Emergency Fund Calculator

↻ Updated 2026

Find out how big your emergency fund should be based on your essential expenses and desired months of coverage — plus the monthly amount to close the gap.

Educational calculators — always consult a licensed professional before making financial decisions.

Your inputs

Monthly essential expenses

rent, food, utilities, insurance, minimum debt payments

Coverage target

Current emergency savings

Months to fully fund

Target fund

$21,000

6 months of expenses

Still needed

$17,000

to hit your target

Monthly to reach it

$1,417

over 12 months

Progress toward target19% funded

Saved so far$4,000

Remaining gap$17,000

Breakdown

Monthly essential expenses$3,500

Coverage target6 months

Target fund size$21,000

Current savings$4,000

Funding gap$17,000

Monthly to fully fund$1,417

ASSUMPTIONS — A common guideline is 3–6 months of essential expenses, more if your income is variable or you support dependents. This is a linear plan and ignores any interest earned while you build the fund. Keep the money liquid — a high-interest savings account or TFSA at a CDIC-member institution, protected up to applicable limits.

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Sources & rate references

·Standard amortization / compound-interest formulas

Rates, brackets and limits here are checked against primary sources. If a number still looks off, email support@realmoneyiq.com and we'll review and fix it.

RealMoneyIQ provides free educational calculators, not financial, tax, investment or legal advice. Results are estimates based on the assumptions you enter and publicly published rates; your actual outcome will differ. Always confirm decisions with a licensed professional who knows your full situation.