Glossary
Emergency Fund Planner Glossary
A quick reference for the words you see in the Emergency Fund Planner. Use this glossary to keep targets, timelines, and scenarios clear and easy to read.
Published: December 28, 2025 · Updated: December 28, 2025 · By FinToolSuite Editorial
Open the Emergency Fund Planner
See these terms in action and save scenarios for later.
Disclaimer
- Educational purposes only; not financial advice.
- Examples are illustrative and simplified.
- Results depend on your inputs and assumptions and are not guaranteed.
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Quick answer
Most planner terms relate to monthly expenses, target fund, and timeline.
Save scenarios to compare different assumptions.
Treat completion dates as rough estimates.
Quick reference
| Term | Plain meaning | Where you see it |
|---|---|---|
| Monthly expenses | Total of essentials each month. | Inputs and summary cards. |
| Essential expenses | Must-pay costs like housing and utilities. | Expense entry and tips. |
| Target months | Months of coverage you want to model. | Settings and risk level options. |
| Target fund | Monthly expenses × months. | Summary cards and outputs. |
| Current savings | Cash already set aside. | Inputs and summary cards. |
| Shortfall | Amount needed to reach the target. | Summary cards. |
| Surplus | Amount above the target. | Summary cards. |
| Savings capacity | Monthly amount you can save. | Inputs and timeline card. |
| Timeline | Estimated months to reach the target. | Summary and chart. |
| Completion date | Projected month and year when funded. | Summary cards. |
| Scenario | Saved set of inputs. | Scenario list and comparison. |
| Scenario comparison | Side by side view of scenarios. | Comparison screen. |
| Risk level | Income stability setting that can change months. | Settings. |
Glossary terms
Monthly expenses
Total of your essential costs per month. Example: if housing is $1,200, utilities $200, groceries $500, and transport $200, monthly expenses are $2,100.
Essential expenses
Must-pay items such as housing, utilities, groceries, transport, insurance, and minimum debt payments. See the common mistakes page to avoid leaving items out.
Target months
The months of expenses you want the fund to cover. Example: at $2,100 per month, a six-month assumption targets $12,600. Test different ranges rather than choosing one fixed number.
Target fund
Monthly expenses multiplied by target months. Example: $2,100 × 6 months = $12,600. For the formula breakdown, see formulas and math.
Current savings
Cash already set aside for emergencies. Example: if you have $3,000 saved, the planner subtracts this from the target to find the gap.
Shortfall
The amount needed to reach the target fund. Example: target $12,600 minus current savings $3,000 = $9,600 shortfall. If current savings is higher than the target, the planner shows a surplus instead.
Surplus
Amount above the target fund. Example: if the target is $10,000 and you have $11,200 saved, surplus is $1,200. Surplus means you are past the modelled target.
Savings capacity
How much you can save monthly toward the fund. Example: if you can save $250 per month and your shortfall is $9,600, the planner estimates months needed based on $250 per month. Keep this realistic.
Timeline
Estimated months to reach the target given the shortfall and savings capacity. Example: $9,600 shortfall at $250 per month is roughly 38–39 months, before any rounding the planner applies.
Completion date
The projected month and year when the target could be reached, based on the timeline. Completion dates are estimates that can shift when inputs change. See the formulas and math page for timing details.
Scenario
A saved set of inputs (expenses, months target, current savings, contributions). Example: save one scenario at 6 months and another at 9 months to compare.
Scenario comparison
Viewing multiple scenarios side by side to see differences in target, shortfall, and timeline. Example: comparing a $250/month contribution vs $300/month to see how many months you save.
Risk level
An income stability setting that can adjust the months of coverage. Example: if risk is set higher, the planner may model more months, increasing the target. See risk level explained.
Related reading
FAQ preview
What is a shortfall?
The amount still needed to reach the target fund after subtracting current savings.
What does risk level change?
It can adjust the months of coverage assumption, which changes the target and timeline.
Why did my completion date move?
Changing expenses, savings, or contributions updates months needed and shifts the estimated date.
What is the difference between shortfall and surplus?
Shortfall means you are below the target; surplus means you are above it.
Can I save scenarios?
Yes. Save multiple scenarios with different assumptions to compare targets and timelines.
Is this financial advice?
No. This glossary is educational; outcomes depend on your inputs and assumptions.
Use the glossary as you plan
Open the Emergency Fund Planner, enter your numbers, and refer back here for any term you want to clarify.