How to Use the Emergency Fund Calculator
Step-by-step guide to calculating your ideal emergency fund target based on your essential monthly expenses and savings capacity.
Estimated time: 5-10 minutes
AI Generated by TrackMoola
Gather Your Bills
Collect your most recent statements for rent/mortgage, utilities, insurance, groceries, transportation, and any debt payments. You need the monthly amounts for each.
Enter Housing Costs
Enter your monthly rent or mortgage payment in the 'Housing' field. Include property tax and condo fees if applicable.
Enter Utilities & Insurance
Add up your monthly utilities (hydro, gas, internet, phone) and insurance premiums. Enter the total in the 'Utilities' field.
Enter Groceries & Transportation
Enter your essential monthly spending on food and getting to work (gas, transit pass). Don't include dining out or entertainment—this is about survival spending.
Enter Debt Payments
If you have minimum payments on credit cards, loans, or lines of credit, enter the combined total. This is optional but important for accuracy.
Enter Other Essentials
Any other non-negotiable monthly spending—childcare, medications, pet care. Enter the total in the 'Other' field.
Choose Months of Coverage
Select 3 months (minimal), 4 months (moderate), or 6 months (recommended). The more coverage, the safer you are. Financial planners typically recommend 3-6 months.
Enter Current Savings
If you already have money set aside, enter it in 'Current Emergency Savings'. The calculator will show how much more you need.
Enter Monthly Savings Capacity
How much can you realistically save each month? Enter this amount to see a timeline for reaching your goal.
Calculate & Review
Click 'Calculate Emergency Fund'. Review your target amount, gap remaining, and months to reach your goal. The pie chart shows your expense breakdown. Use the link at the bottom to compare HISA accounts for your savings.