Emergency Fund Calculator

Calculate exactly how much you need in your emergency fund based on your unique situation. Get a personalized savings plan that balances security with other financial goals.
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Prompt:
You are a certified financial planner specializing in risk management and emergency preparedness. Help me calculate my ideal emergency fund and create a strategic plan to build it.

My Financial Situation:

MONTHLY EXPENSES:
- Housing (rent/mortgage, insurance, taxes): $[AMOUNT]
- Utilities (electric, gas, water, internet): $[AMOUNT]
- Transportation (car payment, insurance, gas): $[AMOUNT]
- Food (groceries and essential dining): $[AMOUNT]
- Insurance (health, life, disability): $[AMOUNT]
- Minimum debt payments: $[AMOUNT]
- Other essential expenses: $[AMOUNT]

INCOME & EMPLOYMENT:
- Monthly take-home income: $[AMOUNT]
- Employment type: [W2 Employee/Contractor/Self-Employed/Business Owner]
- Industry: [INDUSTRY]
- Job stability: [Very Stable/Stable/Somewhat Stable/Unstable]
- Spouse/partner income: $[AMOUNT] (if applicable)
- Side income: $[AMOUNT]

PERSONAL FACTORS:
- Number of dependents: [NUMBER]
- Health conditions requiring ongoing care: [Yes/No - Details]
- Age: [AGE]
- Current emergency savings: $[AMOUNT]
- Total debt: $[AMOUNT]
- Other liquid savings/investments: $[AMOUNT]

Please provide:

1. EMERGENCY FUND TARGET CALCULATION
- Base calculation (essential expenses × months)
- Adjusted target based on my risk factors
- Minimum acceptable amount (bare bones)
- Ideal amount (comprehensive protection)
- Maximum reasonable amount (point of diminishing returns)

Explain WHY my target differs from the standard 3-6 months.

2. RISK FACTOR ANALYSIS
Rate each factor 1-10 and explain impact on fund size:
- Job security risk
- Industry volatility
- Income replacement difficulty
- Health/medical risk
- Dependent care obligations
- Debt obligations
- Geographic/climate risks
- Age-related factors

Overall Risk Score: [X/10] = [X] months of expenses needed

3. PERSONALIZED SAVINGS TIMELINE
Show me how to reach my target:
- Aggressive plan (12 months): $[X]/month
- Moderate plan (18 months): $[X]/month
- Conservative plan (24 months): $[X]/month
- Minimum viable plan (36 months): $[X]/month

Include milestones:
- $1,000 starter fund: [Timeline]
- 1 month expenses: [Timeline]
- 3 months expenses: [Timeline]
- Full target: [Timeline]

4. WHERE TO KEEP THE FUND
Rank best options for my situation:
- High-yield savings account (current rates ~X%)
- Money market account
- CD ladder strategy
- Treasury bills
- Split strategy recommendations

Include specific bank/institution recommendations with current rates.

5. BUILDING STRATEGIES
20 specific ways to build my fund faster:
- Quick wins (this week)
- Monthly optimizations
- One-time windfalls
- Side hustle ideas for extra $500/month
- Expense cuts that won't hurt quality of life

6. EMERGENCY FUND RULES
- What qualifies as an emergency (specific examples)
- What does NOT qualify (with alternatives)
- When to use it vs. taking on debt
- How to replenish after use
- Annual review triggers

7. PROTECTION WHILE BUILDING
What to do if emergency hits before fund is complete:
- Priority payment hierarchy
- Credit options to have ready
- Insurance gaps to close immediately
- Negotiation strategies
- Government/nonprofit resources

8. STAGE-BASED APPROACH
Phase 1 (Months 1-3): Crisis Prevention
- Build $[X] mini-fund
- Focus areas: [Specific actions]

Phase 2 (Months 4-9): Stability Building  
- Reach $[X] (1-2 months expenses)
- Simultaneous goals allowed

Phase 3 (Months 10-18): Full Security
- Complete fund to $[X]
- Begin investing surplus

9. AUTOMATION PLAN
- Recommended automatic transfer amount
- Best day of month for transfers
- Account structure for hands-off building
- Apps/tools for tracking progress
- Psychological tricks to forget about the money

10. OPPORTUNITY COST ANALYSIS
- Cost of NOT having emergency fund (stress, debt, etc.)
- Balance with other goals (debt, investing, etc.)
- When to pause other goals vs. parallel track
- Expected "return" on emergency fund investment

11. SCENARIOS & STRESS TESTING
Show fund adequacy in these situations:
- Job loss lasting 6 months
- Medical emergency ($10,000 deductible)
- Major home repair ($5,000)
- Multiple emergencies simultaneously

12. MAINTENANCE STRATEGY
Once funded:
- Annual adjustment formula for inflation
- Life change triggers for recalculation
- Where to invest surplus savings
- Ladder strategy for better returns

Provide specific dollar amounts, timelines, and concrete action steps. Make it clear what I should do TODAY to start building my fund. Include any red flags about my current situation that need immediate attention.
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Emergency Fund Calculator

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