Emergency Fund | Practical Money Skills

 

Emergency Fund

Do you have enough money to cover an emergency? Look at your finances to determine how much you should be saving in preparation for the unexpected. A typical emergency fund should cover 3-6 months of expenses. 


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Assumptions:
Current emergency funds available

$

Number of months you want the emergency funds to last

Number of months you think you will need to build an emergency fund

Expenses:

$

or Itemize Monthly:
Mortgage or rent payment

$

Vacation home (mortgage)

$

Automobile loan(s)

$

Personal loan(s)

$

Charge accounts

$

Federal income tax (per month)

$

State income tax (per month)

$

FICA (social security tax - per month)

$

Real estate taxes (monthly)

$

Other taxes

$

Utilities

$

Household repairs and maintenance

$

Food

$

Clothing and laundry

$

Educational expenses

$

Childcare

$

Vehicle expenses (gas, repairs, etc.)

$

Other transportation expenses

$

Life insurance premiums (monthly)

$

Homeowners/renters insurance (monthly)

$

Automobile insurance (monthly)

$

Medical, dental and disability insurance (monthly)

$

Entertainment and dining

$

Recreation and travel

$

Club membership

$

Hobbies

$

Gifts

$

Major home improvements and furnishings

$

Professional services

$

Charitable Contributions

$


Results

Emergency Fund Analysis:

Monthly living expenses



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