How Much Should I Have in Savings?
A widely used guideline is to keep about 3–6 months of expenses in savings. If you spend $3,000 a month, that’s roughly $9,000–$18,000. Check your own cushion below.
Short answer: keep 3 to 6 months of essential expenses in an emergency fund. If you spend $3,000 a month, that is $9,000 to $18,000. Aim for the low end if you have stable income and no dependents, and the high end if you are self-employed, a single earner, or support others. Keep it liquid — a high-yield savings account, not investments.
Figures from the calculator below: 3 × and 6 × your monthly expenses.
Keep about 3–6 months of expenses in savings — on $3,000/month of spending, that’s about $9,000–$18,000.
Enter your monthly expenses and current balance below to see how many months of cushion you have. Check your number ↓
Keep this money liquid — a checking or high-yield savings account, not investments you might have to sell at a loss.
How you compare
Months of expenses your balance covers vs. the guideline
How big should your cushion be?
The standard rule of thumb is 3–6 months of essential expenses set aside in cash you can reach quickly. Toward the lower end works if your income is stable and predictable; lean higher if you’re self-employed, a single earner, or your income varies. This is separate from retirement savings — it’s the buffer that keeps an unexpected bill or job gap from turning into debt.
How it’s calculated
Targets = 3 and 6 × your monthly expenses. Your cushion = current balance ÷ monthly expenses, expressed in months. The gauge compares your months of coverage to the 3–6-month range.
A guideline, not advice — the right cushion depends on your job security, dependents, and fixed costs.
How much should I have in savings, by monthly expenses?
Base the target on what you actually spend each month, not what you earn. Count only essentials: housing, food, utilities, insurance, transport, minimum debt payments.
| Monthly expenses | 3-month cushion | 6-month cushion | 12 months (self-employed) |
|---|---|---|---|
| $2,000 | $6,000 | $12,000 | $24,000 |
| $2,500 | $7,500 | $15,000 | $30,000 |
| $3,000 | $9,000 | $18,000 | $36,000 |
| $4,000 | $12,000 | $24,000 | $48,000 |
| $5,000 | $15,000 | $30,000 | $60,000 |
| $6,000 | $18,000 | $36,000 | $72,000 |
| $8,000 | $24,000 | $48,000 | $96,000 |
Same arithmetic as the calculator above: the target is simply 3, 6, or 12 times monthly expenses. A 12-month cushion is a common recommendation for variable or commission-based income.
Frequently asked questions
How many months of expenses should I save?
Most guidance suggests 3–6 months of essential expenses. Use the lower end if your income is steady, the higher end if it’s variable or you’re the sole earner.
How much should I have in savings?
Three to six months of essential monthly expenses. At $3,000 a month of expenses that is $9,000 to $18,000. Use the low end if your income is stable and you have no dependents; use the high end, or up to 12 months, if you are self-employed or the sole earner.
Is 3 months of expenses enough?
For a salaried worker with stable employment and no dependents, three months is a reasonable floor. If you are self-employed, work on commission, or support a family on one income, six to twelve months is the safer target.
Should my emergency fund be based on income or expenses?
Expenses. The fund exists to cover the bills you must still pay if income stops, so it is sized against essential spending, not gross pay.
Where should I keep it?
Somewhere safe and liquid — a high-yield savings account is ideal, so it earns interest but stays instantly available.
Expenses or income?
Base it on essential monthly expenses (housing, food, utilities, minimum debt payments), not gross income — that’s what you’d actually need to cover.