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.
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
Count only essential expenses (housing, food, insurance, utilities, minimum debt payments) — not your full lifestyle spend. Most planners suggest 3–6 months; lean toward 6+ if your income is variable or you're a single-income household. Keep it liquid and insured — a high-yield savings account, not stocks.
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.
Three months is a floor for stable dual-income households. Six months fits most people. Nine to twelve makes sense for freelancers, commission earners, single-income families, or anyone whose industry cuts deep in recessions. The right number is about how long a job search or income disruption could realistically last for you.
Liquid, boring, and insured: a high-yield savings account at a healthy bank. Not stocks (they crash exactly when you get laid off), not a long CD (see what breaking a CD costs). At today's rates the fund even pays you meaningfully — project it with the savings interest calculator — and check the bank's health grade before you park six months of your life there.
Most planners recommend 3–6 months of essential expenses. Choose the higher end (6–12 months) if your income is variable, you're self-employed, you're a single-income household, or your field has long job searches.
Housing, utilities, groceries, insurance premiums, transportation, minimum debt payments, and medical needs — what it truly costs to keep your life running. Exclude dining out, subscriptions, travel, and extra savings; in an emergency you'd cut those.
In a high-yield savings or money market account at an FDIC-insured bank or NCUA-insured credit union — instantly accessible, no market risk, and currently earning 4%+ at competitive banks. Avoid stocks and long-term CDs for this money.
A common approach: save a starter fund ($1,000–$2,000) first, attack high-interest debt, then build toward the full 3–6 months. Without any cushion, one surprise expense goes straight back onto the credit card.
See what a dollar amount from any year since 1913 is worth today — or in reverse.
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.
Find out exactly what breaking your CD early will cost you — and whether it's worth it.
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.
Wondering if your bank is safe in the first place? Check its health grade or compare two banks.