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Apr
16
2024

Emergency Fund Calculator

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Emergency Fund Calculator

By Sarah Li Cain | September 18, 2025

You probably know that 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 three to six months’ worth of basic living expenses in the bank.

This amount can seem daunting, but remember, you aren’t expected to have it set aside in one lump sum. You will save up to reach this goal. And if you can’t accumulate that amount, know that something (anything) is better than nothing. Don’t feel defeated and not save 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 peace of mind. 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 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.

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 depending 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. Same goes for those who may have a traditional 9-to-5 job, but the industry you work in is fickle or volatile based 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 from saving less. Typically, though, this is the answer to “How much should I have in an emergency fund?”: Financial experts recommend having no less than three 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 an emergency. If you want to save more than several 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.

You might want to automate savings by having a recurring transfer made from checking, right after you are paid, into your emergency savings account, where it can be accessible but still earn interest and grow.

More on emergency funds:

Need a place to keep your emergency fund?

Consider a SoFi high yield savings account. Get up to 3.60% APY1, no account fees2, and up to $300 with direct deposit†.


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SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

1

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://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 http://www.sofi.com/legal/banking-rate-sheet

2

No Account Fee

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.

† †

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 1/31/26.
2. Once SoFi receives and recognizes your first Eligible Direct Deposit, 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.
$1,000.00 - $4,999.99 $50
$5,000.00 or more $300

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 will be based on the date we received your initial Eligible Direct Deposit.

What else is important to know?
•This promotion is available between 12/7/2023 at 12:01AM ET and 1/31/2026 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 3.60% annual percentage yield (APY) on savings balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://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”)

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Apr
14
2024

Want to Be Wealthy? Get Wealthy Friends

By | | Comments Off on Want to Be Wealthy? Get Wealthy Friends

New research finds Americans in less affluent neighborhoods may be missing out on a valuable economic opportunity: Having wealthy friends.

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Apr
10
2024

Can Companies Win Consumers Back With Big Grocery Discounts?

By | | Comments Off on Can Companies Win Consumers Back With Big Grocery Discounts?

Lower-income Americans are changing their spending habits when it comes to food.

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Apr
05
2024

Is 678 a Good Credit Score?

By | Uncategorized | Comments Off on Is 678 a Good Credit Score?


Is 678 a Good Credit Score?

678 credit score

On this page:

    On this page:

      By Laurel Tincher

      (Last Updated – 03/2024)

      A credit score of 678 is typically considered to be in the good range, though closer to the lower end than the higher.

      Your credit score plays an important role in your financial life since it’s a snapshot of your creditworthiness. Those three digits can be a key factor when you apply for loans, mortgages, credit cards, and other forms of financing. A good score can open doors for you, but it may not get you the best offers available.

      Here, you’ll take a closer look at what a 678 credit score means and how it can impact your borrowing options.

      What Does a 678 Credit Score Mean?

      A 678 credit score is typically considered to be good, but it’s nudging towards the lower end of that range.

      Credit scores range from 300 to 850, with 300 being the lowest number. The most popular credit scoring system is FICO®, and here’s a look at their score ranges:

      •   Poor: 300 – 579

      •   Fair: 580 – 669

      •   Good: 670 – 739

      •   Very Good: 740 – 799

      •   Excellent: 800 – 850

      So, is a 678 a good credit score? Most definitely, according to the FICO scoring system. People with a credit score of 678 are seen by lenders as moderate credit risks, which indicates that they are handling their debt well. This score points to a history of good credit management, prompt payments, and a manageable debt load.

      For these reasons, people with a credit score of 678 may qualify for a variety of credit products, including personal loans, auto loans, and credit cards. But there is room for improvement. If you build your credit score higher, you might qualify for lower interest rates and better terms when opening a line of credit or securing a loan.

      💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

      What Else Can You Get with a 678 Credit Score?

      A credit score of 678 is typically high enough to qualify for credit cards with fair terms, which can help you establish a good credit history. People with a 678 credit score can often take advantage of various benefits and rewards programs offered by credit card issuers, such as cash back, travel perks, and other incentives.

      It’s also likely you will qualify for a home loan, personal loan, and car loan with favorable (though perhaps not optimal) terms.

      Can I Get a Credit Card with a 678 Credit Score?

      It is absolutely possible to get a credit card with a 678 credit score. A credit score of 678 places you in the good credit range, typically qualifying you for a line of credit with credit card companies.

      Of the many credit card options available, it’s possible that the terms you’re offered might not be as good as those for people with excellent credit. For example, a number of issuers provide credit cards with rewards for those with a 678 credit score. However, people with higher scores might qualify for those offers with the very best cash back incentives, loyalty programs, and the most favorable interest rates.

      When shopping for a new card, be sure to evaluate the details, including the credit limit, annual fees (if any), and other specifics. That can help ensure you get the best overall deal possible.

      Getting a credit card with a 678 credit score not only enables people to pay for their daily needs, but it also gives them a chance to show that they manage their credit responsibly. That in turn can help you maintain your credit score or build it.

      Can I Get an Auto Loan with a 678 Credit Score?

      It is indeed possible to get an auto loan with a credit score of 678. According to Experian, applicants typically need a credit score of 661 or higher to be approved for a car loan.

      That said, you may have more options if you build your score a bit. Research indicates that the average credit score for a used-car loan was 690 and 735 for a new-car loan. A credit score in those ranges could unlock more offers or better terms.

      Recommended: What Is an Installment Loan?

      Can I Get a Mortgage with a 678 Credit Score?

      It is possible to get a mortgage with a credit score of 678, but you may not get as favorable rates and terms as someone with a score in the 700s or higher.

      For a conventional mortgage, you may be approved with a credit score of 620 and higher. However, those with a 740 score or higher are likely to qualify for better terms.

      Government-backed home loans are also available and can be good options for people with lower credit scores. For example, FHA loans may be secured with a credit score as low as 500, though most require 580 or higher.

      Recommended: Personal Loan Terms to Know Before Applying

      Can I Get a Personal Loan with a 678 Credit Score?

      Generally, it is possible to get a personal loan with a 678 credit score. In fact, there are lenders who offer this kind of loan for individuals with credit scores of 610 or 640 and up.

      For the most favorable terms though (say, the lowest annual percentage rate), you may need a score of 680 or 690. Since a 678 credit score is so close to those numbers, you might want to work on building your score before securing a loan.

      Ways to do that can include paying on time without fail, keeping your credit card balances at less than 30% of your limit, and also reviewing your credit report to check for (and resolve) any incorrect information.

      In addition, other factors may play a role in the terms you are offered, such as income and employment stability. Once the loan is secured, you can use it in a variety of ways, from credit card debt consolidation to funding a vacation or wedding.

      Takeaway

      Is a 678 credit score good? Yes, it does put you in that range, though towards the lower end. It reflects that you have probably been managing your credit responsibly and are therefore creditworthy. However, you may not qualify for the most favorable terms for loans and lines of credit, which are typically reserved for those with a credit score in the 700s or higher.

      It can be a wise move to shop around and see what offers you’re eligible for. Some lenders focus on those with good credit scores versus those with excellent ones and may have terms that suit your needs.

      Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.


      SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

      View your rate

      Photo credit: iStock/fizkes

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      SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


      Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

      Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

      Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


      Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.



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      ✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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