Rainy Day Fund Calculator
Work out how much to set aside for unexpected costs, based on your monthly spending, and how long it takes to save it. Free, no sign-up.
Your Spending and Savings
For a rainy day fund, liquidity comes before return — a savings account with the Deposit Guarantee Scheme is a common choice.
Your Rainy Day Fund
Recommended Target (6 months)
€13,200
€2,200/mo × 6 months of cover
💬 In Plain Words
With spending of €2,200/mo, you need €13,200 to cover 6 months of unexpected costs. You have already saved €3,000 — you are €10,200 short. Saving €300/mo you have the full amount in 2 years and 9 months.
Target by Months of Cover
This is a general guideline. Adjust the number of months of cover to how stable your income is. This is not financial advice.
How the Calculator Works
👋 Simple Explanation
A rainy day fund is money you set aside for unexpected costs — losing your job, a medical bill, an emergency repair — without having to take on expensive debt. The target is worked out by multiplying your essential monthly spending by the number of months of cover you want.
Target = Essential Monthly Spending × Months of Cover
To know how long it takes to reach the target, the calculator simulates your saving month by month, with an optional return (if you put the money in an instrument that pays one), until you reach the amount.
Why the Deposit Guarantee Scheme Matters Here
The Deposit Guarantee Scheme, administered by the Central Bank of Ireland, protects deposits with covered institutions up to €100,000 per person, per institution, if the bank fails. For certain life events, such as the proceeds of a house sale, a temporary higher limit applies for up to six months. For a rainy day fund — which by definition has to be safe and reachable — it is wise to keep it with a covered bank and, if the amount is large, to check you do not exceed the limit at one institution.
Frequently Asked Questions
- How much should I have in a rainy day fund?
- A common rule of thumb is between 3 and 6 months of essential spending (not your whole income). If you have irregular income, for example as a self-employed person, a larger fund is wise — 6 to 12 months.
- What counts as 'essential spending' when I work out the fund?
- Rent or mortgage, food, energy, broadband, transport, insurance and the minimum repayments on loans you already have. Spending you control (nights out, hobbies, non-essential purchases) usually does not count, because you can cut or drop it temporarily in a real emergency.
- Where should I keep the rainy day fund?
- In a liquid, low-risk account you can reach quickly and without penalty: a savings account with demand access. Instruments with more risk, such as shares, are not suitable for this fund. Check that the bank is covered by the Deposit Guarantee Scheme, which protects deposits up to €100,000 per person, per institution.