Find how much you should have in an emergency fund, based on your monthly expenses and the number of months you want to cover.
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Enter your essential monthly expenses and the number of months you want to cover. The result is the amount to set aside.
The usual advice is a fund covering 3–6 months of essential expenses. Choose more (6–12 months) if your income is unstable or you are the sole earner.
Emergency fund needed = 24,000 £ (4,000 × 6)Standard financial formulas (time value of money). Instant in-browser calculation, no account, no data sent. Rates are indicative — check the provider’s actual offer. Last updated: 11 July 2026 · Bank of England base rate.
⚖︎ Results are for informational purposes and do not constitute tax advice. For specific situations, consult a licensed accountant or the relevant tax authority.
The emergency fund is found by multiplying your monthly expenses by the desired number of months of cover:
For expenses of £2,500 a month and 6 months of cover: fund = £2,500 × 6 = £15,000 (the 3-month minimum would be £7,500).
It is an easily accessible cash reserve for unexpected expenses: losing a job, an urgent repair, a medical issue. It helps you avoid debt in a crisis.
The classic advice is between 3 and 6 months of essential expenses. For a budget of £2,500 a month, that is between £7,500 and £15,000.
Multiply your essential monthly expenses by the number of months you want to cover. For example, £2,500 × 6 months = £15,000.
3 months is the minimum, 6 months is comfortable, and 9–12 months is prudent if you have variable income, are self-employed or are your household’s sole earner.
In a liquid, safe place you can withdraw from quickly without loss: an easy-access savings account or a cash ISA. Not in volatile investments such as shares.
Only essential living costs: rent or mortgage payment, council tax, utilities, food, transport, insurance and other mandatory payments. Exclude discretionary spending (holidays, entertainment).
Build the emergency fund first, then invest. Without a reserve, an emergency could force you to sell investments at a loss or borrow expensively.
Set the target, then set aside a fixed amount every month, automatically via a standing order, until you reach it. Even small, steady amounts build a solid fund in a few months.