Emergency Fund Calculator
Set your emergency savings target and see how long it takes to build it
Essential Monthly Expenses
Your Goal and Savings
Months of expenses to cover
3 months suits a stable, dual-income household; 6 to 12 months suits single earners, freelancers or variable pay.
Your emergency fund target
$18,600
6 months × $3,100 of essential expenses
Saved so far
$5,000
covers 1.6 months
Still needed
$13,600
Time to reach the goal
2 yr 2 mo
Monthly essentials
$3,100
Milestones
| Coverage | Amount | Reached In |
|---|---|---|
| 1 month of expenses | $3,100 | Already there |
| 3 months of expenses | $9,300 | 9 mo |
| 6 months of expenses | $18,600 | 2 yr 2 mo |
Why an Emergency Fund Matters
An emergency fund is cash set aside for job loss, medical bills or urgent repairs, so a surprise doesn't become new debt. Base it on essential spending, not your full budget, because in a crisis you would cut the extras. Keep it somewhere safe and easy to reach, such as a high-yield savings account.
The Formulas
Target = monthly essentials × months
Gap = target − savings
Months covered = savings ÷ monthly essentials
Savings grow monthly at the APY you enter.
Build It Faster
- •Start with a small first goal, such as one month of essentials
- •Automate a transfer to savings on each payday
- •Put windfalls such as tax refunds toward the fund
- •Keep the fund in a separate account so it isn't spent by accident
- •Refill it after you use it before going back to other goals