Emergency Fund Calculator
Work out how much you need in an emergency fund and how long it will take to save it. Most guidance says three to six months of essential spending. Enter your monthly essentials, how many months of cover you want, what you have saved and what you can add each month.
How it's calculated
Target Fund = Monthly Expenses × Target MonthsShortfall = Target Fund − Current SavingsMonths to Target = Shortfall ÷ Monthly Savings
Frequently Asked Questions
- How much emergency fund do I need?
- Three months of essential spending is the minimum most guidance recommends. Six months is more appropriate if you are self-employed, have an irregular income or work in an industry prone to redundancies. Couples with two incomes may be comfortable with three months, because losing one income does not remove all of it.
- How do I calculate my emergency fund?
- Multiply your essential monthly spending by the months of cover you want, then subtract what you have already saved. For example, essentials of £2,000 a month and a six-month target give a £12,000 fund. With £1,000 already saved the shortfall is £11,000, and saving £300 a month closes it in 37 months. The calculator rounds the months up, because a part-month of saving does not get you there.
- Where should I keep my emergency fund?
- Keep your emergency fund in an easy-access savings account, not a stocks and shares ISA or fixed-term account. The priority is accessibility and capital protection, not maximum return.
- What counts as monthly expenses?
- Include only essential costs: rent or mortgage, utilities, food, transport, insurance, and minimum debt repayments. Leave out discretionary spending like dining out and subscriptions — you would cut these in an emergency.