Enter your essential monthly expenses - the minimum you need to cover if you lost your income.
$19,800.00
6 months
$2,000.00
10% complete
$17,800.00
36 mo
January 2029
Milestones
Starter Emergency Fund
$1,000.00
3 Months of Expenses
$9,900.00
6 Months of Expenses (Recommended)
$19,800.00
| Monthly Savings | Time to Goal | Goal Date |
|---|---|---|
| $200.00/month | 89 months | June 2033 |
| $300.00/month | 60 months | January 2031 |
| $500.00/month | 36 months | January 2029 |
| $750.00/month | 24 months | January 2028 |
| $1,000.00/month | 18 months | July 2027 |
Why You Need an Emergency Fund
Job Loss Protection
Cover your expenses while searching for a new job without going into debt or panic.
Medical Emergencies
Handle unexpected medical bills or health issues without financial stress.
Unexpected Repairs
Car breakdowns, home repairs, and appliance failures won't derail your finances.
Frequently Asked Questions
How much should I have in my emergency fund?
The standard recommendation is 3-6 months of essential expenses. However, your ideal amount depends on job stability, income variability, number of dependents, and personal risk tolerance. Freelancers and single-income households should aim for 6-12 months.
What expenses should I include in my calculation?
Include essential living expenses: housing (rent/mortgage), utilities, food, transportation, insurance, minimum debt payments, and any necessary medications. Don't include discretionary spending like entertainment or dining out - in an emergency, you'd cut those first.
Should I save for an emergency fund or invest?
Build your emergency fund first! Keep 3-6 months of expenses in a high-yield savings account, then invest additional savings. Your emergency fund shouldn't be in the stock market where it could lose value right when you need it most.
How long will it take to build my emergency fund?
It depends on how much you can save each month. Use the calculator above to see your timeline. Start with a $1,000 starter fund (usually achievable in 1-3 months), then work toward your full goal. Consistency matters more than speed.
Build your safety net with confidence
Sign up for iBudget to track your emergency fund progress, set savings goals, and build financial security for your family.