The standard advice is "save 3-6 months of expenses"—but that's a big range. How do you know if you need 3 months or 6 (or more)? Our calculator helps you find your exact number based on your personal circumstances.
Calculate Your Emergency Fund
Get a personalized emergency fund target in under 2 minutes.
The Basic Calculation
At its simplest:
- List your monthly essential expenses
- Multiply by number of months (3-6+)
- That's your target
What Counts as "Essential Expenses"?
Include only what you MUST pay in an emergency:
- Housing: Rent/mortgage, council tax
- Utilities: Electric, gas, water (basic usage)
- Food: Groceries (not dining out)
- Transport: To get to work (basic)
- Insurance: Essential policies
- Debt minimums: Required payments
- Childcare: If needed to work
Don't include subscriptions, entertainment, or other discretionary spending.
How Many Months Do You Need?
3 Months If:
- Dual-income household (two earners)
- Very stable job and industry
- Could find similar work quickly
- No dependents
- Good health
6 Months If:
- Single income (sole earner)
- Average job stability
- Dependents
- Homeowner (more potential repairs)
9-12+ Months If:
- Self-employed or freelance
- Commission-based income
- Unstable industry
- Health conditions requiring frequent care
- Specialized job (takes time to find new role)
- Single parent
ℹ️ Example Calculation
Monthly essential expenses: £2,000 Risk level: Single earner with mortgage Recommended: 6 months Emergency fund target: £12,000
Using the Calculator
Our emergency fund calculator asks about:
- Your monthly essential expenses
- Income stability factors
- Job market for your field
- Dependents
- Housing situation
It then recommends a specific number of months and calculates your target amount.
What If the Number Feels Impossible?
A £15,000 target can feel overwhelming. Remember:
- Start with £1,000 mini emergency fund
- Then work toward one month's expenses
- Then two months, three months...
- It's a journey, not an overnight achievement
Revisit Your Calculation When:
- Your income changes significantly
- Your job stability changes
- You add or lose dependents
- You buy a house or make a major life change
- At least annually to ensure it's still right
About iBudget
iBudget helps couples and families take control of their finances with simple, collaborative budgeting tools. Track spending, set goals, and build wealth together.
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