Emergency Fund Calculator
Find your emergency fund target, the gap to reach it, and how long it takes at your monthly saving rate.
How it works
Target = monthly essentials × months of cushion · Gap = target − current savings
An emergency fund covers essential spending — housing, food, utilities, insurance, minimum debt payments — if your income stops. Multiply your bare-bones monthly expenses by the number of months of cushion you want, subtract what you already have, and divide the gap by your monthly saving rate to see the timeline.
Worked example
With $3,500 in monthly essentials and a 6-month target, you need $21,000. Starting from $5,000, that leaves a $16,000 gap — about 32 months, or 2 years 8 months, at $500 saved per month.
Frequently asked questions
How many months should I keep?
Three months is a common floor; six is the usual target. Lean toward 9–12 if your income is variable, you are self-employed, or you are the sole earner.
Where should it live?
In a high-yield savings or money-market account — safe, separate from checking, and available within a day or two. Not in stocks, which can drop right when you need the cash.
Emergency fund or pay off debt first?
Build a small starter fund (about $1,000) first, then attack high-interest debt, then finish the full fund. It stops a surprise expense from pushing you deeper into debt.
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This is an educational estimate, not financial advice. Confirm figures with your lender, advisor or tax professional.