Emergency Fund Calculator
Find out how big your emergency fund should be, how many months of cover you have now, and how long it will take to reach your target.
Your situation
Housing, bills, food, transport, minimum debt payments.
Annual rate. Leave at 0 if unsure.
Your results
Target
£9,000
6 months of essentials
You cover now
0.7 months
Still to save
£8,000
Target reached
4 years 6 months
What an emergency fund is for
An emergency fund is money set aside for unexpected costs or a drop in income, such as a broken boiler, a car repair or losing your job. It stops you borrowing at high rates when something goes wrong.
Many people aim for three to six months of essential spending. If your income is less steady, or you have dependants, a bigger buffer can make sense.
Where to keep it
Keep it somewhere safe and easy to reach, such as an easy-access savings account. Compare interest rates, and check how your savings are protected by the Financial Services Compensation Scheme. If you have expensive debt, you may want to balance building a small buffer with paying the debt down.
How to use this calculator
- Enter your essential spending per month, or send it over from the Cost of Living Calculator.
- Choose how many months of cover you want: 3, 6 or 12.
- Enter what you have saved and what you can add each month, plus any interest if you know it.
How it is calculated
Target = essential monthly spending × months of cover.
Each month your savings earn interest (annual rate ÷ 12) and your monthly saving is added, until the target is reached.
Worked example
With essential costs of £1,500 a month, a six-month target is £9,000. Having saved £1,000 and adding £150 a month with no interest, you would reach it in 54 months, which is 4 years 6 months.
Assumptions and limits
- The interest rate and your monthly saving stay the same. Interest is added monthly and tax on interest is ignored.
- Essential spending means costs you could not avoid if your income stopped, such as housing, bills, food, transport and minimum debt payments.
Common questions
How many months should I aim for?
Three to six months of essential spending is a common starting point. More may suit you if your income varies or you support others.
Should I save before paying off debt?
Many people build a small starter buffer first, then focus on expensive debt. A free debt adviser can help you balance the two.
Does the calculator include interest?
Yes, if you enter a rate. Leave it at 0 for a cautious estimate.
What counts as essential spending?
Costs you must pay even if your income stopped: housing, utilities, food, transport to work, insurance and minimum debt payments.
Related guides
Related calculators
- Cost of Living CalculatorAdd up your monthly costs and see what is left from your income.
- UK Take-Home Pay CalculatorYour salary after tax, National Insurance, pension and student loan, per year, month and week.
- Savings & Investment Growth CalculatorSee how regular saving and compound growth can add up over the years.
- Monthly Budget PlannerAdd your income and spending to see exactly what is left each month.
These calculators give estimates based on the figures you enter and the assumptions listed above. They are not financial advice. Your numbers are worked out in your browser and are not sent to us.
This page provides general information only. It is not personalised financial, legal or tax advice, and rules and figures can change. Your situation is unique — please check official sources such as GOV.UK and MoneyHelper, and speak to a qualified, FCA-authorised adviser before making important decisions about your money.