In recent months we've all realized just how important it is to have an emergency fund. This type of savings can help ensure a layoff, an unexpected financial burden or even a worldwide pandemic won't have major long-term effects on your financial health.
This tool shows how much you need to save, in total and on a monthly basis, to create an emergency reserve fund for unanticipated expenses or loss of income.
Note: This tool is meant to estimate emergency expenses for a minor incident. It is not intended to calculate incidents that may cause a long-term disability. Because of the nature of unexpected emergencies, the amount estimated here is very rough and may be overly simplified for major incidents.