How much should I save for emergencies?

President Gordon B. Hinckley counseled, "I urge you as members of this Church to get free of debt where possible and to have a little laid aside against a rainy day" ("The Times in Which We Live," Ensign, Nov. 2001, 73).

Some financial advisors suggest you set aside three to six months of savings for use in the event of a loss of a job, a medical emergency, short-term disability, or other unexpected expenses.

Use this calculator to help determine how much you need to set aside monthly or as a lump sum to create an emergency fund.

Assumptions

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Expenses

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This calculator is provided courtesy of CalcXML to assist you in planning for your future. The quality of the analysis is the result of information you provide. The accuracy of this calculator and its applicability to your circumstances is not guaranteed.

Analysis is provided for general illustration and/or informational purposes only and is not to be construed as tax, legal, or investment advice. Although the calculator is based on information from sources believed to be reliable, accuracy and individual circumstances can vary. The information should be relied upon only when coordinated with individual advice from qualified professionals.