Emergency Savings Calculator
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Emergency Savings Calculator
Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage and even legal issues more manageable. With adequate emergency savings, you can focus on how to best meet your family's needs, rather than worrying about finding the money to handle these difficult situations. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
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**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Financial Calculators from
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Emergency Savings Calculator | Emergency Fund | Auto Repair | CSB
Emergency savings: |
Emergency savings need: |
Taxes and return on savings |
You will reach your goal in KJE1 |
Definitions
Amount currently saved
Total you currently have saved that should be included in this analysis.
Monthly contribution
The amount you will contribute each month 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 mortgage 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 $500 to $2500.
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 $500 to $2500.
Insurance deductible other
Any other insurance deductibles that may be required in your emergency fund.
Rate of return
This is the annually compounded rate of return you expect from your savings before taxes. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2024, had an annual compounded rate of return of 14.9%, including reinvestment of dividends. From January 1, 1970 to December 31st 2024, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 11.2% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution pay less but carry significantly lower risk of loss of principal balances.
It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.
Since emergency savings may need to be accessed at any time, most people should use a conservative interest rate similar to a saving account and not rely on more risky investments such as stock or bonds.
Federal tax rate
Your marginal federal tax rate. This calculator assumes that you pay federal taxes at this rate on any interest earned. This calculator also assumes that your taxes are taken out of your savings as they are earned, instead of at the end of the year. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $23,850 | $0 - $11,925 | $0 - $17,000 | $0 - $11,925 |
| 12% | $23,850 - $96,950 | $11,925 - $48,475 | $17,000 - $64,850 | $11,925 - $48,475 |
| 22% | $96,950 - $206,700 | $48,475 - $103,350 | $64,850 - $103,350 | $48,475 - $103,350 |
| 24% | $206,700 - $394,600 | $103,350 - $197,300 | $103,350 - $197,300 | $103,350 - $197,300 |
| 32% | $394,600 - $501,050 | $197,300 - $250,525 | $197,300 - $250,500 | $197,300 - $250,525 |
| 35% | $501,050 - $751,600 | $250,525 - $626,350 | $250,500 - $626,350 | $250,525 - $375,800 |
| 37% | Over $751,600 | Over $626,350 | Over $626,350 | Over $375,800 |
| *Caution: Do not use these tax rate schedules to figure 2024 taxes. Use only to figure 2025 estimates. Source: Rev. Proc. 2024-40 | ||||
State tax rate
Your marginal state tax rate. The assumptions for state taxes are the same as those for federal. This calculator assumes that you pay state taxes on any interest earned. This calculator also assumes that your taxes are taken out of your savings as they are earned, instead of at the end of the year.
Disclosures
Rate and APR may vary based on several factors including, but not limited to, loan amount, state of property location, documentation type, occupancy, property type, loan to value and your credit score. Your final rate may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply. To get a custom quote based on your specific situation, contact a Citizens State Bank representative.
The annual percentage rate (APR), is the cost of credit over the term of the loan expressed as an annual rate. The APR shown here is based on the interest rates and does not take into account other loan specific finance charges you may be required to pay.
Results shown are estimates only. Speak with a Citizens State Bank representative for more specific information.
Payments shown do not include amounts for taxes and insurance. Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan.
For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed-rate period, the interest and payments may increase. The APR may increase after the loan consummation. Interest only loans may be available depending on your credit profile and provide for the payment of interest only for a set period of time, and payments of principal and interest thereafter. While making interest only payments, principal is not reduced. At the end of this period your monthly payment will increase, possibly substantially, because you will be required to pay down the outstanding principal. Always consider paying more than the minimum payment to pay down the principal.
Tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only. Speak with a Citizens State Bank representative for more specific information. Message and data rates may apply from your service provider.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available for all amounts. Other restrictions and limitations may apply.
