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How this calculator works
An emergency fund is cash set aside for unexpected costs such as car repairs, boiler problems, job interruption or urgent travel. Many households use a target of three to six months of essential expenses, but the right number depends on job security, dependants, health, property ownership and access to other support.
Worked example
Change the default figures to match your situation, then run the calculation. For planning, test at least three scenarios: a conservative case, a likely case and a stretch case. This helps avoid relying on one optimistic number.
Common mistakes
- Using headline rates without checking fees or eligibility.
- Ignoring inflation, tax treatment or future income changes.
- Comparing monthly cost only, without checking total cost over time.
FAQs
Is this financial advice?
No. CalcBudget provides educational estimates only.
Why might my actual result differ?
Providers use their own rates, rules, fees and eligibility checks. Treat this as a planning estimate.