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An emergency fund cushions against surprise financial setbacks. Our emergency fund calculator can help you pinpoint your end savings goal.
» Jump ahead to some of NerdWallet's favorite accounts for storing your emergency fund
How much to save in your emergency fund
Sudden car repairs, medical emergencies or job loss can all lead to unexpected debt if you're not prepared. How much should you save to safeguard your finances? It's difficult to predict how much these or other emergencies could cost — but personal finance experts say three to six months' worth of expenses is a good goal. If that seems too steep, saving even $500 will help you avoid going into debt to finance a small car repair or medical bill.
Where to stash your emergency fund
Once you have a target, find a savings account with a competitive interest rate where you can store your cash. (Some of NerdWallet's favorite online savings accounts are here.)