Enter your monthly expenses, how many months you want to cover, and how much you can save each month. Our calculator will guide you to your savings goal.
Summary
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.
Frequently Asked Questions
- 1. What is an emergency fund?
- An emergency fund is a savings account 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 how much you can save regularly to build your fund.
- 2. How many months should my emergency fund cover?
- Typically, experts recommend saving enough to cover 3 to 6 months of essential living expenses. However, the right amount depends on your circumstances and comfort level.
- 3. What expenses should I include when calculating my emergency fund?
- Include essential monthly expenses like rent or mortgage, groceries, utilities, transportation, and insurance. Consider other crucial costs, such as debt payments and healthcare.
- 4. How does the “amount I can afford to save” input help?
- This input allows you to see how quickly you can reach your emergency fund goal based on what you can save each month. It helps you set a realistic plan based on your current budget.
- 5. Should I adjust my emergency fund over time?
- Yes, as your expenses or savings capacity change, it’s a good idea to adjust your emergency fund target to ensure it still fits your needs.
- 6. Where should I keep my emergency fund?
- Store your emergency fund in an account that’s easily accessible, such as a high-interest savings account, where it can earn interest but remain available for emergencies.
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