How much should I have in my emergency fund?

Most financial experts recommend 3-6 months of expenses for stable dual-income households. Self-employed individuals, single-income households, or those with dependents should aim for 6-12 months. The right amount depends on your job security, income variability, and family situation.

Where should I keep my emergency fund?

Keep your emergency fund in a high-yield savings account or money market account. It should be easily accessible (liquid) but separate from your checking account to avoid temptation. Avoid investing it in stocks or other volatile assets.

Should I pay off debt or build an emergency fund first?

Start with a small emergency fund ($500-1,000) while aggressively paying off high-interest debt. Once debt is under control, build your full emergency fund to 3-6 months of expenses. This balanced approach prevents you from going further into debt when emergencies arise.

What counts as an emergency?

True emergencies include job loss, medical emergencies, major car repairs, urgent home repairs, or unexpected family emergencies. Annual expenses (insurance, property taxes) or known upcoming costs (vacations, gifts) should be budgeted separately, not taken from your emergency fund.

Emergency Fund Calculator

Calculate your ideal emergency fund amount

Emergency Fund Calculator

Calculate how much you need in your emergency fund to protect yourself and your family from unexpected expenses or job loss.

Income & Expenses

Monthly Income

Total Monthly Expenses

Include rent, utilities, food, transportation, insurance, etc.

Current Emergency Savings

Select your employment type

Additional Settings

Number of Dependents: 0

06+

Base Months Coverage: 6

3 months12 months

Monthly Savings Rate: 20%

5%50%

You'll save $0/month

0%Complete

Your Target Fund

months of expenses

Current Savings$5,000

Still Need$0

Congratulations! You've reached your goal!

Frequently Asked Questions

Everything you need to know about this tool

Related Tools

Explore more tools that might be useful for your needs

💼

Salary Tax Calculator

Advanced 2025 tax calculator for US, Pakistan, UK, Canada

🏠

Mortgage Calculator

Calculate monthly mortgage payments and amortization

❄️

Debt Snowball Calculator

Plan your debt payoff with the snowball method