Emergency Fund Calculator
Set your emergency fund target from a few months of essential expenses, and see how long it takes to build at your current savings rate.
How it's calculated
An emergency fund is the cash you keep for a job loss, a medical bill, or a big repair, so a surprise does not turn into debt. The target is simple. Take your essential monthly expenses and multiply by the number of months you want to cover, commonly three to six.
Take the default here. Essential expenses of $4,000 a month across six months of coverage give a target of $24,000. With $6,000 already saved you are 25 percent of the way there, with $18,000 to go. Putting aside $500 a month closes that gap in 36 months.
Essential expenses are the ones you could not skip if your income stopped, like housing, food, utilities, and minimum debt payments. Leave out the spending you would cut in a real emergency. Keep the money somewhere safe and easy to reach, not invested in stocks, since you may need it exactly when the market is low.
Assumptions
- The target is your monthly essential expenses times the months of coverage you choose.
- An emergency fund is held in cash, so this ignores investment growth and divides the remaining gap by your monthly contribution.
Last updated: 2026-08-08
These assumptions follow our general methodology.
Frequently asked questions
How much should an emergency fund be?
A common target is three to six months of essential expenses. Three months suits a stable job with a second income in the household. Six months or more fits variable income, a single earner, or a role that would be hard to replace quickly.
What counts as essential expenses?
The costs you could not skip if your income stopped. Rent or mortgage, food, utilities, insurance, transport, and minimum debt payments. Leave out discretionary spending like dining out and subscriptions, which you would cut in a real emergency.
Where should I keep my emergency fund?
Somewhere safe and quick to reach, like a high-yield savings account. It should not be in stocks, since you may need it exactly when the market is down. The point is safety and access, not growth.
Should I build an emergency fund or pay off debt first?
A common approach is to save a small starter fund of around $1,000 first, then attack high-interest debt, then finish the full fund. Having some cash set aside keeps a surprise expense from becoming new credit card debt.