Emergency Fund Calculator: Start Saving Now!

Highlights

  • Emergencies happen, but are you prepared?
  • The Emeregency Fund Calculator helps you calculate if you have enough reserves to protect you in case of an emergency.
  • A good rule of thumb is to keep six months of expenses in a special savings account.
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Do You Have Enough Savings in Case of an Emergency?

Who doesn't face an unexpected event and a surprise bill? The most common are medical expenses, home repairs, car repairs, and unexpected travel expenses. A sudden loss or drop in income can make almost any bill challenging to pay.

Use the Bills.com Emergency Fund Calculator to figure out how much money you need to save and protect yourself in cases of distress.

Emergency Fund Saving Calculator

Calculate Your Emergency Fund Needs

Use BIlls.com's simple Emergency Fund Calculator to find out how much you need to save in an emergency fund. Calculate the amount you need, based on your income and budget, and the number of months that you want to cover. Once you have your target, compare that to your current available emergency fund savings.

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Monthly Income, Based on Average Annual Earnings
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Keeping a budget helps you understand how you are spending your money. A deeper analysis allows you to discover which are your basic expenses. Do you keep a budget?

You will find it easy to calculate your monthly expenses.
You will need to guesstimate your monthly expenses. Consider starting a budget.

Calculate your essential monthly expenses. Think about a case where you don't have income for a short-term and you need to cover you essential monthly expenses. You can cut out luxury items, but there are may bills that can't be avoided.

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My Essential Monthly Expenses are:
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There is no one size fits all answer. However, most experts recommend at least three months of living expenses in an emergency fund savings account. Our recommendation, is that you set a goal to have at least six months of liquid assets that are in a safe andn easliy accesible account.

Total Required Emergency Fund
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Now check your actual savings against the amount you need in an emergency savings fund. The calculator willl assess your situation and give you a quick recommendation.

Put in the amount of money you have in a liquid savings plan, that you can draw immediately without any penalties.
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You Situation is...

Don't Just Calculate Your Emergency Fund Needs: Start Saving

The best place to keep your emergency fund is a savings account. You benefit from easily accessible cash and protection against risk. Use the Bills.com Savings Rate Table to see a number of savings account available in your area and compare high-yield offers.

Emergency Savings and Your Financial Health

Your emergency fund is a vital part of your overall financial situation. However, it is crucial that you make savings a part of your overall game plan.

Take Bills.com's Financial Health Survey to analyze how you score on Spending, Borrowing, Saving, and Planning. Get recommendations and tools. Then take steps to improve your financial health.

 

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2 Comments

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  • E
    Apr, 2019
    Edith

    Thanks for the calculator. Not only did I realize how much I needed to save, but I immediately started a new account. I decided to put away $400 each month. Once I build up my emergency account, I plan on putting away money to buy a home.

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