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Emergency Fund Calculator

Calculate how much you need in your emergency fund and how long it will take to reach your savings goal

Your Financial Details

£
Include rent, food, utilities, insurance, and other essential monthly costs
How many months of expenses you want to cover
£
How much you currently have saved for emergencies
£
How much you can save towards your emergency fund each month

Emergency Fund Guidelines

3 months Minimum Emergency Fund Basic protection for most people
6 months Recommended Amount Standard recommendation for most households
9-12 months Conservative Approach For self-employed or unstable income

About Emergency Funds

What is an Emergency Fund?

An emergency fund is money set aside to cover unexpected expenses or financial emergencies, such as job loss, medical bills, or major repairs. It provides financial security and prevents you from going into debt during difficult times.

How Much Do I Need?

Most financial experts recommend saving 3-6 months of living expenses. However, the right amount depends on your job security, family situation, and personal comfort level.

Where Should I Keep It?

  • High-yield savings account for easy access and growth
  • Money market account with debit card access
  • Short-term certificates of deposit (CDs)
  • Avoid risky investments that can lose value

Building Your Fund

Start small and build consistently. Even £500 can help with minor emergencies. Set up automatic transfers and treat your emergency fund contribution like a bill that must be paid.