Emergency Fund Calculator
Enter your monthly expenses and how many months of coverage you want (3–6 is standard) to see your emergency fund target and how much you still need to save.
Find out exactly how much you need in an emergency fund based on your monthly expenses. Financial experts universally recommend 3–6 months of living expenses in an accessible savings account. Enter your monthly expenses and current savings to see your target, how close you are, and how much you still need to save.
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Last reviewed: April 2026Report an error
Emergency Fund Target
$24,000.00
Your 6-month emergency fund target is $24,000.00. You've saved 21% ($5,000.00) and need $19,000.00 more.
Progress21%
Amount Still Needed
$19,000.00
Status
In Progress
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How to Use This Emergency Fund Calculator
- Enter your total monthly expenses (rent, food, utilities, insurance, etc.).
- Choose how many months of coverage you want (3 months minimum; 6 is recommended).
- Enter your current emergency savings balance.
- Read your target, the gap remaining, and your percent complete.
Frequently Asked Questions
- Financial experts — including the CFPB and most certified financial planners — recommend 3–6 months of essential living expenses. If you have a single income, are self-employed, work in a volatile industry, or have dependents, aim for 6 months. Two-income households with stable jobs may be comfortable with 3 months.
- A high-yield savings account (HYSA) is ideal. It's FDIC-insured, earns 4–5% interest (as of 2026), and is liquid — meaning you can access it within 1–3 business days without penalty. Avoid investing your emergency fund in stocks or bonds — market downturns often coincide with job loss.
- Include essential, non-negotiable expenses: rent or mortgage, utilities, groceries, transportation, insurance premiums, minimum debt payments, and childcare. Do not include discretionary spending like dining out, entertainment, or subscriptions you could cancel in an emergency.
- Expenses. The goal is to cover your obligations if income stops. Use your actual monthly outflows, not your income. If your take-home pay is $5,000 but you only need $3,500 to cover bills, your 6-month fund target is $21,000 (not $30,000).
- Once fully funded, redirect those monthly contributions to other goals: paying down high-interest debt, maxing out a 401(k) or Roth IRA, or saving toward a specific target like a home down payment or investment account.
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