An emergency fund keeps a job loss, car repair or medical bill from turning into credit card debt. This emergency fund calculator adds up your essential monthly expenses, multiplies them by the number of months you want covered, and shows how long it will take to reach your goal with interest from a savings account.
Emergency Fund Calculator
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How many months should you save?
- 3 months: a reasonable starting goal for dual-income households with stable jobs.
- 6 months: a common target for most people.
- 9 to 12 months: worth considering if you’re self-employed, have variable income or are the only earner.
Where to keep your emergency fund
Keep it safe, separate and easy to reach, such as an FDIC-insured high-yield savings account. Avoid investing your emergency fund in stocks, since it might be down when you need it.
Related: Savings Calculator, Budget Calculator, 25 Ways to Save Money, All Financial Calculators.