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EmergencyFund
A financial safety net of liquid savings designed to cover unexpected expenses or income loss. Your first line of defense against financial emergencies.
Emergency Fund Calculator
$4,000
Include rent, utilities, food, insurance, minimum debt payments
$5,000
6 months
3-6 months for stable income, 6-12 for variable income
$500
Fund Health
Building
Coverage
1.3 months
$0$24,000
Target Emergency Fund$24,000
Current Savings$5,000
Amount to Save$19,000
Time to Goal38 months
What Emergencies Cost
🚗
Car Repair
$500 - $3,000
🏥
Medical Emergency
$1,000 - $10,000
💼
Job Loss (3 months)
$6,000 - $15,000
🏠
Home Repair
$1,000 - $5,000
Where to Keep Your Emergency Fund
Recommended
High-Yield Savings Account
Best for most people. FDIC insured, earns interest, and accessible within 1-2 days.
- +4-5% APY currently
- +FDIC insured
- +Easy access
Good Option
Money Market Account
Similar to savings with potential for slightly higher rates. May require higher minimum balance.
- +Competitive rates
- +Check-writing ability
- +FDIC insured
For Excess Funds
Short-Term CDs
Slightly higher rates but funds are locked for a period. Consider a CD ladder for flexibility.
- +Higher rates
- +FDIC insured
- +Disciplined saving