Emergency Fund Calculator: How Much Will Protect You?

Financial experts suggest saving three to six months' worth of expenses.

Margarette BurnetteApril 14, 2020

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An emergency fund cushions against surprise financial setbacks. Our emergency fund calculator can help you pinpoint your end savings goal.

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.

(If you need more info, here's our emergency fund explainer. And for inspiration, learn more about how to save money.)

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.)

A savings account is the best place to keep your emergency fund — it provides easy access to cash if you need it. And a high-yield savings account will help you grow your balance by paying a higher-than-average interest rate.

check out the top rates on some of nerdwallet's favorite savings accounts

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