A major emergency can come at any time — and it can be financially debilitating. Whether it’s a major auto failure or accident, a serious health issue or the unexpected loss of a job, unplanned calamities can create a devastating interruption in your income. Such events are why everyone should have emergency savings.
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However, due to variations in the cost of living from state to state, what constitutes a financial emergency in, say, Montana might seem relatively minor in a pricier locale like California. Just how much should a person save for emergencies based on their location?
To answer that question, GOBankingRates recently performed a study to determine the minimum emergency savings needed for every state. This was done by calculating the amount spent on “necessity” expenses in each state, based on the 2023 Consumer Expenditure Study by the Bureau of Labor Statistics. These necessities include groceries, shelter, utilities, fuel and public services. Those costs were then extrapolated across three months, and then six, in order to determine the minimum amount needed for a safety net in case your finances become depleted.
Need to know how much you should save to live in your state for three or six months without income? GOBankingRates has calculated the answers, from the state that requires the least amount of emergency savings to the one that requires the most.
Key Findings
- Coastal living will cost you: The 10 states requiring the most emergency savings — Hawaii, California, Massachusetts, New York, Alaska, Maryland, New Jersey, Washington, Vermont and Maine — all exist on the Atlantic and Pacific coasts.
- Meanwhile, the Midwest and South make it easy to save: The states requiring the least amount of emergency savings are spread throughout the Midwest and South: Oklahoma, Mississippi, West Virginia, Alabama, Kansas, Missouri, Arkansas, Iowa, Michigan and Tennessee. Their placement reflects their overall low cost of living.
- Hawaiian cost of living (and savings) wildly exceeds every other state: The Aloha State comes with a $71,919 annual cost of necessities — that’s nearly $16,600 more than the next costliest state (California), and nearly $38,500 more than the least costly state (Oklahoma). That disparity is so wide that the six months of emergency savings needed in Hawaii ($35,959) is more than twice that of Oklahoma ($16,716).
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1. Oklahoma
- Total annual cost of necessities: $33,433
- Emergency fund for 3 months: $8,358
- Emergency fund for 6 months: $16,716
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2. Mississippi
- Total annual cost of necessities: $33,938
- Emergency fund for 3 months: $8,484
- Emergency fund for 6 months: $16,969
3. West Virginia
- Total annual cost of necessities: $34,327
- Emergency fund for 3 months: $8,582
- Emergency fund for 6 months: $17,163
4. Alabama
- Total annual cost of necessities: $34,443
- Emergency fund for 3 months: $8,611
- Emergency fund for 6 months: $17,222
5. Kansas
- Total annual cost of necessities: $34,521
- Emergency fund for 3 months: $8,630
- Emergency fund for 6 months: $17,261
6. Missouri
- Total annual cost of necessities: $34,599
- Emergency fund for 3 months: $8,650
- Emergency fund for 6 months: $17,299
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7. Arkansas
- Total annual cost of necessities: $34,832
- Emergency fund for 3 months: $8,708
- Emergency fund for 6 months: $17,416
8. Iowa
- Total annual cost of necessities: $34,871
- Emergency fund for 3 months: $8,718
- Emergency fund for 6 months: $17,435
9. Michigan
- Total annual cost of necessities: $35,026
- Emergency fund for 3 months: $8,757
- Emergency fund for 6 months: $17,513
10. Tennessee
- Total annual cost of necessities: $35,104
- Emergency fund for 3 months: $8,776
- Emergency fund for 6 months: $17,552
11. Indiana
- Total annual cost of necessities: $35,376
- Emergency fund for 3 months: $8,844
- Emergency fund for 6 months: $17,688
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12. North Dakota
- Total annual cost of necessities: $35,532
- Emergency fund for 3 months: $8,883
- Emergency fund for 6 months: $17,766
13. South Dakota
- Total annual cost of necessities: $35,726
- Emergency fund for 3 months: $8,932
- Emergency fund for 6 months: $17,863
14. Texas
- Total annual cost of necessities: $35,804
- Emergency fund for 3 months: $8,951
- Emergency fund for 6 months: $17,902
15. Louisiana
- Total annual cost of necessities: $35,882
- Emergency fund for 3 months: $8,970
- Emergency fund for 6 months: $17,941
16. Georgia
- Total annual cost of necessities: $35,959
- Emergency fund for 3 months: $8,990
- Emergency fund for 6 months: $17,980
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17. Kentucky
- Total annual cost of necessities: $35,959
- Emergency fund for 3 months: $8,990
- Emergency fund for 6 months: $17,980
18. Nebraska
- Total annual cost of necessities: $35,998
- Emergency fund for 3 months: $9,000
- Emergency fund for 6 months: $17,999
19. New Mexico
- Total annual cost of necessities: $36,426
- Emergency fund for 3 months: $9,106
- Emergency fund for 6 months: $18,213
20. Wyoming
- Total annual cost of necessities: $36,426
- Emergency fund for 3 months: $9,106
- Emergency fund for 6 months: $18,213
