Everyday money2 min read · Updated 19 October 2026
How big should an emergency fund be? A simple way to work it out
A simple rule for how much to keep as an emergency fund, how long it takes to build, and where to keep it.
The rule
Add up essentials: rent or mortgage, bills, food, transport, minimum debt payments. Multiply by three to six. Freelancers and single earners should aim higher.
Building it
Set up a standing order the day you are paid. Start small: even one month of spending changes how a surprise bill feels.
Where to keep it
An easy-access savings account. Check that the provider is covered by deposit protection.
Common questions
How much should I have in an emergency fund?
Three to six months of essential spending.
Should I clear debt first?
Build a small buffer first, then clear high-interest debt.