acalculator

What emergency fund do I need?

Type your essential monthly bills and how many months you want covered. The emergency fund calculator gives the target, what is still to save, and how long it takes at your monthly saving.

Your numbers

3 to 6 is common; more with one income or an irregular one.
Emergency fund target
$18,000.00

Covering $3,000.00 a month for 6 months needs an emergency fund of $18,000.00; $16,000.00 is still to save.

Essential expenses per month
$3,000.00
Still to save
$16,000.00
Months to reach the target
32
Months covered now
0.7
Share of the target saved
11.1%

Emergency fund target: $18,000.00. Covering $3,000.00 a month for 6 months needs an emergency fund of $18,000.00; $16,000.00 is still to save.

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Works out an emergency fund target from essential monthly expenses and the months to cover, what is still to save, and how many months of saving it takes.

Example with the default inputs (Housing $1,500.00, Food $500.00, Transportation $400.00, Insurance and health $300.00, Debt and other $300.00, Months to cover 6, Already saved $2,000.00, Saving each month $500.00): Covering $3,000.00 a month for 6 months needs an emergency fund of $18,000.00; $16,000.00 is still to save.

Method: Target = (housing + food + transportation + insurance + other) × months; still to save = max(0, target − saved); months to reach it = still to save ÷ monthly saving, rounded up.

  • Only essential expenses count: what you must pay each month if your income stopped.
  • The fund earns no interest, and expenses stay the same while you save.
  • Saving amounts are deposited once a month; the last month may need less than the full amount.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Housing $1,500.00, Food $500.00, Transportation $400.00, Insurance and health $300.00, Debt and other $300.00, Months to cover 6, Already saved $2,000.00, Saving each month $500.00 gives Essential expenses per month $3,000.00, Emergency fund target $18,000.00, Still to save $16,000.00, Months to reach the target 32, Months covered now 0.666667, Share of the target saved 11.111111%.Source: FDIC Consumer Resource Center, Saving for the Unexpected and Your Future (at least six months of living expenses), https://www.fdic.gov/consumer-resource-center/2025-01/saving-unexpected-and-your-future
  2. Housing $1,200.00, Food $450.50, Transportation $0.00, Insurance and health $210.25, Debt and other $139.25, Months to cover 3, Already saved $1,000.00, Saving each month $250.00 gives Essential expenses per month $2,000.00, Emergency fund target $6,000.00, Still to save $5,000.00, Months to reach the target 20.Source: FINRA, Financial Foundations: Start an Emergency Fund (three to six months of living expenses), https://www.finra.org/investors/personal-finance/start-emergency-fund
  3. Housing $2,000.00, Food $600.00, Transportation $300.00, Insurance and health $100.00, Debt and other $0.00, Months to cover 6, Already saved $18,000.00, Saving each month $300.00 gives Emergency fund target $18,000.00, Still to save $0.00, Months to reach the target 0, Months covered now 6, Share of the target saved 100%.Source: FDIC Consumer Resource Center, Saving for the Unexpected and Your Future (at least six months of living expenses), https://www.fdic.gov/consumer-resource-center/2025-01/saving-unexpected-and-your-future
  4. Housing $1,000.00, Food $0.00, Transportation $0.00, Insurance and health $0.00, Debt and other $0.00, Months to cover 4.5, Already saved $0.00, Saving each month $0.07 gives Emergency fund target $4,500.00, Months to reach the target 64,286.Source: FINRA, Financial Foundations: Start an Emergency Fund (three to six months of living expenses), https://www.finra.org/investors/personal-finance/start-emergency-fund

How it works

  • Essential expenses per month E = housing + food + transportation + insurance and health + debt and other.
  • Emergency fund target = E × months to cover.
  • Still to save = target − already saved, or $0 when you already have the target or more.
  • Months to reach the target = still to save ÷ saving each month, rounded up to a whole month (0 when nothing is left).
  • Months covered now = already saved ÷ E.
  • Share of the target saved = already saved ÷ target × 100%.

Rules. Each expense is from $0 to $10,000,000 a month, and at least one must be above $0; otherwise the page gives no answer. Months to cover are from 1 to 36 and may be fractional (4.5). Already saved is from $0 to $1,000,000,000. Saving each month is optional; if you fill it in, it must be from $0.01 to $10,000,000.

Exact arithmetic. Each amount is read as the exact decimal you typed. Sums, products and the division are exact fractions, and the month count is rounded up from the exact quotient.

Output format. Decimals and significant figures below are the most shown; trailing zeros are dropped (23.0 shows as 23, money keeps its cents). Money in dollars and cents, rounded half up from the exact value. Months to reach the target is a whole number. Months covered now shows 1 decimal and the share saved 1 decimal of a percent, each rounded half up from its decimal value.

Assumptions

  • Defaults: $1,500 housing, $500 food, $400 transport, $300 insurance and $300 other; 6 months (the FDIC’s “at least six months”); $2,000 saved; $500 a month.
  • The fund earns no interest and expenses do not change while you save.
  • You save the same amount once a month.

Worked examples by hand

The default. E = 1,500 + 500 + 400 + 300 + 300 = $3,000. Target = 3,000 × 6 = $18,000. Still to save = 18,000 − 2,000 = $16,000. 16,000 ÷ 500 = 32 months. Covered now 2,000 ÷ 3,000 = 0.7 months; share saved 2,000 ÷ 18,000 = 11.1%.

Three months. E = 1,200 + 450.50 + 0 + 210.25 + 139.25 = $2,000. Target $6,000; still to save $5,000; 5,000 ÷ 250 = 20 months.

Already funded. E = $3,000, 6 months, $18,000 saved: target $18,000, still to save $0, 0 months, covered 6.0 months, 100%.

A remainder. $1,000 a month for 4.5 months is $4,500; at $0.07 a month, 4,500 ÷ 0.07 = 64,285.71…, so 64,286 months.

Other questions people ask

How much should I have in an emergency fund?

FINRA says financial planners often recommend three to six months of living expenses, and the FDIC suggests at least six months. With $3,000 of essential expenses a month, that is $9,000 to $18,000.

Which expenses should I count?

Only what you must pay each month if your income stopped: rent or mortgage, utilities, groceries, transport to work, insurance, medical costs and minimum debt payments. Leave out eating out, holidays and other spending you could pause.

Should I save three months or six?

Fewer months can be enough with two steady incomes and stable jobs. Aim higher with one income, irregular pay, self-employment or dependants; FINRA notes that variable incomes may need a larger reserve.

How long will it take to build my emergency fund?

Divide what is still to save by what you can put away each month, and round up. $16,000 still to save at $500 a month takes 32 months. A small start still helps: the CFPB notes that even a small amount gives some security.

Where should I keep an emergency fund?

Somewhere safe and quick to reach. The FDIC suggests a federally insured product such as a savings account or a certificate of deposit. Avoid money you would have to sell investments to get at in a hurry.

Does this calculator count interest?

No. It assumes the fund earns nothing and your expenses stay the same, so the timeline is a little cautious. Interest on a savings account shortens it slightly.