Efficiency Sheets
Simple Sheets
Emergency Fund Calculator: How Much Do You Need?
Add up your essential monthly expenses to see your emergency fund target for 3 or 6 months, how many months you're covered today, and when you'll be fully funded.
Months to cover
Your target
$8,100
$2,700 of essentials × 3
Covered today
0.4 months
$7,100 to go
Fully funded
2 yr 5 mo
around –
How it is worked out
- Only essentials count: what you'd still pay if your income stopped.
- Target = monthly essentials × the number of months you choose.
- Months covered today = what you've saved ÷ monthly essentials.
Questions
Three or six months?
Three months suits a stable job or a two-income household. Six suits a single income, irregular pay, or a job that would take a while to replace.
Should I pay off debt first?
Many people build a small starter fund first, often $1,000 or one month of essentials, then pay down high-interest debt, then finish the full fund.
Where should the fund be kept?
In a separate savings account that's easy to reach, not invested in stocks.
