See how large your emergency fund needs to be and how long it will take to build it. Enter your monthly expenses, the number of months to cover, and how much you can save each month.
You need £3,000 to cover 3 months of expenses
It will take you 30 months to reach your goal of £3,000 at your current saving rate of £100 per month.
You need £3,000 to cover 3 months of expenses
It will take you 30 months to reach your goal of £3,000 at your current saving rate of £100 per month.
To reach your goal faster, consider saving a bit more each month or reducing expenses. For example, if you save £1,000 per month, you will reach your goal within the next 3 months.
- What is an emergency fund?
- An emergency fund is a savings pot set aside for unexpected events such as medical emergencies, job loss, or urgent repairs. It provides a financial cushion, helping you manage sudden expenses. With this tool, you can also factor in your monthly savings to build your fund.
- How many months should my emergency fund cover?
- A common benchmark is 3 to 6 months of essential living expenses, though the right amount depends on your circumstances and comfort level. People with variable income or fewer financial safety nets often aim for the higher end of the months to cover input.
- What expenses should I include?
- Essential monthly expenses to factor into monthly expenses include rent or mortgage, groceries, utilities, transportation, and insurance. Debt payments and healthcare costs are also worth including.
- How does the monthly savings input affect the result?
- The monthly savings input shows how quickly you can reach the amount required based on what you can save each month. It helps you set a realistic plan based on your current budget.
- Should I update my target as my finances change?
- When your essential expenses rise or your income changes, update your target to match. Recalculate any time your monthly outgoings shift by more than about 10% so the amount required stays current.
- Where should I keep my emergency fund?
- Most people keep their emergency fund somewhere easily accessible, separate from their everyday current account. Easy-access savings accounts can earn interest while keeping the money available at short notice.
Estimate combined monthly electricity, gas, and water bills from your household size and region.
Utility Bills CalculatorOr do you have a suggestion? Check the FAQ first, or send us a message:
Want to include your details? Use the contact page instead.