Work out home emergency fund supplies instantly with clear inputs, formula shown and shareable results.
The target is essential monthly outgoings times the months of cover wanted, and the funding time divides the shortfall by what you can put aside each month. Sizing the fund on essentials rather than total spending keeps the target achievable, since discretionary spending would be cut in a real emergency anyway.
Target
target = essential monthly outgoings x months of cover
Time to fund
months = (target - already saved) / monthly saving
target = essential monthly outgoings x months of cover. The target is essential monthly outgoings times the months of cover wanted, and the funding time divides the shortfall by what you can put aside each month.
Sizing the fund on essentials rather than total spending keeps the target achievable, since discretionary spending would be cut in a real emergency anyway.
Enter essential monthly outgoings, months of cover wanted, already saved, amount you can save each month. The defaults shown are a realistic worked example — swap in your own figures to get a result you can use.