Emergency Fund Calculator
Work out how big your emergency fund should be and how much is left to save.
How to use the Emergency Fund Calculator
- Enter your essential monthly expenses — the costs you could not skip.
- Choose how many months of cover you want, usually three to six.
- Enter what you have already saved.
- See your target and how much is left to reach it.
Target = Monthly essential expenses × months of cover
About the Emergency Fund Calculator
An emergency fund is the buffer that turns a financial shock — a lost job, a medical bill, a broken boiler — from a crisis into an inconvenience. This calculator sizes yours by multiplying your essential monthly expenses by the number of months you want to cover, then subtracts what you have already saved to show the gap that remains. It also tells you how many months of cover your current savings already buy, so you can see how protected you are today.
The key is to base it on essential expenses — rent or mortgage, food, utilities, transport, minimum debt payments — not your full lifestyle spending, because in a real emergency the discretionary costs are the first to go. Three months is a common starting point; six is safer, and more still makes sense if your income is irregular or a single earner supports the household.
Once you know the target, the practical question is how to get there. Set the money aside somewhere safe and accessible rather than invested, since you may need it at short notice. To plan the monthly saving that reaches your target by a date, use the savings goal calculator, and to split your income toward it the 50/30/20 budget calculator.
Frequently asked questions
How many months should I save?
Three to six months of essential expenses is the usual guidance. Lean toward six or more if your income is variable, you are self-employed, or one salary supports several people.
Should I use total or essential expenses?
Essential expenses — the costs you genuinely could not cut in a crisis. Discretionary spending is the first thing to pause when money is tight, so including it oversizes the fund.
Where should I keep an emergency fund?
Somewhere safe and easy to access, such as a high-yield savings account, not tied up in investments that could fall in value exactly when you need the cash.