Emergency Fund Calculator
Emergency fund calculator: monthly essentials times 1 to 24 months gives the goal; add your savings and income for the shortfall, runway and months to goal. How it works
Use the Emergency Fund Calculator
About the Emergency Fund Calculator
An emergency fund goal is monthly essentials times the months of cover you choose: $2,900 a month gives $17,400 for 6 months and $8,700 for 3 months. Many planners suggest 3 to 6 months of must-pay costs for households with stable income. There is no official required amount, and the right number depends on how steady your income is. With $10,000 saved toward the 6-month goal, the page shows a $7,400.00 shortfall, 3.4 months (103 days) of runway, and 6.8 months to the goal on $4,000 of monthly net income.
Emergency fund goal by monthly essentials and months of cover
| Monthly essentials | 1 month | 3 months | 6 months | 9 months | 12 months | 18 months | 24 months |
|---|---|---|---|---|---|---|---|
| $1,500.00 | $1,500.00 | $4,500.00 | $9,000.00 | $13,500.00 | $18,000.00 | $27,000.00 | $36,000.00 |
| $2,500.00 | $2,500.00 | $7,500.00 | $15,000.00 | $22,500.00 | $30,000.00 | $45,000.00 | $60,000.00 |
| $3,500.00 | $3,500.00 | $10,500.00 | $21,000.00 | $31,500.00 | $42,000.00 | $63,000.00 | $84,000.00 |
| $5,000.00 | $5,000.00 | $15,000.00 | $30,000.00 | $45,000.00 | $60,000.00 | $90,000.00 | $120,000.00 |
Goal = monthly essentials × months, entered with the optional total field.
The default seven categories
| Category | Per month |
|---|---|
| Housing (Rent/Mortgage) | $1,500.00 |
| Utilities & Phone | $200.00 |
| Groceries & Food | $400.00 |
| Transportation | $300.00 |
| Insurance | $150.00 |
| Debt Minimums | $250.00 |
| Other Essentials | $100.00 |
| Total Monthly Essentials | $2,900.00 |
The values the page starts with. At 6 months the goal is $17,400.00.
How to use this tool
- Enter your monthly costs in the seven categories, or fill in the optional total, which replaces them.
- Pick the target coverage: 1, 3, 6, 9, 12, 18 or 24 months. The scenario buttons set it for you: Medical Emergency and Job Loss pick 6 months, Home / Auto Repair 3.
- Optionally enter your current savings and monthly net income, or a fixed monthly saving, under Your savings for the shortfall or surplus, progress, months covered, days of runway and months to goal.
- Read the goal. Enter 0 for a category that does not apply: a blank one is flagged.
Frequently asked questions
- How much should I have in an emergency fund?
- Many planners suggest 3 to 6 months of must-pay costs for households with stable income, and more for freelancers, business owners and single-income households. The tool offers 1, 3, 6, 9, 12, 18 and 24 months. At $2,900 a month that is $2,900.00, $8,700.00, $17,400.00, $26,100.00, $34,800.00, $52,200.00 and $69,600.00.
- What expenses go into an emergency fund calculation?
- The costs you would still pay after a job loss: housing, utilities and phone, groceries, transportation, insurance, minimum debt payments and other must-pay items. Dining out, vacations and streaming are left out because they can be cut.
- Can I enter one total instead of seven categories?
- Yes. The optional total field replaces the seven category fields when it has a number in it. A total of $2,500 gives $15,000.00 at 6 months and $30,000.00 at 12 months.
- How long will it take to save my emergency fund?
- Months to goal = shortfall ÷ (monthly net income − monthly essentials), rounded up to one decimal. With the $2,900 default month, a 6-month goal of $17,400 and $10,000 saved, $4,000 of income leaves $1,100.00 a month, so the $7,400.00 shortfall takes 6.8 months. If income is no more than expenses, the page says the goal cannot be reached from income alone. If you already save a fixed amount, enter it as the monthly saving: $500 a month against a $12,400 shortfall takes 24.8 months.
- How many months will my savings last?
- Savings ÷ monthly essentials. $10,000 against $2,900 a month covers 3.4 months, which the page also shows as 103 days of runway, counting 30 days to a month and rounding down. With $20,000 saved the 6-month goal is met with a $2,600.00 surplus and 206 days of runway.
- Why do freelancers pick more months?
- One lost client or paycheck can remove all of the income, so households with one earner or uneven pay often choose 9 or 12 months instead of 3 or 6. At $2,900 a month the step from 6 to 12 months doubles the goal, from $17,400.00 to $34,800.00.
Related Tools
View all toolsSavings Goal Priority Calculator
Rank up to 50 savings goals by priority, deadline and monthly shortfall. See which are on track and the extra amount each goal needs a month.
Savings Goal Calculator
Savings goal calculator: the monthly deposit that reaches a target in a set number of months, or the months a set deposit takes, compounded monthly.
SIP Calculator
SIP (systematic investment plan) calculator: the maturity value of a monthly amount at an expected return, or the monthly SIP needed to reach a goal.
Wedding Budget Splitter
Split a wedding budget between two sides by percent, see the cost per guest, and plan nine categories from a template or your own quotes.
Cryptocurrency Profit/Loss Calculator
Enter what you paid, the current or sell price, quantity and fees for up to 50 coins to see each holding’s profit or loss and the portfolio total.
APR Calculator
APR calculator for a fixed-rate loan: enter the amount, interest rate, term and fees to get the APR with fees, the monthly payment and the total cost.