I will assume for 6 months of my income for an emergency fund. The definition of an emergency is An unexpected occurrence that needs to be addressed immediately. This is not to cover holiday gifts, but for my truck’s engine blowing out. This does not cover giving someone else money, but will cover for a leaky roof. With the formula for an emergency fund, it will be $48,000. This is a significant amount, but designed to cover almost any emergency I can. think of.