Emergency fund planner

The single best stress-reducer money can buy. This worksheet sizes it for your numbers, sets a target, and pre-decides the monthly transfer.

Educational only. Not financial advice. See financial disclaimer.

When to use this

You have no emergency fund and want a concrete target rather than a feelings-led one.
Income has changed (new job, side-hustle, partner change, redundancy) and the old target is stale.
Before any other money goal — investment, mortgage, debt pay-down — gets a sensible budget.

Compute the monthly essential outgoings figure honestly. Rent / mortgage, food, utilities, transport, insurance, minimum debt payments. Not what you spend — what would still happen if income stopped tomorrow.
Pick a target multiplier from the worksheet based on your real income volatility, not the average advice.
Set the monthly contribution and the account it lives in. Cash, not investments.

Sizing the fund off ‘living expenses’ without first stripping out the discretionary spending you'd cut in a crisis.
Keeping the fund in the current account where it gets spent.
Investing the fund. The whole point is it doesn't lose 30% in the same month you need it.

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1. Monthly essential outflows.

Rent / mortgage + utilities + groceries + transport + insurance + minimum debt payments. Discretionary not included.

2. Three-month target.

First milestone. Most people aim here first.

3. Six-month target.

Sensible if income is variable, you have dependents, or you work in an unstable industry.

4. Account name + bank.

Separate from your everyday account. High-yield savings, not investments.

5. Monthly standing-order amount.

6. Date you'll hit the three-month target.

7. What you'll not use this fund for.

Holidays. Christmas. A new phone. Predictable expenses aren't emergencies.