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CalcTortoise

Emergency Fund Calculator

An emergency fund covers redundancy, illness and unexpected bills without borrowing. See your target and how soon you can reach it.

Written by the CalcTortoise editorial team · How we work

Rent or mortgage, food, utilities, insurance and loan repayments.

One income in the household?

Is your income steady?

Anyone depends on you?

months

Suggested for you: 4 months.

Your emergency fund target

$18,000

You have 1.3 months covered and need $14,000 more. Saving $500 a month, you get there in 2 years 3 months. An easy-access savings account keeps it safe and available within a day or two.

Saved so far
$4,000
Still to save
$14,000
Time to get there
2 years 3 months
Months covered today
1.3

Illustration only, not investment, tax or legal advice.

Saved vs still to save
Total$18,000
  • Saved$4,000 (22.2%)
  • Still to save$14,000 (77.8%)

Month by month

MonthSavingsStill to save
Month 1$4,512$13,488
Month 2$5,025$12,975
Month 3$5,539$12,461
Month 4$6,056$11,944
Month 5$6,573$11,427
Month 6$7,092$10,908
Month 7$7,613$10,387
Month 8$8,135$9,865
Month 9$8,659$9,341
Month 10$9,184$8,816
Month 11$9,711$8,289
Month 12$10,239$7,761
Month 13$10,769$7,231
Month 14$11,301$6,699
Month 15$11,834$6,166
Month 16$12,368$5,632
Month 17$12,904$5,096
Month 18$13,442$4,558
Month 19$13,981$4,019
Month 20$14,522$3,478
Month 21$15,064$2,936
Month 22$15,608$2,392
Month 23$16,154$1,846
Month 24$16,701$1,299
Month 25$17,250$750
Month 26$17,800$200
Month 27$18,352$0

How to use this calculator

  1. Enter your essential monthly spending.
  2. Answer three questions for a suggested number of months.
  3. Add your savings today and how much you can save each month.

Frequently asked questions

How much should I keep in an emergency fund?

Three to six months of essential spending is a common guide, more with one income, irregular pay or dependants. At $3,000 a month for 6 months, the target is $18,000.

Where should it be kept?

In an easy-access savings account with a protected bank, where it is safe and available within a day or two.

Does insurance replace an emergency fund?

No. Insurance covers specific events; an emergency fund pays everyday bills while your income is interrupted.

Sources and method

Standard compound-interest formulas, tested against worked examples. Nothing here depends on outside data; the rates you type in are your own assumptions.

No outside data is used. The numbers you type in are the only inputs.

Page and formula last reviewed . How we calculate · Editorial policy · Corrections and change log

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Last updated 10 October 2026. For information only — not financial advice. Check the final figures with your lender or bank.