Emergency Fund Calculator
Your emergency fund target from essential monthly expenses and months of cover, how much is already covered, the gap, time to reach it and the monthly saving needed to finish within a year.
| Essential monthly expenses | — |
|---|---|
| Starter fund (1 month) | — |
| 3 / 6 / 12 months | — |
| Already covered | — |
| Still to save | — |
| Time to reach the target | — |
| Monthly saving to get there in 12 months | — |
| Interest the full fund earns | — |
In short
An emergency fund should hold 3–6 months of essential expenses (rent, utilities, food, transport, insurance, minimum debt payments) — 9–12 months for single-income, self-employed or contract households. Essentials of 3,700 a month mean a 6-month target of 22,200; with 4,000 saved and 500 a month at 4%, it takes about 34 months to fill.
Who this is for: Households sizing and building a cash buffer.
How big should an emergency fund be?
| Situation | Months of essentials |
|---|---|
| Two stable incomes, no dependants | 3 |
| Standard household | 6 |
| Single income, children, or a mortgage | 6–9 |
| Self-employed, freelance, commission, contract or expat on an employer visa | 9–12 |
- Base it on essential spending — what you would still pay with no income — not your normal budget; that keeps the target achievable.
- Build a one-month starter fund first, then clear high-interest debt, then grow to the full target.
- Where to keep it: instant access, insured, separate account. Interest is a bonus, not the point.
- An emergency fund is for job loss, medical bills, urgent repairs and family emergencies — not holidays or a new phone.
See also: Savings Goal Calculator, 50/30/20 Budget Calculator.
Assumptions
- Essentials = sum of the expense fields; target = essentials × months.
- Time to target compounds the current balance and monthly saving at the rate; saving for 12 months from the annuity formula.
- Interest on the full fund = target × ((1 + r/12)^12 − 1).
Worked example
Target 22,200. You have 1.1 months covered; 18,200 to go. At 500 a month it takes about 34 months; to finish within a year you would need about 1,476 a month. Once full, the fund earns roughly 900 a year at 4% — enough to offset some inflation but not the reason to hold it.
Frequently asked questions
How much emergency fund do I need?
Three to six months of essential expenses for most people; nine to twelve if your income is irregular or you support dependants on one salary.
Should I pay off debt or build the emergency fund first?
Build a one-month starter fund, then attack debt above about 10% APR, then complete the fund — a small cushion stops new debt while you repay.
Where should I keep my emergency fund?
An instant-access savings account or money-market fund under the deposit-insurance limit; not in shares, crypto or a fixed deposit with penalties.
Is 10,000 enough for an emergency fund?
Only if your essential spending is around 1,700–3,300 a month; enter your own numbers.
Is 3 months enough?
For two stable incomes with no dependants, usually; most households should aim for six.
Does the emergency fund include my mortgage?
Yes — essentials are everything you would still have to pay with no income, and housing is the largest.
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