21. Ohio
- Total annual cost of necessities: $36,659
- Emergency fund for 3 months: $9,165
- Emergency fund for 6 months: $18,330
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22. Minnesota
- Total annual cost of necessities: $36,776
- Emergency fund for 3 months: $9,194
- Emergency fund for 6 months: $18,388
23. Illinois
- Total annual cost of necessities: $36,815
- Emergency fund for 3 months: $9,204
- Emergency fund for 6 months: $18,407
24. South Carolina
- Total annual cost of necessities: $36,815
- Emergency fund for 3 months: $9,204
- Emergency fund for 6 months: $18,407
25. Montana
- Total annual cost of necessities: $37,126
- Emergency fund for 3 months: $9,281
- Emergency fund for 6 months: $18,563
26. Pennsylvania
- Total annual cost of necessities: $37,787
- Emergency fund for 3 months: $9,447
- Emergency fund for 6 months: $18,893
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27. Wisconsin
- Total annual cost of necessities: $37,981
- Emergency fund for 3 months: $9,495
- Emergency fund for 6 months: $18,990
28. North Carolina
- Total annual cost of necessities: $38,020
- Emergency fund for 3 months: $9,505
- Emergency fund for 6 months: $19,010
29. Idaho
- Total annual cost of necessities: $38,836
- Emergency fund for 3 months: $9,709
- Emergency fund for 6 months: $19,418
30. Nevada
- Total annual cost of necessities: $38,953
- Emergency fund for 3 months: $9,738
- Emergency fund for 6 months: $19,476
31. Virginia
- Total annual cost of necessities: $39,186
- Emergency fund for 3 months: $9,797
- Emergency fund for 6 months: $19,593
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32. Delaware
- Total annual cost of necessities: $39,614
- Emergency fund for 3 months: $9,903
- Emergency fund for 6 months: $19,807
33. Florida
- Total annual cost of necessities: $39,730
- Emergency fund for 3 months: $9,933
- Emergency fund for 6 months: $19,865
34. Utah
- Total annual cost of necessities: $39,730
- Emergency fund for 3 months: $9,933
- Emergency fund for 6 months: $19,865
35. Colorado
- Total annual cost of necessities: $39,925
- Emergency fund for 3 months: $9,981
- Emergency fund for 6 months: $19,962
36. Rhode Island
- Total annual cost of necessities: $42,996
- Emergency fund for 3 months: $10,749
- Emergency fund for 6 months: $21,498
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37. Arizona
- Total annual cost of necessities: $43,035
- Emergency fund for 3 months: $10,759
- Emergency fund for 6 months: $21,517
38. New Hampshire
- Total annual cost of necessities: $43,307
- Emergency fund for 3 months: $10,827
- Emergency fund for 6 months: $21,653
39. Oregon
- Total annual cost of necessities: $43,462
- Emergency fund for 3 months: $10,866
- Emergency fund for 6 months: $21,731
40. Connecticut
- Total annual cost of necessities: $43,812
- Emergency fund for 3 months: $10,953
- Emergency fund for 6 months: $21,906
41. Maine
- Total annual cost of necessities: $43,929
- Emergency fund for 3 months: $10,982
- Emergency fund for 6 months: $21,964
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42. Vermont
- Total annual cost of necessities: $44,162
- Emergency fund for 3 months: $11,041
- Emergency fund for 6 months: $22,081
43. Washington
- Total annual cost of necessities: $44,356
- Emergency fund for 3 months: $11,089
- Emergency fund for 6 months: $22,178
44. New Jersey
- Total annual cost of necessities: $44,745
- Emergency fund for 3 months: $11,186
- Emergency fund for 6 months: $22,373
45. Maryland
- Total annual cost of necessities: $44,862
- Emergency fund for 3 months: $11,215
- Emergency fund for 6 months: $22,431
46. Alaska
- Total annual cost of necessities: $48,555
- Emergency fund for 3 months: $12,139
- Emergency fund for 6 months: $24,277
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47. New York
- Total annual cost of necessities: $48,633
- Emergency fund for 3 months: $12,158
- Emergency fund for 6 months: $24,316
48. Massachusetts
- Total annual cost of necessities: $54,892
- Emergency fund for 3 months: $13,723
- Emergency fund for 6 months: $27,446
49. California
- Total annual cost of necessities: $55,319
- Emergency fund for 3 months: $13,830
- Emergency fund for 6 months: $27,660
50. Hawaii
- Total annual cost of necessities: $71,919
- Emergency fund for 3 months: $17,980
- Emergency fund for 6 months: $35,960
See more studies at GOBankingRates’ Original Research Center.
Methodology: GOBankingRates defined the minimum emergency savings needed in every state as the amount needed to afford 3-6 months’ living expenses. Cost of necessities was calculated using expenditure data from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey and cost-of-living indexes from the Missouri Economic Research and Information Center. This estimate captures the minimum emergency savings needed in every state to continue living the “average” lifestyle for 3-6 months without cutting any expenses. States were then ranked by their necessary emergency savings, with the state requiring the least amount of emergency savings listed as No. 1. All data was compiled on Oct. 9, 2025.
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This article originally appeared on GOBankingRates.com: The (Minimum) Emergency Savings Needed in Every State
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