Calculate how much you need in your emergency fund and how long it will take to reach your goal.
Include rent, groceries, utilities, insurance, minimum debt payments
Your Emergency Fund Plan
🎯 Emergency Fund Goal$0.00
💵 Amount Still Needed$0.00
📅 Time to Reach Goal0 months
Advertisement - Rectangle (300x250)
What is an Emergency Fund?
An emergency fund is money set aside specifically for unexpected expenses or financial emergencies. Think of it as a safety net that protects you from going into debt when life throws you a curveball.
How Much Should You Save?
Financial experts typically recommend saving 3-6 months of essential expenses. Here's when you might need different amounts:
3 months: If you have stable employment, dual income household, or good disability insurance
6 months: Standard recommendation for most people (safest bet)
9-12 months: If you're self-employed, single income household, or work in an unstable industry
What Counts as an Emergency?
Your emergency fund should only be used for true emergencies:
Job loss or reduced income
Medical emergencies or unexpected health expenses
Urgent car repairs (you need your car for work)
Essential home repairs (broken furnace, roof leak)
Emergency travel (family emergency)
Not emergencies: Holidays, shopping, planned vacations, new phone
Where to Keep Your Emergency Fund
Your emergency fund should be:
Easy to access: Keep it in a savings account, not investments
Separate: Keep it in a different account from your regular checking
Safe: FDIC-insured savings account or money market account
Earning interest: High-yield savings account when possible
Building Your Emergency Fund
Start small if you need to. Even $500 can cover many small emergencies. Treat your emergency fund savings like a bill - set up automatic transfers on payday so you save before you spend.
