Emergency Fund Calculator
An emergency fund covers unexpected expenses (job loss, big repair, medical) without forcing you into debt. Enter your essential monthly expenses, choose how many months of cover you want, and see your target — plus how close you are.
How is this calculated?
Target fund = essential monthly expenses × months of cover. Months currently covered = current savings ÷ monthly expenses. Shortfall is the difference; if you’ve already exceeded the target, shortfall is zero.
Frequently Asked Questions
How much should an emergency fund be in Ireland?
A common starting target is 3 months of essential expenses. 6 months gives more comfort if your income is variable or your sector is volatile. 12 months is conservative and worth considering for self-employed people or single-income households.
Where should I keep my emergency fund?
Liquid and easily accessible: an instant-access deposit account or post office savings. The interest rate matters less than instant availability and capital safety. Don't tie it up in fixed-term deposits, investment funds, or pensions — you'll be penalised if you need it.
Do State Savings products work for emergency funds?
Some yes, some no. Prize Bonds and instant-access deposit savings are fine. Savings Certificates and Bonds lock your money for 3–10 years and pay reduced interest on early withdrawal — not ideal for emergency funds. Always confirm withdrawal terms before relying on a product.
Should I pay off debt before building an emergency fund?
Build a small starter fund (€1,000–€2,000) first, then aggressively pay off high-interest debt (credit cards, payday loans). After the high-interest debt is gone, build the full fund. This prevents one emergency from forcing you back into expensive debt.
What counts as an 'emergency'?
Genuinely unexpected, urgent, and necessary: job loss, urgent home repair, medical bills, mandatory travel. Not: holidays, sale shopping, planned upgrades, gifts. If you find yourself dipping in for non-emergencies, the fund won't be there when you actually need it.
Last updated: May 2026 · Rates sourced from Revenue