Emergency Fund Calculator

I want to figure out exactly how much I need in an emergency fund and create a realistic plan to get there.

My monthly take-home income is approximately [MONTHLY_INCOME] and my essential monthly expenses (housing, utilities, food, transportation, insurance, minimum debt payments, and any other bills I must pay to keep life running) total roughly [ESSENTIAL_MONTHLY_EXPENSES].

My employment situation is [EMPLOYMENT_TYPE:select:stable salaried job with benefits,salaried but in a volatile industry,hourly or contract worker,self-employed or freelance,dual income household,retired or on fixed income] and I have [DEPENDENTS:select:no dependents,1 dependent,2 to 3 dependents,4 or more dependents] relying on my income.

My current emergency savings balance is [CURRENT_EMERGENCY_SAVINGS] and this money is currently kept in [SAVINGS_LOCATION:select:regular checking or savings account,high-yield savings account,money market account,CDs or bonds,cash at home,scattered across multiple places,I have not started saving yet].

The amount I can realistically set aside for emergency savings each month after covering all bills and other financial goals is [MONTHLY_SAVINGS_AMOUNT].

The biggest financial risk I worry about is [TOP_CONCERN:select:job loss or income disruption,major medical expense,car breakdown or major repair,home repair emergency,supporting a family member in crisis,general uncertainty about the future].

My existing financial safety nets include [SAFETY_NETS?] (such as severance eligibility, disability insurance, a partner's income, family support, or a line of credit I could fall back on).

Calculate the right emergency fund target for my situation. Start by recommending whether I need 3, 6, 9, or 12 months of expenses based on my employment stability, number of dependents, income sources, and existing safety nets, and explain the reasoning behind the recommendation. Show the exact dollar amount I should aim for. Calculate the gap between what I have now and what I need. Build a month-by-month savings timeline showing when I will reach the target at my current savings rate, and suggest ways to accelerate if the timeline is too long. Recommend where to keep the emergency fund for the best combination of accessibility and growth. Include clear guidelines for what counts as a true emergency worth tapping the fund for versus expenses I should handle through normal budgeting or sinking funds. If I already have enough saved, tell me so and suggest what to do with extra savings capacity.