Emergency Fund Worksheet

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Step 1 — Calculate Your Monthly Essential Expenses

Rent / Mortgage

Utilities

Internet + Phone

Groceries

Transportation

Insurance

Minimum Debt Payments

Other Essentials

Total Monthly Essential Expenses = YOUR MONTHLY NUMBER

Step 2 — Your Emergency Fund Target

3-Month Target (minimum)

$___________

Monthly Number x 3

6-Month Target (recommended)

$___________

Monthly Number x 6

Which? 3 months: stable job + dual income. 6 months: self-employed, single income, or volatile industry.

Step 3 — Current Position

Current Savings Balance

Gap to Fill (Target minus Current)

Step 4 — Savings Timeline

Monthly Savings	Months to 3-Month Target	Months to 6-Month Target
$100/month
$200/month
$300/month
$500/month
My target: $___/month

Step 5 — Where to Keep It

Account Type	2026 APY	Best For
High-Yield Savings (HYSA)	4.5–5.2%	Best choice for most people
Money Market Account	4.0–5.0%	Higher minimums
Traditional Savings	0.01–0.5%	Avoid — loses to inflation
Checking Account	0–0.1%	Not for savings

Action Checklist

Calculate monthly essentials (Step 1)
Set 3 or 6 month target based on your situation
Check current savings balance
Calculate the gap and monthly savings needed
Open a dedicated HYSA (separate from checking)
Set up automatic transfer on payday
Name the account "Emergency Fund Only"
Review monthly until target reached