Calculate how much you need to save for emergencies and track your progress toward financial security.
Rent, utilities, food, insurance, minimum debt payments
An emergency fund covers unexpected expenses: job loss, medical emergencies, car repairs, home maintenance, or any situation where you need money fast without going into debt.
Most experts recommend 3-6 months of essential expenses. If you have variable income, are self-employed, or have dependents, aim for 6-12 months. Stable jobs with good benefits can get by with 3 months.
Keep your emergency fund in a high-yield savings account. It should be easily accessible but separate from your checking account to avoid temptation. Look for accounts paying 4%+ APY.