Free savings tool
Emergency fund calculator
Work out how big your emergency fund should be and how long it will take to save. Pick your Canadian city to start from local cost-of-living data, or enter your own monthly essential expenses, then choose how many months of coverage you want. The Financial Consumer Agency of Canada suggests three to six months. For $2,500 a month in essentials, a three-month fund is $7,500. It's free and runs entirely in your browser.
What do you want to work out?
The Financial Consumer Agency of Canada suggests three to six months of essential expenses. Start with $1,000 if that feels out of reach.
Your fund
$7,500
your emergency fund target
That covers 3 months of essentials at $2,500 a month.
The FCAC range
- Starter fund
- $1,000
- 3 months
- $7,500
- 6 months
- $15,000
How we calculate this
Your target is your monthly essential expenses times the months of coverage you choose. Essentials are the bills you can't skip: rent or mortgage, groceries, utilities, insurance, transport, and minimum debt payments.
How long that takes is simple division: what's left after anything you've already saved, divided by what you put aside each month. We assume no interest, since an emergency fund should stay easy to reach. Numbers are rounded and meant as a guide, not financial advice.
Picking a city fills in an estimate of essential monthly costs for one person: a current average one-bedroom rent for that city, rounded, plus about $1,000 for non-rent essentials like groceries, utilities, transit, phone, and internet. It's a starting point, so adjust it to your own household and bills.
Guidance: the Financial Consumer Agency of Canada recommends three to six months of essential expenses, and starting with a $500 to $1,000 starter fund if that feels out of reach.
How much should I have in an emergency fund?
Aim for three to six months of essential expenses. Add up the bills you truly can't skip in a month, then multiply by three for a lean cushion or six for more breathing room. For $2,500 a month in essentials, that's $7,500 to $15,000. Lean toward six months if your income is variable or you're the only earner; three can be enough with steady dual incomes.
If those totals feel impossible, don't let that stop you. The Financial Consumer Agency of Canada suggests building a $500 to $1,000 starter fund first, then knocking down high-interest debt, then coming back to finish the full fund. A small buffer already changes how the next surprise feels, and saving it gets easier when there's something to look forward to: with Lodavo, every week you keep saving earns free tickets in a weekly draw.
How much emergency fund do you need by city?
Your city changes the answer, mostly through rent. The three-to-six-month rule is the same everywhere, but the dollar amount follows your essential expenses, and rent is the essential that varies most across Canada. The table below estimates essential monthly costs for one person renting a one-bedroom, then a three-month and six-month fund for each city.
| City | Est. monthly essentials | 3-month fund | 6-month fund |
|---|---|---|---|
| Vancouver, BC | $3,700 | $11,100 | $22,200 |
| Toronto, ON | $3,500 | $10,500 | $21,000 |
| Halifax, NS | $3,050 | $9,150 | $18,300 |
| Ottawa, ON | $3,000 | $9,000 | $18,000 |
| Victoria, BC | $3,000 | $9,000 | $18,000 |
| Montreal, QC | $2,900 | $8,700 | $17,400 |
| Calgary, AB | $2,800 | $8,400 | $16,800 |
| Kitchener-Waterloo, ON | $2,750 | $8,250 | $16,500 |
| Hamilton, ON | $2,700 | $8,100 | $16,200 |
| Edmonton, AB | $2,500 | $7,500 | $15,000 |
| London, ON | $2,500 | $7,500 | $15,000 |
| Quebec City, QC | $2,400 | $7,200 | $14,400 |
| Saskatoon, SK | $2,350 | $7,050 | $14,100 |
| Regina, SK | $2,300 | $6,900 | $13,800 |
| St. John's, NL | $2,300 | $6,900 | $13,800 |
| Winnipeg, MB | $2,300 | $6,900 | $13,800 |
| Moncton, NB | $2,250 | $6,750 | $13,500 |
Rents are current average one-bedroom asking rents (Rentals.ca, Zumper, 2026), rounded, plus about $1,000 a month for non-rent essentials. These are estimates for one person; a couple or family should aim higher.
Frequently asked questions
How much should I have in an emergency fund in Canada?
The common guidance is three to six months of essential expenses, which the Financial Consumer Agency of Canada also recommends. Add up rent or mortgage, groceries, utilities, insurance, transport, and minimum debt payments, then multiply by three to six. If that feels out of reach, start with a $500 to $1,000 starter fund.
Does my city change how big my emergency fund should be?
Yes, mostly through rent. The three-to-six-month guideline is the same everywhere, but the dollar amount follows your essential costs, and rent is the essential that varies most between Canadian cities. A one-bedroom in Vancouver or Toronto can cost close to double one in Winnipeg or Regina, so the same three months of coverage is a much larger fund.
How long will it take to build an emergency fund?
Divide what's left to save by the amount you set aside each month. Saving $300 a month toward a $7,500 fund takes about 25 months, just over two years. Switch to the “How long” mode above to enter your monthly amount and anything you've already saved.
Three months or six months of expenses?
Both are within the FCAC range, so it depends on your situation. Lean toward six months if your income is variable (gig or commission work), if you're the only earner, or if your job would be hard to replace. Three months can be enough with steady dual incomes and stable work.
Should I use months of expenses or months of income?
Either works, and the FCAC mentions both. Months of essential expenses is the stricter, lower number and the one this calculator uses, because it reflects what you would actually need to get by. Months of income is larger and more cautious.
Does Lodavo hold my emergency fund?
No. Lodavo never holds, moves, or touches your money. You keep your emergency fund in your own bank account, where it stays easy to reach, and Lodavo turns the steady saving into free tickets in every weekly draw.
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