Emergency Fund Calculator
You need an emergency fund stashed away for accidents, unanticipated expenses and possible loss of income. Want to find out how much you need in your emergency fund? Answer the questions below to find out how much you should save for it.
Question 1 of 8
How much is your monthly rent or mortgage payment?
Question 2 of 8
How much do you spend on utilities per month?
Question 3 of 8
How much do you spend on your phone plan and internet?
Question 4 of 8
How much do you spend on transportation every month?
Question 5 of 8
How much do you spend on groceries every month?
Question 6 of 8
How much are you paying in insurance premiums per month?
Question 7 of 8
How much are you allocating towards paying off debts every month?
Question 8 of 8
Other monthly expenses
$
You should try to save up this amount for emergencies, which is six months of your living expenses.
Summary of Your Monthly Expenses
Monthly Total
$
What is an Emergency Fund?
The term “emergency fund” refers to money stashed away for accidents, unanticipated expenses and loss of income. An emergency fund enables to pay out-of-pocket for these unpredictable events without resorting to loans or credit cards.
An emergency fund should be a priority and you should have at least 3-6 months of living expenses saved as a buffer before saving or investing.
Disclaimer
This calculator is designed to be an informational and educational tool only, and when used alone, does not constitute financial advice. The Simple Sum is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. The Simple Sum is not responsible for any human or mechanical errors or omissions that may occur too.
