An emergency fund is the safety net that turns a surprise (a car to repair, a job that falls through) from a crisis into a mere nuisance. As a couple it matters even more, because one person's setbacks land on both.
How big it should be
The classic rule: 3 to 6 months of essential expenses. Not of income, of expenses: what you actually need each month to live (housing, bills, groceries, transport). If your essential couple expenses are €1,800 a month, a solid fund is between €5,400 and €10,800. Three months if you have stable, secure income; six (or more) if one of you is self-employed or work is uncertain.
Where to keep it
It should be liquid and separate: a savings account or a separate account you don't dip into for everyday spending. Not in volatile investments — an emergency fund doesn't need to grow, it needs to be there when needed, with no losses and no lock-ups.
How to build it without noticing
The figure is scary seen all at once, but you build it one piece at a time:
- Set a clear goal (e.g. €6,000) and a realistic deadline.
- Divide: goal ÷ months available = how much to set aside each month.
- Automate: treat that contribution like a bill, not like "whatever is left over".
Example: €6,000 in 20 months = €300 a month. Split in proportion to income, it weighs the same on both.
The fund first, then the other goals
A holiday and an emergency fund aren't the same thing: the fund comes first. Complete (or nearly complete) the safety net, then put your energy into the fun goals. It's the difference between saving "for something nice" and saving "to sleep soundly".
In TogetherExpenses you can create the emergency fund as a shared goal: set the amount and the date, and the app tells you how much to put in each month to get there, tracking your progress with no calculations.