Emergency Fund

Tells you how long until you have a cushion, and when the first month of it lands.

A cushion is measured in months of your spending, not in a round number. The same $1,000 lasts very different lengths of time for different people.

Inputs

The target

Monthly spending: what a normal month costs you. Your target is a multiple of this.

1 month, 3 months, or 6 months: how many months to cover. Three is the usual advice. Six makes sense if your income is irregular. One is the rung that matters most, because it's where an ordinary bad week stops turning into new debt.

Getting there

Saved so far: what you already have set aside.

Set aside each month: what you'll add.

Interest on savings: the APY your savings account pays. Small, but it shortens the wait a little.

What you get

Fully funded in a number of months, with the month you'll get there. Beneath it are your Target, what You put in, and the Interest earned along the way. If you already have enough, it says so.

If you're aiming for three or six months, a second line shows when One month of spending is covered. That's the first rung, and you reach it long before the full target.

How to use it

Try different monthly amounts. Seeing the date move is the quickest way to find an amount you'll stick with.

Celebrate the first month. It's the point the cushion starts working, and it comes sooner than the full target suggests.

Weigh it against debt. If you're also paying down cards, Debt or Savings compares putting your spare money on the debt, into the cushion, or a starter cushion first.

Note

This calculator doesn't have an Add To Budget button. The Budget Builder plans your savings for you, and can aim at an emergency fund goal of its own. See Income & Current Savings.