How big should your emergency fund be — three months of expenses? Six? Enter your essential monthly costs and what you've saved, and see your target, your current cover, and how long it takes to get fully funded.
Maintained by TheFinanceSection · Updated · Methods and corrections
Your target fund
$21,000
6 months × $3,500
Cover you have today
1.1 mo
$17,000 still to go
Time to fully funded
4.3 yrs
saving $300/mo at 4% APY
Enter expenses you would still need to cover during an income disruption. The timeline assumes a constant APY and end-of-month deposits, with no withdrawals, taxes, or fees. The example APY is an assumption, not a current offer. Choose a target that fits your situation.
It multiplies your essential monthly expenses by the months of cover you choose to get a target fund size, measures how many months your current savings would actually last, and — given a monthly savings amount and APY — projects how long until you're fully funded, interest included.
Try several targets, such as three or six months, and compare what they would cover. Income stability, dependents, insurance deductibles, and the likely length of an income disruption affect how much you may need. A smaller starter fund can still help when a larger target is out of reach. The CFPB's emergency fund guide explains how to choose a target based on your circumstances.
Consider safety, access, fees, and withdrawal timing. An insured savings account is one option; verify the institution's coverage and account terms. Investments can lose value when you need the money, and CDs can impose early withdrawal penalties. Compare assumed yields with the savings interest calculator; the example APY is not a current offer.
There is no single target for everyone. Compare several months of essential expenses and adjust for income stability, dependents, insurance deductibles, and other available support. Even a small reserve can help with an unexpected expense.
Include costs you would still need to pay during an income disruption: housing, utilities, food, insurance, transportation, minimum debt payments, medical needs, and dependent care. Use a realistic reduced budget; not every household can cut the same expenses.
Choose an accessible reserve with terms you understand. An eligible savings or money market deposit account at a federally insured bank or credit union is one option, subject to coverage limits. Check fees and transfer timing. A money market mutual fund is a different product and is not deposit-insured.
Compare the cost of your debt with the risk of having no cash for essentials or an unexpected bill. A starter reserve can reduce the need to borrow again, while expensive debt may justify faster repayment. The calculator does not choose that tradeoff for you.
Compare buying power between 1913 and 2025 using published annual CPI data.
Check how much of your deposits are actually insured — and how much is at risk.
Build a CD ladder and see the maturity schedule and total interest.
Estimate what closing your CD early could cost, using the terms in your agreement.
Project how your savings grow with APY, compounding, and monthly deposits.
Convert between APR and APY and see what compounding really does to a rate.
How long until you hit your savings goal — or how much to save each month.
Lock in a CD or stay liquid in savings? Compare the actual dollars.
See how many years it takes for your money to double at any rate.
Start with your next money decision: plan a cash buffer, set a savings target, or compare buying power.