According to a recent study, approximately 66 million Americans have zero dollars saved in case of an emergency. Unfortunately, our experiences working with individuals and families have shown us that few people prioritize savings to use in case of job loss, illness, or other events.

This Emergency Fund Calculator can help you answer an important question: How much emergency savings should I have?

As a general rule of thumb, it’s recommended that individuals save three to six months of household expenses in the case of catastrophic, or at least financial impactful, events. Uses of emergency funds may include job loss, health or dental needs of someone in the household, pet expenses, car or home repairs, or untimely funeral expenses.

You can use the calculator below to determine how much you might need to save, based on your household expenses and general needs.

How to Use the Emergency Savings Fund Calculator

Under the “Assumptions” section, enter how much savings you have now. (Don’t worry, if this number is $0, you are not alone!) We recommend that you use this calculator with the plan to make the funds last for 6 months in case of emergency.

Under the “Expenses” section, enter your total monthly expenditures for the various line items. (Note: Your federal, state, and FICA social security taxes can be found on  your W-2.)

Use This Easy Calculator

Next Steps

Once you’ve completed your calculations, you might have questions about your savings needs, personal or family budgeting, or some of the elements of building an emergency fund. Feel free to contact us for a no-risk, free one-on-one meeting to discuss your individual situation.

PLEASE NOTE: The information being provided is from a nonaffiliated third party and is strictly as a courtesy. When you make use of these calculators you assume total responsibility for the information and results. We make no representation as to the completeness or accuracy of information provided by the third party. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website. This information should not be used as the basis for any investment decisions. Please speak to your Financial Advisor before making any investment decisions.

SOURCE: CNBC News, reporting on survey.