How long could your family survive if your income stopped tomorrow?
Most Canadian families are one missed paycheque away from financial stress. This calculator shows exactly how much you need in your emergency fund — and how long your current savings would actually last. No sign-up required.
Your Monthly Expenses
Essential Monthly Expenses
Personal Situation
Current Situation
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Book a Free CallYOUR RECOMMENDED EMERGENCY FUND
3 months of coverage recommended
Based on your situation and risk profile
Monthly Essential Expenses
$3,800
Months Recommended
3 months
Current Coverage
0.0 months
Gap to Close
$11,400
Progress Toward Your Emergency Fund
Time to Reach Goal
At $200/month, you'll reach your goal in 53 months (by January 2031).
Plus ~$973 in interest — your account does some of the work.
Savings Growth
Your household spends $3,800/month on essentials. Given your situation, we recommend 3 months of coverage — a $11,400 emergency fund. You currently have $0 saved, which covers 0.0 months. At $200/month you'll be fully funded in 53 months.
Why It Matters
1 in 3
Canadians
Have less than $1,000 in emergency savings
47%
Would struggle to cover a $500 unexpected expense
6 months
Recommended coverage for most Canadian families
Where to Keep Your Emergency Fund
HISA
High Interest Savings Account — 4%+ interest, fully liquid. Best for most people.
TFSA-HISA
Tax-Free High Interest — same liquidity, interest is tax-free. Best if you have TFSA room.
GIC Ladder
Slightly higher rate, less liquid. Good for larger, more established funds.
It's not about being pessimistic
An emergency fund isn't about expecting the worst. It's about making sure that a job loss, medical issue, car repair, or unexpected bill doesn't derail everything else you've worked for.
Single income families need more
If your household has one income earner financial planners recommend 6 months of expenses. Two income households can often manage with 3 months — but only if both incomes are stable.
Where to keep it matters
An emergency fund should be liquid and accessible — not locked in an RRSP or invested in the market. A high-interest savings account or TFSA is ideal. Sarah can help you set this up as part of your overall plan.
The most common financial mistake Sarah sees.
Most people skip building an emergency fund because they're focused on investing or paying down debt. But without a cash buffer, one unexpected event can force you to cash out investments at the wrong time, miss mortgage payments, or take on high-interest debt. The emergency fund comes first. Everything else builds on top of it.
Protect your family before you invest
An emergency fund is the foundation of every financial plan. Before maximizing your RRSP or TFSA, make sure your family has a safety net. Book a free call and we'll show you the fastest path to financial security.
Book your free financial review →This calculator is for illustrative and educational purposes only. Interest rates shown are estimates based on current Canadian HISA rates and may change. Always consult a licensed financial advisor. Sarah Lovett is licensed in British Columbia (LIC-2025-0059458-R01).
