Emergency Fund Calculator

Work out the right emergency fund target for your situation.

How to Use This Calculator

Monthly expenses — your essential costs: rent, food, utilities, insurance, loan payments. Do not include discretionary spending.
Target months — how many months of cover you want to plan toward (see recommendation).
Income stability — picks a sensible month range for your situation.

How much should I have in an emergency fund?

A common rule is 3–6 months of essential expenses. If your income is irregular, aim for 6–12 months instead.

Is an emergency fund the same as savings?

No. An emergency fund covers unexpected events (job loss, medical bills, car repair) and should be kept liquid. Regular savings is for planned goals.

Where should I keep my emergency fund?

A high-yield savings account or a money market account — easily accessible, low risk, and ideally earning some interest.

How fast should I build it?

Aim to set aside a fixed monthly amount (we show one over 24 months). Automate the transfer so it happens before you can spend it.

Your essential monthly costs are $3,000 and you are a freelancer (variable income). The tool recommends 12 months: