Get a risk-adjusted emergency fund target based on your expenses and personal situation.
Monthly Essential Expenses
Risk Profile
Emergency Fund Target
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Progress0%
Remaining to save
Months to goal (current rate)
Months to goal (doubled rate)
This tool provides estimates for educational purposes only. Not financial or tax advice. Neither MayoCalc nor Cook Media Systems assumes any liability. See our Disclaimer and Terms.
Why 3-6 Months Is a Range, Not a Number
The standard advice is a baseline, not a prescription. A dual-income household with a stable government job and no dependents may be fine with 3 months. A self-employed single parent in a volatile field with health concerns may need 9-12 months. This calculator adjusts for five risk factors that affect how quickly you could face a shortfall and how long it might last.
Where should I keep my emergency fund?
A high-yield savings account at an online bank is ideal - they currently pay 4-5% APY while remaining FDIC-insured and immediately accessible. Keep it separate from your checking to reduce the temptation to spend it.
Should I pay off debt or build an emergency fund first?
Build a starter fund of $1,000 first to prevent going back into debt during payoff. Then aggressively pay off high-interest debt. Then build the full 3-6 month fund.
What counts as an essential expense?
Essential expenses are housing, utilities, food, transportation, insurance, and minimum debt payments - the costs you must cover to maintain basic functioning. Exclude discretionary spending like dining out and entertainment.