Find out exactly how much you need in your emergency fund and create a plan to build it. See your savings growth projection and get personalized recommendations for your financial safety net.
Adjust the sliders to see how much you need and how long it will take to build your safety net.
Your emergency fund target: $22,800(6 months × $3,800)
In-Depth Guide
Learn how much to save in your emergency fund, where to keep it, and step-by-step strategies to build it fast — even on a tight budget.
Read Full GuideAn emergency fund is the foundation of financial security. It is money set aside specifically for unexpected expenses or financial emergencies — job loss, medical bills, car breakdowns, or urgent home repairs. Without an emergency fund, these surprises can lead to credit card debt, loans, or financial crisis.
The standard recommendation is to save 3-6 months of essential living expenses. This range provides enough buffer to cover most emergencies while remaining achievable for most people. If you have a dual-income household and stable jobs, 3 months may suffice. Single-income households, freelancers, or those in volatile industries should target 6-12 months.
Your emergency fund should be easily accessible but separate from your everyday spending. A high-yield savings account (HYSA) is the ideal choice — it offers competitive interest rates (currently 4-5% APY) while keeping your money FDIC-insured and available within 1-2 business days. Avoid CDs (locked up), investing in stocks (too volatile), or keeping it under your mattress (earns nothing).
Financial experts recommend saving 3-6 months of essential living expenses. If you have an unstable income, are self-employed, or have dependents, aim for 6-12 months. Start with a smaller goal like $1,000 and build from there.
Keep your emergency fund in a high-yield savings account (HYSA). These accounts offer easy access when you need the money while earning competitive interest rates (typically 4-5% APY). Avoid investing your emergency fund in stocks or other volatile assets.
True emergencies include unexpected medical bills, job loss, urgent car or home repairs, and emergency travel. Regular expenses like annual insurance premiums, holiday gifts, or planned purchases should be budgeted separately — they are not emergencies.
Most financial experts recommend a hybrid approach: first save a small starter emergency fund ($1,000-$2,000), then aggressively pay off high-interest debt, and finally build your full emergency fund. This prevents you from going deeper into debt when unexpected expenses arise.
Include all essential monthly expenses: housing (rent/mortgage), utilities, groceries, insurance premiums, minimum debt payments, transportation, and any other bills you cannot skip. Do not include discretionary spending like entertainment or dining out.
The time depends on your target amount and how much you can save monthly. For example, if you need $15,000 (6 months of $2,500 expenses) and save $500/month, it would take about 30 months. Use our calculator to see your specific timeline.
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