Things to Consider

When planning emergency savings

Amount currently saved
Total you currently have saved that should be included in this analysis.

Amount to save per month
The amount you will contribute each year to your emergency savings.

Monthly living expenses
Your total monthly living expenses. This amount should be your total expenses, not your total monthly income. Remember to include your home or rent payments, food, clothing, gas, phone and other monthly expenses. This amount does not need to include monthly savings or contributions to retirement accounts.

Months of unemployment
The number of months you expect it will take to find a new employer if you become unemployed. The time it takes to find a new job can range anywhere from one month to more than a year. It is important to be realistic in your unemployment estimate. Covering living expenses if you become unexpectedly unemployed can be your largest emergency expense.

Emergency medical
Total amount you may need in a medical emergency. Don’t include amounts that will be covered by insurance. Also, insurance deductibles should not be included in this amount.

Emergency auto repair
Emergency auto repair costs. Don’t include amounts that will be covered by insurance. Also, insurance deductibles should not be included in this amount.

Emergency legal
Emergency legal costs such as legal defenses for civil suits or criminal accusations. Don’t include amounts that will be covered by insurance. Also, insurance deductibles should not be included in this amount.

Emergency property damage
Total amount you may need in an emergency involving damage to property such as your home. Don’t include amounts that will be covered by insurance. Also, insurance deductibles should not be included in this amount.

Emergency other
Any other amounts that may be required in an emergency not included in medical, legal, auto or property categories.

Insurance deductible medical
The amount you are required to pay for medical expenses before your insurance coverage begins. Some medical insurance only covers a portion of your expenses after your deductible has been paid. If your insurance does not cover 100% of your expenses after you have paid your deductible, you may wish to enter your total maximum out of pocket costs here, which may be considerably higher than your deductible alone.

Insurance deductible auto
The amount you are responsible to pay on auto insurance claims before your insurance covers any expenses. Deductibles for auto insurance commonly range from $100 to $1000.

Insurance deductible property
The amount you are responsible to pay on property claims, such as storm damage to your home, before your insurance covers any expenses. Deductibles for home or property insurance commonly range from $250 to $1000.

Insurance deductible other
Any other insurance deductibles that may be required in your emergency fund