================================================================== EMERGENCY FUND CALCULATOR ================================================================== Calculate how much you need to cover 3‑6 months of essential expenses. ------------------------------------------------------------------ INPUTS ------------------------------------------------------------------ - Monthly essential expenses (rent, utilities, groceries, transport, insurance, minimum debt payments) - Desired coverage (3 months, 4 months, 6 months) ------------------------------------------------------------------ OUTPUT ------------------------------------------------------------------ - Recommended emergency fund target ------------------------------------------------------------------ TIP ------------------------------------------------------------------ Keep this fund in an easy‑access savings account (e.g., a high‑interest instant access account) so you can withdraw it quickly if needed. ------------------------------------------------------------------ HOW TO USE ------------------------------------------------------------------ 1. Determine your total monthly essential expenses. Include: rent/mortgage, council tax, utilities, groceries, transport, essential insurance, minimum debt payments. Exclude: discretionary spending (dining out, entertainment, non‑essential shopping, subscriptions, etc.). 2. Choose your desired coverage period based on your situation: • 3 months: Stable employment, dual income, low risk • 4 months: Moderate risk (some income variability) • 6 months: Higher risk (self‑employed, variable income, single income household, health concerns) 3. Multiply your monthly essential expenses by the chosen coverage period to get your emergency fund target. ------------------------------------------------------------------ EXAMPLE ------------------------------------------------------------------ If your monthly essential expenses are £1,500 and you choose 4 months coverage: £1,500 × 4 = £6,000 emergency fund target. ==================================================================