Emergency fund calculator
Your emergency fund is your essential monthly expenses times the months you want covered. Here you see the target, the gap and when you get there.
- Still missing
- €6,000.00
- Completed in
- 20 months
This is a simulation based on what you typed. It does not replace your books or your advisor.
Take it into your Fider accountHow to use it
- Add up essentials only: housing, utilities, food, transport, insurance and loan instalments.
- Pick the months: 3 with a stable job, 6 with children or a mortgage, 9 to 12 if you are self-employed.
- Enter what you already have set aside for this, not all your savings.
- Adjust the monthly contribution until the timeline feels reasonable.
How many months
Three months cover a surprise. Six cover a layoff with unemployment benefit. A freelancer with irregular income should look at nine to twelve, because there is no immediate benefit and no fixed salary.
Where to keep it
In a separate account, available the same day, that you use for nothing else. A savings account works. An investment fund does not, because it can be down exactly when you need it.
What an emergency fund is not
It is not the deposit for a flat and it is not the tax money. If you are autónomo, the VAT and IRPF you set aside live in another account and do not count here.
The timeline assumes the same contribution every month and that you do not touch the fund meanwhile.
Frequently asked questions
Essential or total expenses?
Essential. In an emergency you cut leisure and subscriptions. If you prefer to be conservative, use the total.
Does unemployment benefit count?
If you are entitled to it you can reduce the months. A freelancer's cessation benefit usually takes longer to arrive, so it is safer not to count on it.
Why is there no interest?
Because an emergency fund sits in cash. Any return you get does not change the target, only the month you reach it.
What do I do once it is complete?
Stop contributing and redirect that amount to other goals. Only top it up if you use it.
What if I am very far from it?
Start with an intermediate target of one month of expenses. The calculator tells you when you hit it and you scale from there.