Emergency Fund Calculator:
How Much Should I Save?

Most experts recommend that you have at least three to six months’ worth of basic living expenses in your emergency fund.

By Sarah Li Cain | Updated April 4, 2024

An emergency fund can be one of the best ways to ensure that you don’t rely on high-interest credit cards if you’re low on cash and the unexpected happens. However, how much you should save may vary depending on such factors as your age, your cost of living, how many dependents you have, and your health status. Use the emergency fund calculator below to help you figure that out and to help you prepare properly for a rainy day.

Calculator Definitions

• Rent or mortgage: This expense only includes the amount you pay to your landlord or mortgage lender. If you put money into an escrow account for taxes, include that amount as well. Property taxes and PMI may be factors to add, too.

• Utilities: Consider using an average amount you pay for bills such as electricity, sewage and water, as some months may be higher or lower than others.

• Telecom charges: Costs include internet, phone (landline and/or mobile access), and other related expenses.

• Insurance: This can include health, car, and homeowners insurance. If you included homeowners insurance above (as part of the escrow charges), eliminate them here.

• Transportation: Includes expenses such as parking fees, gas, car maintenance, public transportation, and toll expenses.

• Credit card and/or loan payments: Put all non-mortgage debt here, including car loans, personal loans, student loans, and minimum monthly credit card payments.

• Food: Include your usual costs, such as food from grocery stores vs. spending lavishly on dining out.

• Other costs: Any necessities you pay aside from any of the above categories can go here. Expenses can include daycare fees, child support, medications, and uniforms required for work.