Keep your emergency fund in a safe, easy-access savings account. Assumes a steady monthly saving and constant interest rate. For education only, not financial advice.
What this emergency fund calculator does
This emergency fund calculator works out how much you should have set aside for emergencies, based on your essential costs and how stable your income is. It shows:
- your target, in months of essential costs
- your progress so far and how much is still to save
- how many months your savings would cover today
- the date you'll be fully funded at your current saving rate
How to use it
- Essential costs each month: rent or mortgage, utilities, food, transport, insurance and minimum debt payments. Leave out things you could cut in a crisis.
- Your situation: choose the option that fits you best, or set your own number of months.
- Saved so far: what's already in your emergency fund.
- Monthly saving and interest: how much you can add each month, and the rate your savings account pays.
How many months should you choose?
| Situation | Suggested cover |
|---|---|
| Two stable incomes | 3 months |
| One stable income | 6 months |
| Self-employed or variable income | 9 months |
| Sole earner with dependants | 12 months |
These are guidelines. Choose more if your job is less secure, your costs are high, or finding new work would take time. For more detail, read how to build an emergency fund, emergency funds for single people and how many months you need if you're self-employed.
Example
Essential costs of $3,000 a month, aiming for 6 months, with $2,000 saved and $500 added each month at 4%:
- Target: $18,000
- Still to save: $16,000
- Fully funded in: about 2 years 7 months
A good first milestone is one month of costs, $3,000 here, which already covers many common emergencies.
Where to keep your emergency fund
Keep it safe, separate and easy to reach:
- A high-yield savings account is usually the best fit.
- Keep it separate from your everyday account, so it doesn't get spent by accident.
- Don't invest it in stocks or crypto. It needs to be there at full value when you need it.
Frequently asked questions
How much should I have in my emergency fund?
Most people aim for 3 to 6 months of essential costs. Single earners, the self-employed and people with dependants often aim for 6 to 12 months.
Should I build an emergency fund or pay off debt first?
Build a starter fund of about one month's costs, then focus on high-interest debt, then grow your fund to your full target.
Does the calculator include interest?
Yes. It adds monthly interest at the rate you enter, which shortens the time to reach your target slightly.
Is my data saved?
No. The calculator runs in your browser, and nothing you enter is stored.
Related tools
This calculator is for education only and is not financial advice. It assumes steady monthly saving and a constant interest rate.