Saturday, July 4, 2009, 4:43PM ET - Canadian Markets Closed.

Banking & Budgeting

How Much Do I Need For Emergencies?

It is prudent planning to have at least three to six months of liquid/cash assets set aside in the event of a loss of job, medical emergency, short-term disability, etc. Use this calculator to help determine how much you need to set aside monthly or as a lump sum to create an emergency fund.

Assumptions	Input

Current gross monthly income	(0-9999999)$

Current emergency funds available	(0-9999999)$

Number of months for fund to last	(1-360)

Before tax return on savings: (%)	(0-12)%

Marginal tax bracket: (%)	(0-50)%

Number of months to accumulate funds	(1-360)
Expenses	Input

Total monthly living expenses, if plan to itemize below then leave at 0.	(0-9999999)$
Or Itemize Monthly	Input

Mortgage payment or rent	(0-9999999)$

Vacation home (mortgage)	(0-9999999)$

Automobile loan(s)	(0-9999999)$

Personal loan(s)	(0-9999999)$

Charge accounts	(0-9999999)$

Federal income taxes	(0-9999999)$

State income taxes	(0-9999999)$

FICA (social security taxes)	(0-9999999)$

Real estate taxes	(0-9999999)$

Other taxes	(0-9999999)$

Utilities	(0-9999999)$

Household repairs and maintenance	(0-9999999)$

Food	(0-9999999)$

Clothing and laundry	(0-9999999)$

Educational expenses	(0-9999999)$

Child care	(0-9999999)$

Automobile expenses (gas, repairs, etc.)	(0-9999999)$

Other transportation expenses	(0-9999999)$

Life insurance premiums	(0-9999999)$

Homeowners (renters) insurance	(0-9999999)$

Automobile insurance	(0-9999999)$

Medical, dental and disability insurance	(0-9999999)$

Entertainment and dining	(0-9999999)$

Recreation and travel	(0-9999999)$

Club dues	(0-9999999)$

Hobbies	(0-9999999)$

Gifts	(0-9999999)$

Major home improvements and furnishings	(0-9999999)$

Professional services	(0-9999999)$

Charitable contributions	(0-9999999)$

Other and miscellaneous expenses	(0-9999999)$

See All Calculators

Assumptions	Input

Current gross monthly income

Current emergency funds available

Number of months for fund to last

Before tax return on savings: (%)

Marginal tax bracket: (%)

Number of months to accumulate funds
Expenses	Input

Total monthly living expenses, if plan to itemize below then leave at 0.
Or Itemize Monthly	Input

Mortgage payment or rent

Vacation home (mortgage)

Automobile loan(s)

Personal loan(s)

Charge accounts

Federal income taxes

State income taxes

FICA (social security taxes)

Real estate taxes

Other taxes

Utilities

Household repairs and maintenance

Food

Clothing and laundry

Educational expenses

Child care

Automobile expenses (gas, repairs, etc.)

Other transportation expenses

Life insurance premiums

Homeowners (renters) insurance

Automobile insurance

Medical, dental and disability insurance

Entertainment and dining

Recreation and travel

Club dues

Hobbies

Gifts

Major home improvements and furnishings

Professional services

Charitable contributions

Other and miscellaneous expenses

See All Calculators

{ "fields" : { "udata" : [ "monthlyIncome" , "fundsAvailable" , "fundsLast" , "beforeTaxReturn" , "taxBracket" , "monthsAccumulate" , "monthlyExpenses" , "mortgage" , "vacation" , "autoloan" , "persloan" , "cc" , "fedtaxes" , "statetaxes" , "fica" , "retaxes" , "othertaxes" , "utilities" , "repairs" , "food" , "clothing" , "education" , "childcare" , "autoexp" , "transexp" , "lifeins" , "homeowners" , "autoins" , "medical" , "entertain" , "travel" , "club" , "hobbies" , "gifts" , "homeimp" , "services" , "charity" , "other" ] } }

This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

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Rates

Rates provided by

Mortgages

Mortgages Type Rate

1-yr Closed 3.80%

3-yr Closed 4.40%

5-yr Closed 5.13%
GICs

GICs Type Rate

1-yr Annual 1.10%

3-yr Annual 2.28%

5-yr Annual 2.80%
RRSP

RRSP Type Rate

1-yr 1.09%

3-yr 2.28%

5-yr 2.76%

Mortgages Type	Rate
1-yr Closed	3.80%
3-yr Closed	4.40%
5-yr Closed	5.13%

GICs Type	Rate
1-yr Annual	1.10%
3-yr Annual	2.28%
5-yr Annual	2.80%

RRSP Type	Rate
1-yr	1.09%
3-yr	2.28%
5-yr	2.76%

View rates in your area

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