Emergency Savings Calculator
Unexpected expenses can occur with no warning, so it’s important to be ready! Use this Emergency Savings Calculator to determine how much you should have tucked away for emergencies based on your average living expenses.
Great! Check out your results.
Total Expenses
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Recommended Amount
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Minimum Amount
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Total Expenses
This is your total amount of monthly expenses based on the numbers you provided.
Recommended Amount
This is how much you should have saved up for emergencies. It is recommended that your emergency fund cover 6 months of expenses in case of job loss or unexpected expenses like house or auto-repairs, illness, natural disasters or pet emergencies.
(Sum of expenses x 6 = Total savings needed)
Minimum Amount
If you are just starting your emergency fund, 3 months of expenses is the minimum amount you should have saved.
(Sum of expenses x 3 = Total savings needed)
That might seem like a big number, but we want to help you get there.
Create a plan on how to reach your emergency fund savings goals by answering a few simple questions.
Just getting started? Think Springboard Savings Account.
There is no minimum initial investment required and you can take advantage of pre-authorized contributions. This is a non-registered account, meaning your interest growth will be taxed every year.
Already have an emergency fund but want to grow it? Consider a Tax Free Saver Account or High Interest Savings Account.
If you have started saving, and want to continue to build your Emergency Fund, we recommend using our Tax Free Saver (TFSA) Account. This account is essentially a savings account with the tax sheltering benefits of a TFSA, where none of your interest growth in this account is taxed upon withdrawal.
If you would like to earn higher interest on your money, consider our ATB High Interest Savings Account (HISA). You can hold your HISA in a registered account like a TFSA to shelter it from taxes, or a non-registered account which means you will have to pay taxes on your interest like a regular savings account.
No matter what you’re saving for, ATB offers professional advice and practical tools to help you reach your financial goals.