Mortgages & Money2 min check

Emergency Fund Calculator

Work out how much liquid cash you should hold for emergencies, and how to get there.

Short answer

An emergency fund covers 3–6 months of essential outgoings (rent/mortgage, bills, food, transport, insurance, minimum debt payments). Self-employed or single-income households should aim for 6–12 months. Keep it in an easy-access savings account, not investments.

Step 1 of 10%

Calculation method, coverage and version

Inputs used: Essential monthly outgoings (rent/mortgage, bills, food), Income stability, Current savings, Amount you can save / month.
Calculation approach: The calculator applies the rules and assumptions described in “How it works” to the values you enter. Rounding can cause small differences from an official or provider calculation.
Coverage: Mortgages & Money. UK nations, tax treatment, local rules and provider criteria can differ; check the official sources shown below before acting.
Content version: No page-specific review date is currently published. Treat the result as indicative and verify current rules independently.

Not included unless explicitly requested: personal circumstances not entered, provider discretion, future rule changes, professional fees and case-specific exceptions. Read the full calculator methodology.

Primary sources and official verification

Use these official sources to verify current rules before acting. Coverage and dates can differ across England, Scotland, Wales and Northern Ireland.

See the sitewide source policy.

How it works

We multiply your monthly essential outgoings by your target months of cover, then show how long it'll take to build at your chosen monthly saving rate.

Worked example

£1,800/month essentials × 6 months = £10,800 target. Saving £300/month = 36 months to fully fund.

Who should use this

•Anyone without a financial buffer
•Self-employed people with variable income
•Households planning a baby, redundancy risk or career change

Common mistakes

×Investing the emergency fund in stocks (can crash exactly when you need it)
×Counting credit card limit as 'emergency cover'
×Setting the target so high you never start
×Spending it on non-emergencies (a holiday isn't an emergency)

Frequently asked questions

Where should I keep it?▾

An easy-access savings account or cash ISA paying competitive interest. FSCS protects £85k per person per banking group.

Is 3 months enough?▾

For dual-income households with stable jobs, often yes. For sole earners or self-employed, aim for 6–12 months.

Save or pay off debt first?▾

Build a £1,000 starter buffer, then attack high-interest debt, then complete the full 3–6 month fund.

Related calculators

Household Budget →Debt Repayment →Compound Interest →ISA Calculator →