Emergency Fund Calculator
How much should you keep in an emergency fund? Enter your essential monthly expenses and how many months of cover you want, and the calculator shows the target amount, how much you still need versus what you have saved, and how many months it takes to get there at your saving rate.
Essential expenses are the ones you have to pay (housing, food, bills, transport). The usual rule is 3 to 6 months; aim higher if your income is variable or your household has a single salary.
Your emergency fund
The target fund equals your essential monthly expenses times the months of cover. Current cover shows how many months of expenses your savings already pay for.
Plan to reach the target
The months to reach it assume you save the same amount every month and do not touch what you have already set aside. Keep the fund in a safe, instant-access product (a savings account or a no-penalty deposit).
Educational estimate, not financial advice. The number of months of cover is a guideline; adjust it to your situation.
What this calculator does
It multiplies your essential monthly expenses by the number of months of cover to get the target fund. It compares that with what you have already set aside to show how much you still need to save and how many months of expenses your money already covers. If you enter how much you can save each month, it works out how many months until you reach the goal.
How many months of cover?
The usual benchmark is to hold 3 to 6 months of essential expenses. If your income is stable and secure, 3 months may be enough; if your income is variable, you are self-employed, or your household runs on a single salary, aim for 6 months or more. The right number depends on how stable your income and fixed costs are.
Essential expenses, not your salary
The fund covers what you must pay if your income stops (housing, food, bills, transport, health), not your current lifestyle. Add up only the essentials: that is the amount you need to keep going through a difficult stretch. To separate the essential from the optional, you can use the household budget calculator.
Where to keep the fund
An emergency fund must be safe and instantly available: a savings account or a deposit with no penalty on withdrawal. It should not be invested in shares or funds, because you may need it exactly when markets are down. The goal is not to earn a high return, it is to be there when you need it.
Worked example
With €1,200 of essential monthly expenses and a 6-month goal, the target fund is €7,200. If you already have €3,000 (which covers 2.5 months) and can save €300 a month, you still need €4,200 and reach the goal in 14 months.
Frequently asked questions
How much should an emergency fund be?
Is the fund based on my salary or my expenses?
Where should I keep the emergency fund?
Should I build the fund before I invest?
Related calculators & reading
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Sources
- Todos Contam: Portal de educação financeira (fundo de emergência) — Banco de Portugal, CMVM e ASF
- DECO PROteste: poupança e orçamento familiar — DECO PROteste
Author: Thorben Rasmus Idel · Reviewed by: Nahar Geva · Last reviewed: 2026-06-11