Emergency fund calculator
Set a goal in months of essential expenses and see when your savings will get there.
Target by coverage
| Months covered | Target |
|---|---|
| 3 | $9,000 |
| 6 | $18,000 |
| 9 | $27,000 |
| 12 | $36,000 |
How it works
Your goal is essential expenses times the number of months. Each month your balance earns interest at APY divided by 12, then your contribution is added. We count months until the balance reaches the goal.
Three months suits stable incomes with few dependents. Consider six or more for irregular income or a single-earner household. APY is a simple monthly approximation here.
Example
With the sample inputs shown above (Monthly essential expenses ($) = 3000; Months of expenses to cover = 6; Already saved ($) = 1500; Monthly contribution ($) = 300; Savings APY (%) = 4), the calculator returns: Goal: $18,000 (6 months of expenses); Time to goal: 4 yr 2 mo; Interest earned: $1,565.
Things to know
Base the goal on essential spending, not total spending. If your income varies or one paycheck supports your household, choose nine or twelve months. A larger monthly contribution shortens the timeline more than a slightly higher interest rate does.