Calculate your emergency fund target based on monthly expenses and desired coverage period
An emergency fund is a pool of money set aside to cover unexpected expenses or financial shortfalls. It's essential for maintaining financial stability and avoiding debt when unexpected expenses arise.
The general rule of thumb is to save 3-6 months' worth of living expenses. However, the right amount for you depends on factors like job security, income stability, and dependents.
Enter your monthly essential expenses and choose your desired coverage period. The calculator will provide your target emergency fund amount.
| Monthly Expenses | Coverage Period | Emergency Fund Target |
|---|---|---|
| $3,000 | 3 months | $9,000 |
| $4,500 | 6 months | $27,000 |