Emergency Fund Calculator

An emergency fund—or rainy day fund—is one part of a smart personal financial plan. From unexpectedly losing your job to an unplanned appliance replacement, financial surprises are bound to happen. Are you wondering how much to set aside for emergencies? Use our calculator below to determine how much you should have in your emergency fund to handle life’s surprises.

How Much to Save in an Emergency Fund

Financial planners typically suggest having three to six months of living expenses set aside. That’s based on the average time it takes to find a new job. During the 2008 recession, it took much longer, so some advisers are now suggesting more. If you have enough emergency funds to cover six to nine months of living expenses, an unexpected event is less likely to disrupt your long-term financial goals.

How to Start Saving Money

The first step toward saving money is budgeting—if you don’t know where your money is going, you can’t begin to save it. We recommend keeping track of every penny for a month or two, determining what percentage of your income is going toward wants and needs, and then, finding ways to cut back. Check out our budgeting resources for more tips to get started. Once you have a handle on your budget, consider some of our other products to augment your future savings goals.

Dobot® Savings App

Dobot is our free savings app that makes it easy to save for what matters most. Give your goal a name, set the dollar amount you’ll need and a deadline to meet, and watch the results.

Learn more about the Dobot savings app

Fifth Third Rewards Cards

Earn points for the things you buy every day, like gas, dining out and groceries. Then, redeem your points for things you would otherwise spend money on during your time of need. This will free up some cash for your emergency savings fund. Always remember that credit cards can charge interest. So be cautious about overusing your card(s) and adding to your overall debt.

Learn more about Fifth Third rewards cards

What Type of Account to Use for an Emergency Fund

A rainy day fund should be relatively liquid—meaning you can easily access the money in an emergency. A traditional savings account, high-yield savings account, or money market account could all be good options for your emergency fund. Fifth Third offers a range of savings accounts from traditional to specialized accounts. Find a branch or schedule an appointment to discuss the best option for your situation.

Emergency Fund FAQs

Additional Resources

How Much Should You Keep in Checking vs. Savings?

It's important to understand the difference between your checking and savings accounts. Here are the differences and the best way to utilize both.

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Managing Finances After a Layoff

COVID-19 has impacted Americans and the ability to prioritize financial obligations. From mortgages to bills, here's how to manage finances after a layoff.