Emergency Fund Calculator
How big an emergency fund to aim for, as months of essential expenses, how far your savings cover you now, and the monthly saving that fills the gap in the time you choose.
Result…
How it's calculated
Target = essential monthly expenses × months of cover Still to save = target − savings now (0 if already met) Monthly saving = still to save ÷ months to build it Months of cover now = savings now ÷ essential monthly expenses
An emergency fund is money kept aside for a job loss, a repair or another surprise cost. This calculator sets the target as a number of months of essential expenses, shows how many months your savings cover today, and spreads the rest evenly over the months you choose. Count only the costs you would still have to pay in a hard month, not everyday extras.
Your numbers, step by step
About the Emergency Fund calculator
This emergency fund calculator sets a savings target for the unexpected, such as losing your income, a large repair or a medical bill. You enter your essential monthly expenses, the costs you would still have to pay in a hard month, and how many months of them you want covered. It multiplies the two to give the target, shows how many months your current savings already cover and what share of the target that is, and spreads the gap evenly over the months you choose to build it. The number of months is your choice, because how much cover makes sense depends on how steady your income is, who relies on it and what other help is available where you live. Interest is left out, so the plan is on the cautious side, and every step is shown with your figures.
How to use it
- Add up the costs you can't avoid each month and enter them as “Essential monthly expenses”.
- Enter the “Months of cover wanted”.
- Enter your “Emergency savings now”.
- Enter the “Months to build it”, then read the target, the gap and the monthly saving needed.
Worked example
Take essential expenses of 2,200 a month and a goal of 4 months of cover: the target is 2,200 × 4 = 8,800. Savings of 3,000 cover 3,000 ÷ 2,200 = 1.36 months, which is 34.1% of the target. The 5,800 still to save, spread over 10 months, is 580 a month.
Updated
Questions people ask
How do I work out the size of my emergency fund?
Multiply your essential monthly expenses by the number of months you want covered. With essentials of 2,200 and 4 months, the target is 8,800.
Which expenses count as essential?
The ones you would still pay if your income stopped: housing, food, utilities, transport, insurance and minimum debt payments. Leave out extras you could pause, such as eating out or subscriptions; the budget calculator helps sort them.
How many months of cover should an emergency fund have?
There is no single right number. Someone with an irregular income or people who rely on them may want more months than someone with a steady job and other support; pick a number that fits you.
What is a common mistake with emergency savings?
Keeping the money somewhere it can't be reached quickly, or where its value can fall just when you need it. Another is counting your full spending instead of only the essentials, which sets a target that feels out of reach.
Does this calculator tell me where to keep the money?
No. It only sizes the fund and the saving plan. Which accounts are suitable, and what protection they have, depends on the country; a qualified adviser or a free money-advice service can help you choose.