Work out your emergency-fund target and how long to reach it.
Calculated instantly in your browser.
How do you calculate your emergency fund target?
Target = essential monthly expenses × months of cover; still needed = target − current savings; time to goal = amount still needed ÷ monthly contribution. Use only essential costs like rent, food, utilities and minimum debt payments. For example, with $3,000 of essential expenses and a 6-month goal, the target is $18,000; from $5,000 saved you need $13,000 more.
Understanding your result
An emergency fund covers essential costs if your income stops. Use only essential expenses — rent or mortgage, food, utilities and minimum debt payments — not discretionary spending, and keep the money easily accessible.
Formula and method
Target = essential monthly expenses × months of cover. Still needed = target − current savings. Time to goal = amount still needed ÷ monthly contribution.
Worked example
With $3,000 of essential expenses and a 6-month goal, the target is $18,000; from $5,000 saved you need $13,000 more.
How to use this tool
- Enter your essential monthly expenses.
- Choose how many months of cover you want.
- Add current savings and a monthly contribution.
Common mistakes to avoid
- Including non-essential spending in the monthly figure.
- Keeping the fund somewhere hard to access in a hurry.
About the Emergency Fund Calculator
The Emergency Fund Calculator sets a savings target based on your essential monthly expenses and how many months of cover you want, then shows the gap from your current savings and how long to close it.
Who should use this tool
Anyone building a financial safety net for job loss, illness or unexpected bills.
Benefits
- A clear savings target.
- The gap from your current savings.
- Time to reach the goal at your savings rate.
- A funded-percentage progress bar.
Practical use cases
- Setting a 3 or 6-month emergency target.
- Tracking progress toward a safety net.
- Planning monthly savings to hit the goal.
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Frequently asked questions
How many months should I save?
Three to six months of essential expenses is a common guideline; aim for more if your income is irregular or you have dependents.
Where should I keep it?
In a safe, easy-access account such as a high-yield savings account — not tied up in investments that could fall in value when you need the cash.