Emergency Fund Calculator
Enter your essential monthly expenses and your situation. The calculator sizes your emergency fund (3–6+ months of expenses) and builds a savings timeline to get there.
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Quick answer: Multiply your essential monthly expenses by 3–6 (more for unstable income). With $3,500 of essentials and average job stability, aim for roughly $15,000–17,500.
How big should an emergency fund be?
The classic rule is 3–6 months of essential expenses, tuned to your risk:
| Situation | Recommended cushion |
|---|---|
| Two stable incomes, no dependents | 3 months |
| Single income, average job market | 4–5 months |
| Freelance / commission income | 6 months |
| Specialized field, dependents, health issues | 6–9+ months |
Note the base is essential expenses, not income. If you earn $6,000/month but essentials cost $3,500, a 4.5-month fund is $15,750, not $27,000.
Where to keep it
An emergency fund must be safe and instantly available. A high-yield savings account (currently ~3–5% APY, FDIC-insured) is the standard answer. Not stocks — a job loss during a market crash would force selling at the worst moment. Not your checking account — too easy to spend.
What counts as an emergency
Job loss, medical bills, urgent car or home repairs. Not holidays, sales, or predictable annual costs — those belong in separate sinking funds. Refill the fund first whenever you draw from it.
Frequently asked questions
How much emergency fund do I need?
Multiply your essential monthly expenses by 3–6 (more for unstable income). With $3,500 of essentials and average job stability, aim for roughly $15,000–17,500.
Is $10,000 a good emergency fund?
It depends on your expenses. $10,000 covers about 3 months for someone spending $3,300/month on essentials — adequate for a stable dual-income household, thin for a freelancer.
Should the emergency fund be built before paying off debt?
Most planners suggest a starter fund of $1,000–2,000 first, then attacking high-interest debt, then completing the full 3–6 month fund. This stops surprises from becoming new credit card debt.
Where should I keep my emergency fund?
A high-yield savings account: FDIC-insured, withdrawable in a day, and currently earning ~3–5% APY. Avoid stocks or anything with withdrawal penalties.
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Last updated: 2026-07-07