Emergency Fund Calculator
Find out how much you need and how long it will take to build your safety net.
Your Financial Details
Rent, food, utilities, subscriptions
How much you can save each month
Target Emergency Fund
$21,000
Still Needed
$20,000
Months to Goal
67
Save $300/month to reach your goal in 67 months.
💡 Gig Worker Tip
Gig workers have variable income — aim for 9–12 months of expenses rather than the standard 3–6. This protects you during slow seasons or platform downtime.
Frequently Asked Questions
How big should my emergency fund be?
Most financial experts recommend 3–6 months of essential living expenses. Gig workers and freelancers with variable income should aim for 9–12 months to cover slow seasons.
Where should I keep my emergency fund?
A high-yield savings account (HYSA) is ideal — easily accessible, FDIC insured, and earns 4–5% APY (as of 2024). Avoid investing your emergency fund in the stock market.
What counts as a monthly expense?
Include: rent/mortgage, utilities, groceries, insurance, minimum debt payments, phone, transportation. Exclude: entertainment, dining out, subscriptions you could cancel in an emergency.
Should gig workers have a bigger emergency fund?
Yes. Unlike salaried employees, gig workers don't have paid sick leave, unemployment insurance, or guaranteed income. A larger buffer (9–12 months) protects against slow seasons, app outages, or health issues.
What if I can't afford to save much each month?
Start small — even $50/month adds up. Automate a transfer on payday so it's not a decision. Many HYSAs have no minimum balance. Any amount saved is better than none.