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Savings Fund - How Much to Save for the Unexpected Do you know how much you should save in an emergency fund? Learn more about how to prepare for the unexpected with an emergency savings fund. emergency fund amount, how much to save for emergency fund, emergency savings amount

How much do you need in your emergency fund?

If you’ve ever wondered how much to save for an emergency fund, you’re not alone. The rule of thumb is that you should have enough savings to cover at least six months worth of expenses; however, the amount that’s right for you may depend on the size of your family and your financial obligations. These examples can help you determine the emergency savings amount that works for you.

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How much do you need in your emergency fund?

The rule of thumb is at least 6 months, but everyone’s situation is different. Here’s help understanding what amount may be best for you.

3 months

A single person, with a dog and some student loans, renting an apartment.
People with few recurring monthly expenses and no human dependents may not need to set as much aside.

Average monthly food cost for a single person 19–50 years old.Footnote1

Average monthly student loan payment.Footnote2

Average monthly cost to care for a medium-size dog.Footnote3

6 months

A dual-income couple who have three children and own a home and two cars.
Homes and cars come with recurring, necessary expenses that require their owners to build more of a savings cushion.

Average cost for a visit to a U.S. emergency room.Footnote4

Average monthly cost of car ownership.Footnote5

Average monthly residential electricity consumption by household.Footnote6

9 months

A single-income couple who have one child and own their home.
Because this couple has only one income, it’s a good idea for them to save more.

Average monthly mortgage payment on a three-bedroom home.Footnote7

Average monthly food cost for a family of three.Footnote8

Average monthly premium for a family of three on the federal health insurance exchange.Footnote9

Where to keep an emergency fund

The emergency fund should be in an easily accessible, liquid, low-risk regular savings account or money market savings account.

Bank of America, N.A. Member FDIC

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Whatever size emergency fund fits your situation, it’s a good idea to keep your savings in a low-risk, accessible account such as a regular savings account or a money market savings account.