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Calculates future wealth that can be created through your regular investments

Emergency Calculator

Monthly, I can set aside a sum of

Rs.

Please enter a value between 10000 and 200000

I want to be prepared for emergency in

Months

Please enter a value between 1 and 36

Assumed rate of return

%p.a

Please enter a value between 1 and 40

Total Emergency Fund

Target Fund
Rs.720,000
View as

You will need to invest an amount of

Rs. 90,000
per month for data-no-of-months to create your emergency fund

Everything You Need to Know about Emergency Fund Calculator

Having some money set aside for unexpected expenses can provide a feeling of financial security when surprise costs come up. An emergency fund calculator India is useful for estimating how much savings you should build up to be prepared for those situations.

This article will cover what an emergency calculator is, how to figure out your personal fund target, smart places to keep the money, strategies to build savings faster, recommended amounts to shoot for, and some positives of using a calculator to assist in the process.

An emergency fund calculator is an online tool designed to estimate the amount of savings someone needs for unexpected expenses. It considers details like income, bills, and months of costs to cover. Financial experts often advise setting aside 3-6 months of living expenses. The emergency savings fund calculator helps determine a goal amount based on your financial situation.

First, use an emergency fund calculator in India to tally necessary monthly costs – housing, food, transportation, etc. These are expenses that keep a household running. Then multiply this total by the number of months you want to be prepared for surprise costs. 3-6 months is commonly recommended. This resulting figure is your target emergency fund amount.

For example, if monthly costs are Rs. 60,000, and you save for 6 months, your goal would be Rs. 3,60,000 in your rainy day fund. These emergency savings fund calculators can provide a tailored target amount in rupees based on expenditures and coverage duration.

You input financial details like income, bills, and debts as part of expenses into the emergency savings calculator. It uses this data to estimate the sum needed to cover unexpected expenses for a set timeframe without accruing more debt.

Typically, you list out recurring living expenses, then multiply by the months you want available reserves for. This outputs how much you may need in emergency savings based on spending habits and desired preparedness length.

When saving up your emergency fund, it’s important to keep that money somewhere safe and accessible and earning interest. Recommended places to park your emergency savings are:

● High-yield savings
● Money market accounts
● Short-term guaranteed investment certificates (GICs)
● Low-risk mutual funds

Avoid emergency fund investment in markets with more risk, like stocks or cryptos. The point is to have cash readily available for unexpected costs without worry of losing principle.

Here are some top tips for growing your emergency savings fund faster:

  • Save any extra income from gifts, tax refunds or a raise directly into your fund
  • Build savings discipline by automating transfers from each paycheck
  • Aim to build up to 6 months of expenses saved eventually
  • Keep an eye on bank statements to avoid unnecessary “leakage”
  • Replenish if any emergency expenses dip into your reserves
  • Continue adding money until you reach your emergency fund calculator goal

Following these saving and budgeting practices helps ensure you achieve your target emergency fund amount.

Most financial experts recommend having an emergency fund equal to 3-6 months of necessary living expenses. Aiming for 6 months’ worth of living costs is ideal as that gives you more breathing room if an unexpected crisis like illness or job loss happens.

However, any emergency savings cushion is better than none. So even starting with Rs. 35,000 in initial savings and then building up from there puts you ahead. You can use an emergency fund calculator to determine the exact right rupee amount for your household expenses and savings target.

Some key benefits of using a Standard Chartered calculator for emergency funds include:

  1. Estimate emergency fund goal tailored to your situation
  2. Calculates figures for up to 36 months
  3. Shows estimated monthly returns for investments planned for the emergency fund
  4. Offers an option to invest instantly online through SC Invest platform
  5. Gives an option to request for call back and receive assistance from a Wealth Manager

Using Standard Chartered emergency fund calculator gives you a custom savings goal to work towards

Having an emergency fund can provide financial security when unexpected expenses arise. Use the emergency fund calculator to determine the right savings amount for you. Aim to set aside 3-6 months’ worth of living costs over time. Saving steadily helps you reach your goal/s faster. Be proactive and start building your rainy-day reserves today. Are you ready to Start your SIP. Start tour SIP now!

Standard Chartered Bank, India (‘Bank’) is an AMFI-registered distributor of select mutual funds and referrer of other third party investment products and does not provide any investment advisory services as defined under the SEBI (Investment Advisers) Regulations, 2013 or otherwise. Mutual fund investments are subject to market risk. Read scheme related documents carefully before investing. Past performance is not indicative of future returns.

This page and the calculator are for information and educational purposes and are meant for use only as a reference tool. The simulation from the calculator does not represent actual, past or predicted performance or returns. Applicable taxes and charges if any have not been considered. This page and the calculator have not been prepared for any particular person or class of persons. Please obtain independent financial advice before proceeding to transact on the basis of the above information. The products and services mentioned here may not be suitable for everyone. The value of your investments and the income from them can go down as well as up, and you may not recover the amount of your original investment. In the event that you choose not to seek independent professional advice, you should consider whether the products are suitable for you. Please refer to the relevant offer documents for detailed information.

The contents on this webpage are for general information only and does not constitute an offer, recommendation or solicitation of an offer to enter into a transaction or adopt any hedging, trading or investment strategy, nor does it constitute any prediction of likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration. You are fully responsible for your investment decision, including whether the product or service described here is suitable for you.
Standard Chartered Bank will not accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this webpage. The contents herein are for general evaluation only and has not been prepared to be suitable for any particular person or class of persons. Standard Chartered Bank makes no representation or warranty of any kind, express, implied or statutory regarding the contents on this webpage or any information contained or referred to herein. This webpage is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us.

Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving www.sc.com/in and entering a website operated by other parties:

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/in

 

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