How to estimate the amount of emergency fund you need in case of any financial emergency?
Here are the basic steps to make the calculation and use the handy calculator below.
Find the emergency funds available in your bank account.
You may be able to find a number of emergency funds in your banking account.
If not, look for the one listed below.2.
Add up the funds and deduct them from your emergency fund.
You can subtract the amount you received from the amount available.
For example, if you received $100 from your bank and $50 from the fund, you would subtract $100 and $30 from your fund.3.
Calculate the amount in the fund.
Calculating the amount is very easy.
First of all, multiply the amount that was in the bank account by the number of days until the next payment.
For instance, if your bank has an emergency fund of $1,000, add $500 to your emergency funds and then subtract $500 from the remaining $1.
Then multiply that amount by 10 to get your amount of money in the emergency account.4.
Make sure that you do not exceed the amount.
For more information on this topic, please refer to our article on Emergency fund calculation.5.
Check the balance of your emergency account, add your total amount and divide it by the sum of the funds.6.
If your emergency amount is over $2,000 and you do have enough funds, you can deposit the amount to your bank or ATM account and pay it as soon as possible.
If you do need to pay, you may also transfer the amount from your account to your account at your bank.
This is the best way to ensure that you are not spending your emergency money.7.
Keep track of the amount, the amount deducted and your balance in the account.
Make an automatic payment of the remaining amount to the emergency relief fund or to your employer or other employer.
If the amount exceeds the amount transferred from your accounts, you will need to repay the excess amount to a bank.8.
Check if you have enough emergency funds to cover the entire amount.
If so, you should deposit the remaining money to the bank or to an ATM.
Otherwise, you must pay the remaining balance to the Emergency Relief Fund.9.
If no funds are available, calculate your emergency relief account amount and use that as the threshold for the calculation.10.
If there is a shortfall, you have to deposit a further amount.
In this case, you need to make an additional payment of a certain amount.
For more details on the emergency money fund, please see our article Emergency fund calculator.