Work out how much to keep in an emergency fund from your monthly spending and the months you want covered.
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Target
$12,000
3 months of essentials
Currently saved
$5,000
1.3 months covered
Gap to target
$7,000
Funded
42%
Against the number of months of essential expenses you chose. Moneysmart suggests about three.
Pick the monthly contribution that fits your budget.
An emergency fund is money set aside for the unexpected - losing your job, an urgent repair, a medical bill - so it doesn't go on a credit card. Moneysmart suggests saving about three months of expenses, and more if you're planning further ahead or expect time off work. Choose how many months of essential expenses you want to cover, and this calculator shows the target, how far you are from it and how long it takes to get there.
Prices rose 4.0% in the year to August 2026, going by the ABS's monthly measure. The trimmed mean, which leaves out the biggest price swings, was 3.6%.
As of 28 October 2026, the highest savings rate is 5.75%, from Defence Bank Limited's iSaver, while the typical best across 73 institutions is 4.60%. The highest 12-month term deposit rate is 5.60%, from Bank Australia's Term Deposit 12 months, while the typical best across 65 institutions is 5.30%.
Kai spends $3,800 a month on essentials, has $2,000 saved and aims for three months.
Three months is $11,400, so Kai is $9,400 short. Saving $500 a month gets him there in 19 months; $1,000 a month in 10.
Jess and Tom are freelancers with two children, spending $7,500 a month on essentials, with $8,000 saved. With irregular income they aim for six months.
Six months is $45,000, so they're $37,000 short. At $1,000 a month that takes 37 months; at $2,000, 19. Their current $8,000 covers about a month.