Emergency Fund Calculator
Work out how much emergency savings you actually need, based on MoneyHelper’s own guidance — and see how long it’ll take to get there.
Start here
How to use this calculator
This shows a savings range, not a single “correct” number — MoneyHelper itself calls it a rule of thumb.
Add your essential outgoings
Rent or mortgage, bills, food, insurance, minimum debt payments and essential transport — not discretionary spending.
Pick your income type
Self-employed or irregular income gets a different, lower target range based on MoneyHelper’s own guidance for variable earners.
See your gap and timeline
Add what you’ve already saved and what you can put away each month to see how close you are and how long the rest will take.
The guidance behind this tool
How much should you actually save?
MoneyHelper’s own rule of thumb: “have three to six months’ essential outgoings available in an instant access savings account.” Their worked example — if you spend £1,000 a month on essentials, aim for £3,000 to £6,000. This is explicitly a guide, not a fixed requirement, and it’s calculated on essential outgoings, not your full spending.
For self-employed or irregular income, MoneyHelper gives a different figure: “it’s good to have three months’ essential outgoings available. But even having a month’s income saved will protect you against some income shocks.” That’s why this calculator uses a 1–3 month range instead of 3–6 for that income type.
Definitions
What counts as “essential”?
MoneyHelper doesn’t publish a single official checklist, but their own examples point to: rent or mortgage, food, heating and other household bills, insurance, minimum debt repayments, and essential transport or childcare. Discretionary spending — eating out, subscriptions, holidays — isn’t part of this figure, even though it’s real spending you’d probably cut first in an emergency.
Where to keep it
Why an easy-access account, not an ISA or investments
MoneyHelper is specific about this: for money you might need at short notice, “the general rule is to save into cash deposits, such as bank accounts,” because “the stock market might go up or down in the short-term, and you might need to access your money at a time when it is down, resulting in a loss.” An emergency fund belongs in an instant or easy-access savings account — not a fixed-term bond, notice account, or Stocks and Shares ISA — even if the interest rate is lower, because guaranteed access is the entire point.
Why the UK specifically
Why this matters more than it might seem
If you lose your job, Universal Credit’s first payment normally arrives 5 weeks after you claim, and an advance to bridge that gap is a loan you repay out of future payments, not free money. If you’re off sick, Statutory Sick Pay is £123.25 a week (or 80% of your average earnings if lower) — a large drop from most people’s normal income once any employer sick pay runs out. Neither of these covers your bills quickly or in full, which is exactly the gap an emergency fund is meant to fill.
A large fund
If your fund is approaching £120,000
The Financial Services Compensation Scheme (FSCS) protects up to £120,000 per person, per banking licence, if a bank, building society or credit union fails. That’s per licence, not per brand — some well-known savings brands share one licence, so check with the FSCS directly rather than assuming different-sounding brand names mean separate protection. This only matters for very large emergency funds, but it’s worth knowing before you assume more of your money is protected than it actually is.
Questions
Common questions
Is 3–6 months an official UK rule?
It’s MoneyHelper’s own published guidance, and MoneyHelper is the UK’s government-backed money guidance service — but it’s stated as a rule of thumb, not a legal or regulatory requirement. Your own right number depends on things like job security, how many people depend on your income, and whether you have other people or savings to fall back on.
Why is the self-employed range lower?
MoneyHelper’s guidance for irregular income specifically says three months is good and even one month “will protect you against some income shocks” — a slightly different framing to the 3–6 month figure given for regular income, reflecting that self-employed income is often smoother to top up gradually than to suddenly replace in full.
Should I count my full spending or just essentials?
MoneyHelper’s guidance is based on essential outgoings — the costs you can’t avoid, like housing, bills, food, insurance and minimum debt payments. In a genuine emergency you’d likely cut discretionary spending first, so counting only essentials gives a more realistic, achievable target.
What if I can’t save anything toward it right now?
Leave the monthly saving amount at £0 and this tool will simply show your current gap without a timeline. MoneyHelper’s own advice for irregular income — even one month’s essentials — is a reasonable first milestone if a full 3–6 months feels out of reach right now.
Should I keep it in an ISA?
A Cash ISA that offers instant or easy access can work. A Stocks and Shares ISA generally shouldn’t hold your emergency fund, since MoneyHelper’s own guidance is to keep short-notice money in cash, not investments that can fall in value right when you need to withdraw.
Where these figures come from. The 3–6 month and self-employed 1–3 month guidance, and the instant-access-savings guidance, are taken from MoneyHelper. The £120,000 FSCS protection limit (raised from £85,000 on 1 December 2025) is taken from the Financial Services Compensation Scheme. The 5-week Universal Credit first-payment figure and the £123.25 Statutory Sick Pay rate are taken from gov.uk. Figures checked on 24 September 2026.
Emergency savings – how much is enough? (MoneyHelper) · What we cover (FSCS) · Universal Credit first payment (gov.uk) · Rent Affordability Calculator
How we calculate · Editorial policy. This is general information, not financial advice.