
FAQ
How many months of expenses should my emergency fund cover?
Financial experts typically recommend 3 to 6 months of essential expenses. If you have variable income, are self-employed, or are the sole earner, consider targeting 6 to 12 months for extra security.
What expenses should I include in the calculation?
Include essential monthly expenses such as housing, utilities, food, insurance, transportation, minimum debt payments, and any other necessary recurring costs. Exclude discretionary spending like entertainment and dining out.
Where should I keep my emergency fund?
Keep your emergency fund in a high-yield savings account or money market account that is easily accessible. Avoid investing it in stocks or locking it in CDs, as you need quick access during emergencies without risk of loss.