Work out how big your emergency fund should be and how many months it will take to get there.
By TanLabs · Formulas cross-checked against the free spreadsheet · Updated 2026-10-31 · Runs in your browser – nothing you type is sent anywhere
With essential monthly expenses $2,500, months of cover 6, saved so far $3,000, monthly contribution $300:
Target: $15,000
Still to save $12,000 · about 40 months at $300/mo
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Target = essential monthly expenses × months of cover. Months to goal = (target − saved) ÷ monthly contribution.
Essential expenses of $2,500 a month, $3,000 already saved:
| Cover | Target ($2,500/mo expenses) | at $200/mo | at $300/mo | at $500/mo |
|---|---|---|---|---|
| 3 months | $7,500 | 23 months | 15 months | 9 months |
| 6 months | $15,000 | 60 months | 40 months | 24 months |
| 9 months | $22,500 | 98 months | 65 months | 39 months |
| 12 months | $30,000 | 135 months | 90 months | 54 months |
A full six-month fund takes years at $200 a month. That is normal. Reaching one month of expenses first already covers most car repairs and medical bills.
Three months is a common minimum for stable salaried jobs; freelancers and single-income households often aim for six or more.
Housing, utilities, groceries, insurance, minimum debt payments and transport – not dining out or subscriptions.
Somewhere safe and instantly accessible, such as a high-yield savings account.
A common order is: a starter fund (one month or $1,000), then high-interest debt, then the full 3–6 months.
Many freelancers aim for 6–12 months because income can drop for longer. Our freelancer budget template sets up this buffer.
You can reduce the target if you are sure to receive them, but benefits can be delayed, so many people still plan for the full amount.
Sources: Consumer Financial Protection Bureau – emergency savings