Emergency Fund Calculator
Calculate how much you should hold in an emergency fund based on essential monthly expenses and your savings target in months.
Calculator
What this means
An emergency fund covers unexpected costs such as job loss, car repairs or urgent bills. Many advisers recommend saving 3–6 months of essential expenses.
How to use this calculator
- Enter your essential monthly outgoings.
- Choose how many months of cover you want (commonly 3–6).
- See your emergency fund target.
Worked example
Your essential costs are £1,500 a month and you want 3 months' cover.
- £1,500 × 3 months = £4,500.
- Six months would be £9,000.
Aim for an emergency fund of around £4,500 (3 months' essentials).
Who this is for
- Anyone building a financial safety net.
- People with variable or self-employed income.
- Households planning for job loss or unexpected bills.
How big should your emergency fund be?
A common rule is to hold 3 to 6 months of essential outgoings — rent or mortgage, bills, food and minimum debt payments — in instant-access savings. Those with less secure income often aim for the higher end.
Keep it somewhere safe and accessible, such as an easy-access savings account, rather than tied up in investments. It's there to stop a one-off shock turning into debt.
Frequently asked questions
3 months is a minimum cushion for many people. 6 months is often recommended if your income is variable or you have dependants.
Include rent or mortgage, utilities, food, transport, insurance and minimum debt payments. Exclude discretionary spending.
Keep it in an easy-access savings account separate from everyday spending so it is available when needed.
In an easy-access savings account so you can reach it quickly without penalty. A cash ISA can keep the interest tax-free if you're near your Personal Savings Allowance.
Usually build a small buffer (say one month) first, then prioritise clearing high-interest debt, then grow the fund to 3–6 months once expensive debt is gone.
Disclaimer
This calculator provides estimates for guidance only. It is not financial, legal or tax advice. Always check official sources or speak to a qualified professional before making decisions.
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