6‑Month Emergency Fund Calculator
Enter your monthly expense details to calculate the amount needed for a 6‑month emergency fund.
Optionally, input your current emergency savings to see how many months of expenses are covered.
* All amounts are in U.S. dollars.
Step 1: Enter Your Expenses
Monthly housing cost
Electricity, water, internet, etc.
Monthly food expenses
Fuel, public transit, etc.
Health, car, home, etc.
Out-of-pocket expenses
Loans, credit cards, etc.
Miscellaneous monthly costs
Optional: Enter current savings to check coverage
How Much Emergency Fund Should I Have?
An emergency fund is a savings account set aside to cover unexpected expenses, such as medical bills, car repairs, or job loss. Having a financial safety net provides peace of mind and helps avoid relying on credit cards or loans during emergencies.
General Rule of Thumb
The recommended size of an emergency fund depends on your financial situation and lifestyle. Common guidelines include: Three to Six Months of Expenses: Save enough to cover 3 to 6 months’ worth of essential living expenses, such as rent or mortgage payments, utilities, groceries, insurance premiums, and transportation costs. Start Smaller if Necessary: If saving three months of expenses feels overwhelming, start with a smaller goal, like $500 or $1,000, and build up over time.
Factors to Consider
The right emergency fund amount varies based on individual circumstances. Consider these factors when determining your goal: Job Stability: If you have a steady job with little risk of losing it, three months of expenses might be enough. Freelancers, gig workers, or those in uncertain industries may need six months or more. Dependents: Families with children or dependents should aim for a larger fund to account for additional responsibilities. Debt: If you’re managing high-interest debt, save a smaller emergency fund first (e.g., $1,000), then focus on paying down debt before growing your fund further. Health and Insurance Coverage: Strong insurance coverage may reduce the need for a larger emergency fund. If you have minimal coverage, save extra to prepare for medical emergencies. Lifestyle and Expenses: Higher monthly expenses (e.g., rent in a big city) mean you’ll need a larger fund.
Where to Keep Your Emergency Fund
An emergency fund should be accessible, stored in a savings account that allows quick withdrawals. Keep it separate from your regular checking account to avoid spending it on non-emergencies. Use a low-risk account, such as a high-yield savings account, for some growth while maintaining safety.
How to Build Your Emergency Fund
Set a goal by calculating your monthly expenses and multiplying by 3 to 6 months. Automate savings by scheduling automatic transfers to your emergency fund account. Cut back on non-essentials by identifying areas where you can save, such as dining out or subscriptions. Use windfalls wisely, such as bonuses or tax refunds, to grow your fund.
Maintaining Your Emergency Fund
Once you’ve built your emergency fund, use it only for emergencies, such as unexpected medical expenses, job loss, or urgent home repairs. Replenish it as soon as possible after using it, and review your fund size annually to adjust for changes in income or expenses.
Example Calculation
If your monthly expenses are $3,000, aim for a fund size of $9,000 (3 months) to $18,000 (6 months). Use the Emergency Fund Calculator to customize your goal based on your unique financial situation. Start small, stay consistent, and build your financial safety net for peace of mind!