Emergency Fund Calculator
A common target is three to six months of essential expenses. Enter your numbers to size the fund and set a timeline.
$24,000 target emergency fund
- Still to save
- $19,000
- Time to fully funded
- 2 yr 8 mo
How it works
The target is essential monthly expenses times the number of months of cushion. What's left after current savings is divided by your monthly contribution.
Explain it to a kid
An emergency fund is money set aside just for surprises — like if your bike tire pops and you need a new one right away. Instead of scrambling, you already have money saved just for 'uh-oh' moments, so they don't turn into a big problem.
Frequently asked questions
How many months of expenses should an emergency fund cover?
Three to six months of essential expenses is the common range — three if you have stable dual income and strong job security, six or more if you're self-employed, single-income, or in a less stable field.
What counts as 'essential' expenses?
Housing, utilities, groceries, insurance, minimum debt payments, and transportation — the costs you'd still have to cover with no income. Discretionary spending like dining out, travel, or subscriptions is usually left out of the target.
Where should an emergency fund be kept?
Somewhere safe and immediately accessible — a high-yield savings account is the common choice — rather than invested, since the point is to have it available without delay or market risk when you need it.
Should I build an emergency fund before paying off debt?
Many planners suggest a small starter fund (around $1,000, or one month of expenses) first, then splitting extra money between high-interest debt payoff and building the fund the rest of the way — see the Debt Snowball & Avalanche Calculator for a payoff plan.