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Emergency Fund Calculator
Determine how much emergency fund you need based on your personal financial situation and risk factors
Current Fund
$5,000
1.1 months
Recommended
$20,250
4.5 months
Monthly Need
$1,271
To reach goal in 12 months
Fund Status
Critical
24.7% of goal
Financial Information
All essential monthly expenses
How long to build your emergency fund
Fund Adequacy: Critical
You need to prioritize building your emergency fund
24.7% of recommended amount
Risk Assessment
Risk Level: Low-Moderate
Risk Factors:
- • Single income source
- • No disability insurance
Recommendations
Recommended Emergency Fund
Base recommendation: 3 months
Risk-adjusted: 4.5 months
Target amount: $20,250
Minimum (3 months): $13,500
Optimal (6 months): $27,000
Adjustment Reasoning
- • Added 1 month for single income household
- • Added 0.5 months for no disability insurance
Funding Plan
Monthly contribution needed: $1,271
Time to goal: 12 months
Priority level: High
% of income: 21.2%
💡 Funding Strategies
- • Consider extending timeline - current plan requires 20%+ of income
- • Automate transfers to emergency fund account
- • Use high-yield savings account for emergency fund
- • Consider tax refunds and bonuses for emergency fund
- • Look for opportunities to reduce monthly expenses
- • Consider temporary side income to accelerate funding
Account Recommendations
High-Yield Savings: 4-5% APY, FDIC insured
Money Market: Higher rates, limited transactions
CD Ladder: For portion you won't need immediately
Separate Institution: Reduces temptation to spend
Emergency Scenario Analysis
| Emergency Scenario | Estimated Cost | Months of Expenses | Coverage Status |
|---|---|---|---|
| Job Loss | $27,000 | 6.0 months | Not Covered |
| Major Car Repair | $3,000 | 0.7 months | Fully Covered |
| Medical Emergency | $5,000 | 1.1 months | Fully Covered |
| Home HVAC Replacement | $8,000 | 1.8 months | Partially Covered |
| Extended Illness | $13,500 | 3.0 months | Not Covered |
| Pet Emergency | $2,000 | 0.4 months | Fully Covered |
| Roof Repair | $12,000 | 2.7 months | Not Covered |
| Family Emergency Travel | $2,500 | 0.6 months | Fully Covered |
Emergency Fund Best Practices
Building Your Fund
- • Start small - even $500 helps with minor emergencies
- • Automate contributions to build the habit
- • Use windfalls (tax refunds, bonuses) to accelerate
- • Keep it separate from regular savings
- • Make it slightly inconvenient to access
When to Use It
- • Unexpected job loss or income reduction
- • Major medical expenses not covered by insurance
- • Essential home or car repairs
- • Family emergencies requiring travel
- • NOT for vacations, shopping, or predictable expenses