Emergency Fund Calculator
Calculate how much you need saved for 3-6 months of expenses.
What is the Emergency Fund Calculator?
An emergency fund is savings set aside specifically to cover essential living costs if income stops unexpectedly (job loss, medical issue). This tool calculates a target based on your actual monthly essential expenses and how many months of coverage you want.
The formula
Target = Essential Monthly Expenses × Months of Coverage. Still Needed = Target − Current Savings.
How to use it
- Enter your essential monthly expenses only — rent/mortgage, utilities, food, insurance, minimum debt payments — not discretionary spending.
- Choose your target months of coverage (3 months is a common minimum; 6 is a more conservative common target, especially with variable income or dependents).
- Enter what you've already saved specifically for this purpose.
The right number of months depends on job stability, number of income earners in a household, and personal risk tolerance — there's no single universally correct target, only common starting ranges to adjust from.
Want the "why" behind this tool? Read How Many Months of Expenses Should an Emergency Fund Actually Cover?.