One of the smartest moves you can make with your money is having a full emergency fund. This savings helps cover unexpected expenses such as job loss and major financial events, like a recession.
See More: The Living Wage a Family of 4 Needs in All 50 States
View Next: 4 Low-Risk Ways To Build Your Savings in 2025
A recent study from GOBankingRates calculated the amount you would need in an emergency fund in every state. In the event of a recession, Midwesterners would need anywhere from $39,000 to nearly $50,000 in cash to cover expenses for up to 12 months.
Here’s the amount you’d need in an emergency fund to survive a recession in the Midwest.
Illinois
- Annual cost of living: $44,778
- Emergency fund for 3 months: $11,195
- Emergency fund for 6 months: $22,389
- Emergency fund for 12 months: $44,778
Find Out: What Is the Estimated Median Income for the Upper-Middle Class in 2025?
Read Next: Warren Buffett Offers One Piece of Estate Planning Advice to the Middle Class
Indiana
- Annual cost of living: $41,373
- Emergency fund for 3 months: $10,343
- Emergency fund for 6 months: $20,687
- Emergency fund for 12 months: $41,373
Be Aware: 10 Things the Middle Class Won’t Be Able To Afford in Less Than a Decade
Iowa
- Annual cost of living: $39,889
- Emergency fund for 3 months: $9,972
- Emergency fund for 6 months: $19,945
- Emergency fund for 12 months: $39,889
Kansas
- Annual cost of living: $39,916
- Emergency fund for 3 months: $9,979
- Emergency fund for 6 months: $19,958
- Emergency fund for 12 months: $39,916
Michigan
- Annual cost of living: $41,579
- Emergency fund for 3 months: $10,395
- Emergency fund for 6 months: $20,789
- Emergency fund for 12 months: $41,579
Discover More: 20 Best Cities Where You Can Buy a House for Under $100K
Minnesota
- Annual cost of living: $49,462
- Emergency fund for 3 months: $12,365
- Emergency fund for 6 months: $24,731
- Emergency fund for 12 months: $49,462
Missouri
- Annual cost of living: $41,219
- Emergency fund for 3 months: $10,305
- Emergency fund for 6 months: $20,610
- Emergency fund for 12 months: $41,219
Nebraska
- Annual cost of living: $42,993
- Emergency fund for 3 months: $10,748
- Emergency fund for 6 months: $21,496
- Emergency fund for 12 months: $42,993
For You: The Salary Needed To Afford America’s 50 Biggest Cities
North Dakota
- Annual cost of living: $43,844
- Emergency fund for 3 months: $10,961
- Emergency fund for 6 months: $21,922
- Emergency fund for 12 months: $43,844
Ohio
- Annual cost of living: $40,788
- Emergency fund for 3 months: $10,197
- Emergency fund for 6 months: $20,394
- Emergency fund for 12 months: $40,788
South Dakota
- Annual cost of living: $45,859
- Emergency fund for 3 months: $11,465
- Emergency fund for 6 months: $22,929
- Emergency fund for 12 months: $45,859
Find Out: Here’s How Much the Definition of Middle Class Has Changed in the South
Wisconsin
- Annual cost of living: $47,618
- Emergency fund for 3 months: $11,905
- Emergency fund for 6 months: $23,809
- Emergency fund for 9 months: $47,618
Methodology: For this study, GOBankingRates analyzed each state to find the amount needed for an emergency fund. The cost of living was determined using data from Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index and the Federal Reserve. All data was collected on and is up to date as of April 21, 2025.
More From GOBankingRates
- I'm a Realtor: This Is Why No One Wants To See Your Home
- 3 Things Retirees Should Stop Buying To Save Money Amid Tariffs
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month
This article originally appeared on GOBankingRates.com: Here’s How Much Cash You Need Stashed To Survive a Recession in the Midwest
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
