Emergency Fund Calculator
Calculate how much you need in your emergency fund and how to reach your savings goal.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
Monthly Expenses
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Emergency Fund Target
$21,600.00
6 months of expenses
Monthly Expenses
$3,600.00
Total essential costs
Current Savings
$5,000.00
23% of target
Gap to Fill
$16,600.00
Amount still needed
Monthly Savings Needed
$1,383.33
To reach goal in 12 months
Progress
$5,000.00 saved23%$21,600.00 target
Expense Breakdown
Housing$1,800.00
Food & Groceries$600.00
Transportation$400.00
Insurance$300.00
Debt Payments$200.00
Other$300.00
Total Monthly$3,600.00
Frequently Asked Questions
How many months of expenses should I save?
Most financial advisors recommend 3-6 months of essential expenses. If you are self-employed, have variable income, or are the sole earner, aim for 6-12 months. Start with 3 months and build up over time.
Where should I keep my emergency fund?
Keep it in a high-interest savings account (HISA) that is easy to access. Do not invest your emergency fund in stocks or lock it in GICs. Look for accounts offering 4-5% interest at online banks.
What counts as an emergency?
True emergencies include job loss, medical expenses, urgent car or home repairs, and unexpected necessary travel. Regular expenses, vacations, and planned purchases are not emergencies.
Official Data Sources
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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