Calculate your emergency fund target
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Your emergency fund targets
Recommended target
$0
6 months of expenses
Still need to save
$0
gap to close
Time to reach goal
—
at your savings rate
Minimum baseline
$0
3 months — absolute floor
Progress toward goal
0%
Why gig workers need more than 3 months
The standard "3–6 month emergency fund" advice was written for salaried employees with predictable income and employer-provided unemployment benefits. Gig workers have neither.
When a salaried employee loses their job, they often qualify for unemployment insurance. Gig workers generally don't. When a salaried employee has a slow month, they still get their full paycheck. Gig workers don't.
Rule of thumb for gig workers: Aim for 6 months minimum. If your income is highly variable or you work in a seasonal industry, 9–12 months gives you real security — the ability to weather a long dry spell without financial panic affecting your decision-making.
Where to keep it
Your emergency fund should be in a high-yield savings account — accessible within 1–2 business days but separate from your checking account so you don't accidentally spend it. Look for accounts yielding 4–5% APY. Do not invest it in the stock market; the whole point is that it's there when you need it, not subject to market timing.