Emergency Fund Calculator
Calculate your ideal emergency fund size and how long your current savings would last if you lost your income.
Include rent/mortgage, groceries, utilities, transport, insurance, and minimum debt repayments. Exclude discretionary spending.
Only count money in easily accessible accounts (savings accounts, offset accounts), not superannuation or investments.
3 months is the minimum; 6 months is the general recommendation for most people.
How much can you put into your emergency fund each month?
Step 1: Calculate your true monthly essential expenses — this means rent or mortgage repayments, groceries, utilities (electricity, gas, water, internet), transport costs, insurance premiums, and minimum debt repayments. Exclude restaurants, entertainment, and subscriptions you could cancel.
Step 2: Enter how much you currently have in accessible savings (not super, not shares — money you can get to within 1–2 business days).
Step 3: Choose how many months of coverage you're targeting. Most financial advisers recommend 3 months at minimum, and 6 months for most households.
Step 4: Enter how much you can contribute each month to see when you'll reach your goal.
Key insight: Your emergency fund isn't an investment — its job is to be boring and accessible, not to grow.
Formula
Target Amount = Monthly Expenses × Target Months
Current Coverage = Current Savings ÷ Monthly Expenses
Shortfall = Target Amount − Current Savings (minimum 0)
Months to Goal = Shortfall ÷ Monthly ContributionFrequently Asked Questions
How much should I have in my emergency fund in Australia?
Most Australian financial advisers recommend saving 3–6 months of essential expenses. If you're a casual or contract worker, self-employed, or you have dependants, aim for 6–12 months. A single person with a stable full-time job and no dependants can usually get by with 3 months. Essential expenses means rent/mortgage, groceries, utilities, transport, and insurance — not your full lifestyle budget.
Where should I keep my emergency fund in Australia?
Your emergency fund should be in a high-interest savings account (HISA) with no lock-in period and fast access. Popular options in Australia include ING Savings Maximiser, Macquarie Savings Account, and Ubank Save. Avoid term deposits (you can't access them without penalty), shares (can fall in value just when you need the money), and everyday transaction accounts (interest rate too low). Keep it separate from your spending account so you're not tempted to dip into it.
Should I pay off debt or build an emergency fund first?
Both. The standard advice is to build a small starter emergency fund of $1,000–$2,000 first, then aggressively pay off high-interest debt (especially credit cards at 20%+ p.a.). Once high-interest debt is gone, fully fund your 3–6 month emergency fund. The logic: without any buffer, one unexpected expense forces you back onto the credit card, undoing your debt payoff progress. The small starter fund breaks that cycle.
Does my superannuation count toward my emergency fund?
No. Superannuation in Australia is generally inaccessible before preservation age (between 55–60 depending on your birth year), except in limited compassionate grounds circumstances. An emergency fund must be in liquid, accessible savings. Super is a retirement asset — think of it as completely separate from your financial safety net.
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