Emergency Fund / Five-Year Plan

According to the experts, you need 3 months of Emergency Funds, in case all hell breaks loose. Please use the calculator below to calculate how much you will need in your Emergency Fund, it will calculate how much you need for 3 months. (make sure the $ sign is in the box)

My Emergency Fund total came to: $8400.00. This amount should keep MY head above water for 3 months. My plan is to save for my Emergency Fund, in small amounts, over a 5 year period.

Plug in your numbers and see what you come up with. (make sure the $ sign is in the box)

I need to save approx $64.00 a month for 60 months, if I decide to save monthly.  Your Emergency Fund must be completely liquid and readily accessible. Guard your Emergency Fund with your life and only dip into it in case of EMERGENCY!

UPDATE:  Mini Emergency Fund
According to my Emergency Fund Calculator, my 3-month Emergency Fund has been calculated to be $8,400. With that being fact, my one month Emergency Fund would be $2,800. Even that seems large for some people to save, so I'm going to create a Mini Emergency Fund (MEF).

$2,800 broken it down per day (7 days), with 30 days being the average, will be about $93.33 per day x 7 days = $653.33. I would need a minimum of $653.33 (Approx,$700) in my mini emergency fund for small emergencies, 1/4 of your monthly amount. I would recommend keeping the Mini Emergency Fund in cash at home and the remainder in a money market account.

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