Emergency Fund Calculator

By Sarah Li Cain | May 26, 2026

You probably know you should have an emergency fund, but how much do you really need in the bank in case an unexpected, financially draining event occurs? An emergency fund calculator can help you figure that out.

Most experts recommend that you have at least six months’ worth of basic living expenses in the bank.

This amount can seem daunting, but remember, you aren’t expected to set it aside in one lump sum. You’ll save up to reach this goal. And if you can’t accumulate that amount, know that something is better than nothing. Don’t feel defeated and give up on saving at all. If you can put away $1,000 over the course of a year, do it.

Having adequate savings can get you ready for a worst-case scenario and give you a sense of security. So read on, and use this emergency fund calculator 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 private mortgage insurance (PMI) may also be factors to add.

• Insurance: This can include health, car, and homeowner’s insurance. If you included homeowner’s insurance above (as part of the escrow charges), skip it here.

• Food: Include your usual costs, whether that’s food from grocery stores or spending lavishly on dining out.

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

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

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

• Other costs: Any necessities you pay for that don’t fit into the above categories can go here. Expenses may include daycare fees, child support, medications, work uniforms, and transportation (public transportation, gas, parking, tolls, car maintenance, and so on).

How to Calculate Your Emergency Fund Amount

Calculating your emergency fund as accurately as possible requires a few straightforward steps.

1. Determine Your Essential Monthly Expenses

Calculating how much you spend each month is key to understanding the correct amount for your emergency fund. Start by looking at what your essential spending needs are, including housing, transportation, and food. Other financial obligations include debt payments, insurance premiums, and other recurring bills.

One of the simplest ways to find out how much you spend on necessities is by looking at your bank and credit card statements. Consider averaging your costs over several months, especially if your spending fluctuates based on the time of the year.

2. Consider Your Family’s Situation

Some individuals or families may have work or personal situations where they’ll need to save more. For example, if you are self-employed and are the breadwinner in the family, it may make sense to set aside at least six months’ worth of expenses in case your employment situation changes. The same applies if you have a traditional 9-to-5 job, but the industry you work in is fickle or volatile depending on how the economy is faring.

Anyone who doesn’t have risk factors such as increased health risks or multiple dependents may be able to get away with saving less. Typically, though, the answer to “How much should I have in an emergency fund?” is the same: Financial experts recommend having at least six months’ worth of basic living expenses set aside in case of an emergency, such as a major medical bill or job loss.

3. Consider How You’ll Feel Financially Secure

Ultimately, the amount you need to save depends on how much will help you feel financially secure in case of an emergency. If you want to save more than six months’ worth of expenses to help you sleep better at night, then, as long as you can afford to, go ahead. However, if you need to free up your cash for other types of spending, saving less for now can also be fine. Any type of emergency savings is better than none.

Consider automating savings with a recurring transfer made from checking, right after you are paid, into your savings account’s emergency fund, where it can remain accessible while earning interest.

Need a place to keep your emergency fund?

Consider a SoFi high yield savings account. Get up to 3.10%¹, no account fees², and up to $400 with eligible direct deposit of $1,000 or more.^†

Get started

^† Who is eligible for a Direct Deposit Bonus?

New and existing SoFi members who have never set up direct deposit with SoFi are eligible for the Direct Deposit Bonus. Bonuses are limited to one bonus per SoFi member. In the case of a joint account, direct deposit activity will only be counted towards the primary account holder’s eligibility for the bonus (the primary account holder is the member who opened the joint account first).

How do I earn the Direct Deposit Bonus?

1. Set up your first Eligible Direct Deposit. SoFi must receive it on or before 12/31/26.

2. Once SoFi receives and recognizes your first Eligible Direct Deposit of $1 or more, we will add up the Total Eligible Direct Deposits received over the next 25 calendar days. This total will determine the bonus amount.

Total Eligible Direct Deposit	Bonus Amount	Timing
$1.00 - $999.99	$0	To determine your bonus amount, SoFi will add up all your Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more.
$1,000.00 - $4,999.99	$50
$5,000.00 or more	$400

3. You will receive the bonus amount in your SoFi Checking account within 7 business days of completing all requirements listed above. You are only eligible to receive one bonus amount. You must have an open SoFi Checking account in good standing at the time of the bonus payment.

What is an Eligible Direct Deposit?

Eligible: Recurring ACH deposit of regular income to your SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by your employer, payroll or benefits provider or government agency ("Eligible Direct Deposit")

Not Eligible: Deposits that are not from an employer, payroll or benefits provider or government agency and deposits that are non-recurring in nature are not eligible. Examples of deposits that are not eligible include check deposits, peer-to-peer transfers (e.g., transfers from Zelle®, PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), bank ACH funds transfers, wire transfers from external accounts, and IRS tax refunds. SoFi Bank shall, in its sole discretion, assess your Eligible Direct Deposit activity to determine eligibility and may require additional documentation to complete this verification.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your initial Eligible Direct Deposit. After SoFi validates the details of your Eligible Direct Deposit, your Direct Deposit Bonus amount will be based on the amount of Eligible Direct Deposits received within 25 days of your initial Eligible Direct Deposit of $1 or more.

What else is important to know?

This promotion is available between 5/15/2026 at 12:01AM ET and 12/31/2026 at 11:59PM ET. SoFi reserves the right to modify or end the promotion at any time without notice. The terms of this promotion take precedence over the terms of any prior Direct Deposit promotion.
SoFi reserves the right to exclude any members from participating in this promotion for any reason, such as suspected fraud, misuse, or suspicious activity.
SoFi members with Eligible Direct Deposit activity can earn 3.10% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Bonuses are considered miscellaneous income, and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi is required to do this reporting in compliance with the applicable federal and state reporting requirements. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult with your tax advisor to determine applicable tax consequences.
This promotion is offered by SoFi Bank, N.A, Member FDIC ("SoFi").

¹ Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.

²

We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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