It ignores your notice period, your sector, and whether anyone else in your house is earning. Nine questions, most of them one tap.
The things you couldn't stop paying for if your income stopped tomorrow. Not your normal spending. Tap the i if you're not sure what counts.
Put in: rent or mortgage, council tax, gas, electricity, water, your food shop, getting to work, insurance, childcare, minimum debt payments, broadband and a phone.
Leave out: eating out, subscriptions, the gym, holidays, hobbies, gifts, and anything you currently save or invest.
Three that catch people out. Broadband stays, because you can't job hunt without it. Your phone stays, but the contract becomes the cheapest SIM that does the job, so use that figure instead. Annual bills like car insurance and the MOT get divided by twelve and included.
Don't set haircuts and replacing worn-out basics to zero either. Around £40 a month is honest for one adult.
Base it on where you live now, not somewhere cheaper you could move to. Moving isn't something you can do inside six months. More in the emergency fund guide
Be honest about your own role and sector, not the national average.
Children, a non-earning partner, family you support. It leaves you less room to take a stopgap job or move for work.
Paid notice is runway you already have. This is where UK numbers part company with the American rules of thumb.
Roughly how many months of essentials would it cover? Statutory pay rises with length of service, so long-tenured staff often have more here than they expect.
A partner or second earner in your household. This shrinks the monthly bill your fund has to cover, so it lowers your target.
Credit cards, overdrafts, payday loans, buy-now-pay-later arrears. It changes the order you should do things in.
Cash you could reach this week. Not your ISA, not your pension.
Only so we can tell you how long this takes. A rough figure is fine.
| Rate | A year's interest |
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An estimate to start from, not a recommendation. Educational and informational purposes only, not financial advice. Rates shown are illustrative, not offers. Always check current rates and terms before opening any account.
