Emergency Fund Calculator
How big your emergency fund should be, from your essential monthly spending and the months you want to cover, and how long it takes to build.
Emergency fund targets by essential monthly spending
| Spending a month | 3 months | 6 months | 9 months | 12 months |
|---|---|---|---|---|
| $2,000 | $6,000 | $12,000 | $18,000 | $24,000 |
| $3,000 | $9,000 | $18,000 | $27,000 | $36,000 |
| $4,000 | $12,000 | $24,000 | $36,000 | $48,000 |
| $5,000 | $15,000 | $30,000 | $45,000 | $60,000 |
| $7,500 | $22,500 | $45,000 | $67,500 | $90,000 |
Months to build a $20,000 fund from zero, by monthly saving (4% APY)
| Saving a month | Time to $20,000 |
|---|---|
| $250 | 6 years |
| $500 | 3 years 2 months |
| $750 | 2 years 2 months |
| $1,000 | 1 year 8 months |
| $1,500 | 1 year 2 months |
How this calculator works
Target = essential monthly spending × months of cover. Essential spending means what you must pay even if your income stops: housing, food, utilities, insurance, transport and minimum debt payments.
Time to reach it counts your deposits and the interest your savings earn at the APY.
What it assumes
- Three to six months is the usual guidance; more suits single-income households, variable or commission pay, or a hard-to-replace job.
- The fund sits somewhere safe and easy to reach, such as an insured high-yield savings account.
Questions people ask
How much should I have in an emergency fund?
Enough for three to six months of essential spending is the common guidance. At $3,500 a month, that is $10,500 to $21,000.
Where should I keep my emergency fund?
In an FDIC- or NCUA-insured savings or money market account you can reach within a day or two. A high-yield account pays you while you wait; stocks can fall just when you need the money.
Should I pay off debt or build an emergency fund first?
Many start with a small buffer, such as one month of spending, then attack high-rate debt, then finish the fund. Without any buffer, a surprise bill often goes back on a card.
What counts as an emergency?
A job loss, medical bill, urgent car or home repair: costs that are necessary, unexpected and urgent. Planned expenses belong in a separate savings goal.
Terms explained
Related calculators
Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.