Emergency Fund Calculator
Determine how much cash you need to weather any storm without touching your investments.
Your Budget
Include rent/mortgage, utilities, food, insurance, and minimal debt payments.
- Job loss or gap in contracts
- Disability insurance waiting periods (typically 90 days)
- Major home or car repairs
(sends these numbers to Ask; we don't keep them)
Clinical Context & Calculation Details
How to Use This Calculator
Enter your non-negotiable monthly living expenses. This includes housing, insurance, groceries, utilities, and minimum debt payments, but excludes aggressive investing or luxury spending.
The calculator displays your target minimum (3 months) and recommended (6 months) cash reserve targets.
Why Doctors Need This
An emergency fund is the bedrock of your financial house. It prevents you from having to sell investments at a loss, raid your retirement accounts (and face penalties), or take on high-interest credit card debt during a crisis.
For physicians, a solid cash reserve provides immense career flexibility. It removes the fear of speaking up, switching practices, or taking time off if you experience burnout.
The Math Behind It
Target Minimum: Monthly Essential Expenses × 3.
Recommended: Monthly Essential Expenses × 6.
Pearls & Pitfalls
- Pearl: Keep this money in a High-Yield Savings Account (HYSA) separate from your checking account so it earns interest (about 3.10% to 3.75% APY at the banks we track, as of September 23, 2026) while remaining highly liquid.
- Pearl: If you are a single-income household, a 1099 independent contractor, or own your own private practice, aim for 6 to 9 months of reserves due to higher income volatility.
- Pitfall: Investing your emergency fund in the stock market. Emergencies (like job loss) often happen during economic downturns when the stock market is also crashing.
Worked Example
The calculator's default input: $8,000 of essential monthly expenses.
| Step | Calculation | Result |
|---|---|---|
| Minimum target | $8,000 × 3 months | $24,000 |
| Recommended target | $8,000 × 6 months | $48,000 |
A 90-day disability elimination period alone means about three months of expenses ($24,000 here) before benefits start.
Assumptions & Sources
- Expenses, not income: enter what you must keep paying (housing, utilities, food, insurance and minimum debt payments). When you are signed in, the calculator starts from your dashboard's expenses or take-home pay.
- Three and six months are common planning targets, not rules. Single-income households, 1099 work and specialties with long job searches may want more.
- Interest on the fund, taxes and inflation are not modeled.
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About the Author
Joshua Dunigan, DO | Family Medicine Resident & Founder
I'm a family medicine resident physician in Des Moines, Iowa (class of 2027). I founded MedMoneyGuide to give physicians specialty-specific financial guidance, with sources you can check.