Emergency fund: how much should you have saved?
Co-founder of Penge · Published 16 July 2026 · 5 min read
An emergency fund is the savings that rescue you when something unexpected happens. Here is how much to aim for, and how to get there.
Key takeaways
- An emergency fund is a separate account you only touch for unexpected costs, so you avoid taking on expensive debt.
- A common recommendation is one to three months of fixed costs; aim higher if your income varies.
- Do not let the big target stop you: start with a small milestone and build from there.
- Build it with a fixed, automatic transfer every month, just like a bill.
- Keep it in a separate, easily reached account, such as a high-interest savings account.
What is an emergency fund?
An emergency fund is a separate account you dip into only for unexpected costs, such as a dentist bill, a broken washing machine or a spell without income. Its purpose is to keep an unexpected event from forcing you into expensive debt.
An emergency fund is a separate account with money you only touch for unexpected costs, like a dentist bill, a broken washing machine or a spell without income. The point is to avoid taking on expensive debt when something happens.
How much should you have?
A common recommendation is to keep between one and three months of fixed costs in your emergency fund. If you have a secure job and few commitments, less is often enough. If your income varies, aim higher.
Do not let the big target stop you. Start with a small milestone, for example 10,000 kroner, and build from there.
Savings calculatorSee how your savings grow with compound interest.How to build the buffer
Set up a fixed, automatic transfer to the emergency-fund account every month, just like a bill. That way it grows without you having to think about it, and you can increase the amount when you have room.
Get a full overview with Penge
Connect your bank and let the app categorize and budget automatically.
Frequently asked questions
- Where should I keep the emergency fund?
- In a separate account that is easy to reach but kept apart from your everyday account, so you do not spend it by accident. A high-interest savings account is a good choice.
- Should I save an emergency fund before saving for other things?
- Yes, an emergency fund should usually come first. It stops an unexpected event from tipping over your whole finances and forcing you to take on expensive debt.