Emergency fund calculator
A cash buffer for a lost job, a boiler or a car repair. Work out the target from your essential outgoings and how long it takes to get there.
How this is calculated
The target is your essential monthly outgoings times the number of months you want to cover.
The time to reach it steps your savings forward a month at a time: interest at a twelfth of the yearly rate, then your monthly saving.
Rates used · 2026/27
| Common minimum | 3 months of essential outgoings |
| Less secure income | 6 months or more |
| Where to keep it | easy access, not invested |
| Interest | your account rate |
Last checked July 2026. Source: HMRC and gov.uk.
Worked example
With £1,800 a month of essential outgoings, three months is £5,400. With £2,000 saved and £250 a month going in at 4%, it takes 1 year 1 month to reach.
Common questions
How much should my emergency fund be?
Three to six months of essential outgoings is the usual guide. More if you are self-employed, the only earner, or work in a less secure job.
Should I save or pay off debt first?
Many people build a small buffer first, so a surprise bill does not go on a credit card, then clear expensive debt, then build the full fund.
Where should I keep it?
Somewhere you can reach within a day or two without a penalty, such as an easy-access savings account.
Does an emergency fund count as savings?
Yes, but keep it separate from money you are saving for a goal, so it is there when something goes wrong.