Tools & Resources

Emergency Fund Calculator

How much should you have in emergency savings? It depends on your expenses, your job stability, and your dependents. This calculates the right target for your situation.

Your Monthly Expenses

Include only essential expenses — what you absolutely must pay even if you lost your income tomorrow.

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Total monthly essentials $0

Your Situation

Stable employment: 4-month target is typical.
Dependents add 1–2 months to your recommended target.
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Your Emergency Fund Target

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Minimum Target (3 months)
Recommended for Your Situation
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Gap to Fill
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Months to Reach Target

Building Your Fund

MilestoneTargetMonths AwayDate

Where to keep it

High-Interest Savings (HISA)
Best default. Currently 4–5% at EQ Bank, Oaken Financial, Simplii. Instant access, no risk, earns real interest.
TFSA HISA
Keep your emergency fund inside a TFSA if you have room — the interest earned is tax-free. Same liquidity, better after-tax return.
Not in investments
Don't keep your emergency fund in stocks or ETFs. You could be forced to sell at a loss exactly when markets are down — which is also when your income is most likely to be disrupted.

Why this matters spiritually

An emergency fund isn't about distrust — it's about wisdom. Proverbs 6:6–8 points to the ant storing up in summer for winter. Having reserves changes how you respond to adversity. It lets you make better decisions under pressure, be more generous, and carry less anxiety.