Emergency Fund Calculator
Calculate how much you need in your emergency fund and create a plan to reach your goal. Financial experts recommend saving 3-6 months of essential expenses.
Your monthly expenses and savings goals
💡 Tip: Start with a smaller goal (like $1,000) if 3-6 months feels overwhelming. Any emergency fund is better than none!
Still Needed
$28,000.00
Years to Goal
4.7
💡 Emergency Fund Tips
- •Start small: Even $500-$1,000 can cover many common emergencies
- •Automate it: Set up automatic transfers to your emergency fund each payday
- •Keep it accessible: Use a high-yield savings account for easy access and growth
- •Adjust as needed: Increase your target if you're self-employed or have irregular income
Why You Need an Emergency Fund
An emergency fund is a financial safety net designed to cover unexpected expenses like medical bills, car repairs, or job loss. It's one of the most important foundations of financial security.
How Much Should You Save?
- 3 months: Minimum for dual-income households with stable jobs
- 4-5 months: Good middle ground for most situations
- 6+ months: Recommended for single-income households, self-employed, or those with irregular income
Where to Keep Your Emergency Fund
Keep your emergency fund in a high-yield savings account that's:
- Easily accessible (no penalties for withdrawal)
- FDIC insured for safety
- Earning competitive interest (currently 4-5% APY)
- Separate from your regular checking account to avoid temptation
Building Your Fund
If saving 3-6 months of expenses feels overwhelming, start with a smaller goal:
- Save your first $500-$1,000 (covers most minor emergencies)
- Build to one month of expenses
- Gradually increase to 3-6 months
Pro tip: Automate your savings by setting up automatic transfers from each paycheck. You won't miss what you don't see!
Frequently Asked Questions
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