Emergency fund calculator
Estimate a cash reserve from your essential monthly expenses and see how much you still need to save.
Your estimate
- Still to save
- $10,500.00
- Months currently covered
- 2.5
Use expenses you expect to keep paying in an emergency. Choose a coverage period that fits your circumstances.
Choosing what your reserve should cover
Worked example
At $3,000 in monthly essentials, six months of coverage takes $18,000. With $7,500 set aside, you have 2.5 months covered and $10,500 left to save.
List essentials such as housing, utilities, food, insurance, and minimum debt payments. Multiply that monthly total by the number of months you want to cover.
Sources
Related calculators
How to choose your cash reserve
Estimate what you’d need if income stopped
Add the bills you would still need to pay, such as housing, utilities, groceries, insurance, and minimum debt payments. If a $1,200 essential bill comes once a year, count $100 per month so the target includes it.
Use the number of months you want the reserve to cover. If your income is uneven or it could take a while to replace it, run a longer coverage period and compare the shortfall. You can start with a smaller milestone and build toward the larger target.
Count cash you could actually use
Include accessible money already set aside for emergencies. Leave out available credit and savings earmarked for known bills. The months-covered result shows how far your current reserve would stretch at the expense level you entered.