Calculate exactly how much emergency fund you need and get a step-by-step savings plan to build your financial safety net in 6–12 months.
Your Details
Rent/mortgage + food + utilities + transport
£7,500 emergency fund in 25 months — 3 months coverage
£300/month · Complete: July 2028
Target Amount
£7,500
3 months of expenses
Already Saved
£0
Still Needed
£7,500
Monthly Contribution
£300
Months to Goal
25 months
Target Date
July 2028
First £1,875 saved (25%)
Month 7
£3,750 saved (50%)
Month 13
£5,625 saved (75%)
Month 19
FULLY FUNDED — £7,500!
July 2028
| Period | Focus | Tasks | Notes |
|---|---|---|---|
| Month 1 | Account setup | Open dedicated high-yield savings account · transfer £300 | Name it "Emergency Fund — Do Not Touch" |
| Month 7 | 25% milestone | £1,875 saved | Review and increase contribution if possible |
| Month 13 | Halfway! | £3,750 saved | Celebrate — you're building real security |
| Month 25 | Goal achieved! | £7,500 fully funded | Redirect contributions to investments or other goals |
With stable employment, 3 months is your minimum. 6 months gives comfortable security.
Your £300/month contribution is good — consider increasing by 10–15% to reach your goal faster.
The emergency fund is not an investment — keep it liquid in a savings account, not stocks.
Once your fund is complete, do NOT stop transferring the money. Redirect it to investments — the habit is worth keeping.
Define your "emergency" criteria in advance. Most financial setbacks are not emergencies — the fund is for genuine crises only.
Your Next Actions
“Do not save what is left after spending, but spend what is left after saving.”
— Warren Buffett
Wisdom & Inspiration