Emergency Fund Calculator
Financial experts typically recommend keeping 3–6 months of essential expenses in an easily accessible emergency fund. Enter your monthly costs below to find your target, and optionally see how long it will take to reach it from your current savings.
Monthly essential expenses
Enter what applies to you — leave anything blank if it does not apply.
Housing
Food
Utilities
Transport
Insurance
Other essentials
Coverage target
How many months of expenses should your fund cover?
Related: Savings Goal · Savings Interest
How the emergency fund calculator works
An emergency fund is a pot of money set aside to cover essential living costs if your income stops unexpectedly — for example, due to redundancy, illness, or a major unplanned expense. This calculator totals your essential monthly outgoings and multiplies by your chosen number of months to give you a personalised target figure. Most UK financial guidance recommends a target of three to six months of essential expenses, though the right amount depends on your individual circumstances.
Essential expenses are those you cannot easily cut in a crisis: rent or mortgage, food, utilities, transport to work, and insurance. Discretionary spending such as eating out, subscriptions, and holidays should not be included. Once you know your target, the second part of this calculator helps you estimate how long it will take to reach it based on your current savings and monthly contribution.
Keep your emergency fund in a readily accessible, FSCS-protected easy-access savings account. It should not be invested in assets that can fall in value, such as stocks and shares, as you may need the money at short notice. Building an emergency fund is widely considered to be a financial priority before taking on higher-risk investments or making pension top-ups beyond employer matching.
Frequently asked questions
How much should I have in an emergency fund?
Most financial advisers in the UK recommend saving between three and six months of essential living expenses — things like rent or mortgage, food, utilities, transport, and insurance. The right amount depends on your circumstances: if you have a stable job, no dependants, and dual household income, three months may be sufficient. If you are self-employed, have variable income, or support a family, six months or more provides a stronger safety net.
Where should I keep my emergency fund?
Your emergency fund should be kept in a readily accessible account — ideally an easy-access savings account that pays a competitive interest rate. Avoid locking it into fixed-term bonds or investing it in stocks and shares, as you may need the money at short notice and cannot afford it to fall in value. Make sure the account is covered by the Financial Services Compensation Scheme (FSCS), which protects deposits up to £85,000 per authorised institution.
How long does it take to build an emergency fund?
The time it takes depends on your target amount and how much you can set aside each month. If your target is £5,000 and you can save £300 per month, you will reach it in around 17 months. Setting up a standing order to a dedicated savings account immediately after payday is one of the most effective strategies. Even small, regular contributions add up quickly when automated consistently.
Should I invest my emergency fund?
No. An emergency fund should not be invested in the stock market or other volatile assets. Investments can fall in value at any time, and the whole point of an emergency fund is that it is stable and immediately available when you need it. A high-interest easy-access savings account is the appropriate home. Once your emergency fund is fully funded, any additional surplus can be directed toward longer-term investments.