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An emergency fund calculator tells you how many months of living expenses your savings cover. Financial advisors recommend 3–6 months for employed workers and 6–12 months for self-employed or variable income earners.
Formula
fund_amount = monthly_expenses × months_of_coverage (typically 3–6 months)
- exp_monthly
- Monthly expenses ($) — Average monthly spending
- months
- Months of coverage (months) — How many months to cover (3–6 recommended)
- fund
- Emergency fund ($) — Total amount to save
Guida passo passo
- 1Months of Coverage = Emergency Fund ÷ Monthly Expenses
- 2Monthly expenses include rent, food, utilities, insurance, and minimum debt payments
- 3Does not include discretionary spending like dining out or holidays
- 4Aim for the higher end if you have dependents or variable income
Esempi risolti
Ingresso
$15,000 saved, $3,000/month expenses
Risultato
5 months coverage — Adequate
Ingresso
$6,000 saved, $2,000/month
Risultato
3 months — Minimum acceptable
Ingresso
$50,000 saved, $5,000/month
Risultato
10 months — Excellent for self-employed
Domande frequenti
How many months should my emergency fund cover?
3 months: minimum. 6 months: comfortable. 12 months: very conservative (useful if unemployed long-term).
What expenses should I include?
Housing, utilities, food, insurance, minimum debt payments. Exclude: vacations, hobbies, non-essential spending.
Where should I keep emergency funds?
High-yield savings account (currently 4–5% APY in US). Liquid, insured, accessible. Avoid stocks (too volatile) or under mattress (unsafe).
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