Emergency Fund Calculator
Calculate your emergency fund target and track progress. Months of expenses covered. Free calculator.
How Much Emergency Fund You Need
Standard recommendation: 3-6 months of essential expenses (not income — expenses). Dual-income household with stable jobs: 3 months is adequate. Single income, variable employment, or self-employed: 6-12 months. Essential expenses include: housing, food, utilities, insurance, transportation, and minimum debt payments. Do not include discretionary spending.
Where to Keep Your Emergency Fund
High-yield savings account (HYSA) earning 4-5% APY. Not in stocks (too volatile — could be down 30% when you need it), not in CDs (penalty for early withdrawal), not under your mattress (loses to inflation). An HYSA is instantly accessible and earns meaningful interest. Separate it from your daily checking account to prevent casual spending.
A 2024 Federal Reserve survey found 37% of Americans cannot cover a $400 emergency without borrowing. Even a $1,000 starter fund puts you ahead of more than one-third of the country.
