Emergency Fund Calculator

An emergency fund is a stash of cash you stock away for unexpected expenses like car repairs after an accident or living expenses after a job loss or illness rears its ugly head.

Putting together an emergency fund is one of the smartest financial decisions you can make in life, but how much should you save for rainy days?

Use our emergency fund calculator to figure out how many months of savings you need and what amount you need to save to cover your expenses.

How Much Should I Have Saved In My Emergency Fund?

The rule of thumb is to save enough to cover at least three to six months of living expenses.

The size of your emergency savings depends on your monthly expenses and how hard it might be to replace your income.

Crunch the numbers here to see how much you should save:


How the Emergency Fund Calculator Works

The emergency fund calculator shows you how much money you need to save for emergency expenses.

To do that, it asks for three simple questions:

  1. Average Monthly Expenses: What’s the average dollar amount you spend on monthly expenses like rent or a mortgage, groceries, gas, and subscriptions?
  2. Current Savings: How much, outside of retirement accounts, do you currently have saved?
  3. Income Replacement: How hard would it be for you to find a comparable job to replace your income if you left your current job?

Based on this information, the calculator tells how many months your emergency fund needs to cover, how much money your fund should hold, and the amount you still need to save to reach your target.

This information will give you a clear picture of what your emergency fund should look like.

Why You Should Calculate Your Emergency Fund Needs

When it comes to your finances, you should expect the unexpected. An emergency fund can be a lifesaver if you lose your job or decide to leave your company, but it can cover a lot more than that.

Whether you (or your pet) get sick and you’re faced with unexpected medical bills, your transmission goes out, or you get tied up in legal trouble, you may need a financial safety net.

Fortunately, you don’t have to stow away money in a savings account blindly or break out your phone’s calculator and try your hand at an equation to figure out how much you need to save.

Our calculator takes your income, expenses, and savings into account to calculate your emergency fund needs for you.

Take a few seconds to calculate your emergency fund needs. It’ll help you come up with a savings plan and tell you exactly how much you should save, giving you peace of mind for the future.