Emergency Fund Calculator

Setting a target you can actually reach

It sets a target from your real essential expenses, then estimates how long it takes to reach at the rate you can actually save.

Enter your essential monthly expenses, the rent or mortgage, utilities, groceries, transport, insurance and minimum debt repayments. Choose how many months of cover you want to hold, from three up to twelve. The calculator gives you a target figure, subtracts what you have already saved, and if you tell it what you can put aside each month it estimates roughly how long the rest would take. Two deliberate choices in how it works. It uses essential expenses rather than income, because an emergency fund exists to cover the things that do not stop when your income does, and discretionary spending is the first thing to go in a real emergency. Targeting your full income overstates what you need and makes the goal feel impossible. And it shows progress as well as a target, because a percentage moving is easier to keep going than a number that only ever looks far away.

Your goal

Target emergency fund

0% of your goal saved

Target fund$0

Already saved$0

Still to save$0

This calculator is a guide only and does not constitute financial advice. It estimates a savings target based on the figures you enter and assumes you save a consistent amount each month, with no allowance for interest earned. Your own goal and timeframe may differ. Consider your personal circumstances and seek independent advice if needed.

How many months should you actually hold

Three to six months is the standard answer. It is a reasonable place to start and a poor place to stop, because the right number depends on how exposed you are.

Lean toward the higher end if your income is variable, if you are casual, on contract or self employed, if you are the only earner, if you have dependants, or if your industry takes time to hire. Each of those lengthens the period a fund needs to cover. Lean lower if you have secure salaried work, a second income in the household, few dependants, or income protection already in place. Here is the part usually left out. If you have nothing set aside, the gap between zero and three months matters far more than the gap between three and six. The first thousand dollars removes more risk than any other thousand you will ever save, because it covers the events that otherwise become debt: the car, the tooth, the fridge, the flight home. Set the first milestone at one thousand dollars, hit it, then keep going. Six months from a standing start is where most emergency funds die.

Building it when there is not much spare

The advice to save three months of expenses assumes you have a surplus. If you do not, here is what actually works.

Automate it on payday. Money moved the day you are paid gets saved; money left to the end of the cycle does not, and that is the most reliable finding in personal finance. Even twenty dollars a fortnight is over five hundred dollars in a year, and more importantly it is a habit that exists. Use the third pay: two months of every year contain a third fortnightly pay, and sending it straight to the fund builds the balance faster than anything else most people have available. Bank the wins rather than absorbing them, so when you renegotiate a bill or clear a debt, redirect what you were paying instead of letting it dissolve into general spending. Keep it separate and slightly inconvenient: a different account, ideally a different institution, no linked card. Accessible in a day, not in a tap. And keep it in cash, because its job is to be there in full on a Tuesday.

What to do while you are still building it

Most people reading this do not have an emergency fund yet. That is precisely when emergencies are most expensive, so it is worth being practical rather than aspirational.

Know your options before you need them, because the worst decisions get made at speed. Most billers offer hardship arrangements and payment plans at no cost. Utilities in particular run formal hardship programs, and it is worth asking how an arrangement is recorded before you agree to one. Ambulance cover, roadside assistance and a working spare tyre are cheap insurance against the emergencies that most often turn into borrowing. If a genuine short term gap opens up, Pay Advance is designed to bridge the gap until payday, covering $50 to $2,000 over a term of up to 62 days, with a fixed 5% setup fee, interest of up to 24% p.a., and no late fees or early repayment fees. It exists for exactly this. It is also a more expensive way to handle an emergency than already having the money, which is the argument for the fund and why this calculator sits on a lender's website.

OUR LOANS

Find a loan that fits

Beforepay has a loan to suit almost any occasion, whether you need a little extra for a sudden expense or are planning for something bigger.

SHORT TERM

Beforepay Pay Advance

Need cash before payday? Get money in your account in as little as 5 minutes.

Borrow $50–$2,000†

Repay within 62 days

Approved in under 60 seconds

BEST FOR

Covering unexpected bills, rent shortfalls, or bridging the gap until your next paycheck.

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LONG TERM

Beforepay Personal Loan

Larger expenses on the horizon? Get bigger amounts and longer to repay with Personal Loan.

Borrow $2,001–$5,000†

3-12 month terms§

Competitive interest rate‡

No hidden fees ever

BEST FOR

Car repairs, medical bills, moving costs, travel, or any larger purchases you want to pay off over time.

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How it works

A fast loan is only 3 steps away.

Create your account

Getting started is simple - sign up online or download the Beforepay app.

Connect your bank

Connect your bank account to explore your loan options or use Beforepay's money tools.

Choose your loan

Borrow up to $2,000 with Pay Advance or apply for a Personal Loan of up to $5,000. Eligibility criteria applies.

Create your account

Getting started is simple - sign up online or download the Beforepay app.

Connect your bank

Connect your bank account to explore your loan options or use Beforepay's money tools.

Choose your loan

Borrow up to $2,000 with Pay Advance or apply for a Personal Loan of up to $5,000. Eligibility criteria applies.

ACTUAL REAL PEOPLE

FAQs

Everything you need to know.

How much should I have in an emergency fund?

Commonly three to six months of essential expenses, with the higher end suiting variable income, self employment, single income households or dependants. If you are starting from zero, one thousand dollars is a more useful first target than a full three months.

Should an emergency fund be based on income or expenses?

Expenses, and essential ones at that. The fund needs to cover the costs that continue when income stops, not replace your full income.

Where should I keep my emergency fund?

In a separate savings account that you can reach within a day but not tap instantly. Keep it in cash rather than invested, because it needs to hold its value and be available immediately.

How long does it take to build an emergency fund?

It depends on the target and what you can set aside each pay. Enter both into the calculator to get a date. Directing the third pay in a three pay month is the fastest lever most people have.

What counts as an emergency?

An unavoidable, unexpected cost or a loss of income. Car repairs, urgent dental or medical costs, a broken essential appliance, or a period between jobs. A planned expense you knew about is a savings goal, not an emergency.

Applications are typically approved in under 60 seconds, though some applications may require additional review.

† Approved loan amounts are subject to Beforepay’s lending criteria and verification requirements.

‡ Comparison rate calculated on a $2,500 loan over a 2-year term.

‡ WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or loan amounts may result in a different comparison rate.

Terms and conditions apply. All applications are subject to credit assessment, eligibility criteria and lending limits. Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. BPG Credit Pty Ltd, ABN 59 673 570 575, Australian Credit Licence 554659, is the credit provider for Beforepay Personal Loans. Beforepay Pay Advance is offered by Beforepay Finance Pty Ltd, ABN 45 636 670 525. Both entities are subsidiaries of Beforepay Group Limited, ABN 63 633 925 505. Level 9, Suite 1, 77 Castlereagh Street, Sydney NSW 2000. Beforepay Group Limited and its Beforepay goods and services are in no way sponsored, approved or affiliated with Quadpay Inc., Openpay Pty Ltd, Afterpay Pty Ltd, ZipMoney Payments Pty Ltd and their associated entities/affiliated companies. Bank logos and trademarks are the property of their respective owners and are used for identification purposes only. No endorsement or affiliation is implied.

Setting a target you can actually reach