| 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 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 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 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 you 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 considerable 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 are commonly range from $100 to $500. |
| 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 $250 to $1000. |
| Insurance deductible other |
Any other insurance deductibles that may be required
in your emergency fund. |
| Monthly living expenses |
Your total monthly living expenses. This amount should
be your total expenses, not your total monthly income. Remember
to include your home 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 expenses. |
| Amount currently saved |
Total you currently have saved that should be included
in this analysis. |
| Amount to save per month |
The amount you will contribute each year to your
emergency savings. |
| Rate of return |
Pre-tax rate of return on your emergency savings.
For example, the long-term rate of return for the S&P 500 is about
11%. A savings account earns 2% to 5%. 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 on any interest earned at this rate.
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. |
| 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. |
