Emergency Fund Calculator
Find out exactly how much you need in your emergency fund based on your expenses and personal situation.
Monthly Essential Expenses
Your Situation
Your Progress
Recommended Months
5
Target Amount
$15,000
Amount Needed
$13,000
At $200/month you will reach your goal in 65 months (5.4 years)
Where to Keep Your Emergency Fund
A high-yield savings account earns significantly more than a standard bank account while keeping funds accessible for emergencies.
Open a Marcus High-Yield Savings Account
Earn more on your emergency fund. No minimum balance required.
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Open an Ally Online Savings Account
No fees, no minimums, competitive APY. FDIC insured.
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Frequently Asked Questions
How much should I have in my emergency fund?
Most financial experts recommend 3 to 6 months of living expenses. This calculator personalizes that range based on your job stability, number of income sources, and whether you have dependents. Someone with variable freelance income and two children needs a larger cushion than someone with a stable government job and no dependents.
Where should I keep my emergency fund?
Keep your emergency fund in a high-yield savings account that is separate from your everyday checking account. It should be easily accessible in an emergency but not so easy to access that you spend it casually. Look for FDIC-insured accounts with no minimum balance and no withdrawal penalties.
What counts as a financial emergency?
True emergencies are unexpected, necessary expenses that could destabilize your finances: job loss, major medical expenses, essential car repairs, or critical home repairs. Vacations, holiday gifts, and planned purchases are not emergencies and should be budgeted for separately.
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