An emergency fund (Notgroschen) during your studies is money you set aside for unexpected costs, such as a broken washing machine, a back payment or the loss of a part-time job. How much makes sense depends less on your wishes and more on your fixed monthly costs.
Short answer: The emergency fund should cover your fixed monthly costs. The calculation is simple: fixed costs per month multiplied by the number of months you want to bridge. Assumption: with 668 euros of fixed costs a month, three months add up to about 2,004 euros. Status: October 2026.
The key points
- The emergency fund is meant for real emergencies, not for holidays or larger purchases.
- The basis is your list of fixed monthly costs, including health and long-term care insurance.
- A simple calculation is fixed costs per month multiplied by the number of months you want to cover.
- The money should be available at any time. Investments with price risk are only partly suitable.
- Building it up takes time, depending on how much you can set aside each month. An overdraft does not replace an emergency fund.
Which costs count as fixed costs?
Fixed costs are expenses that arise every month, even when money is tight. They include rent, insurance, health insurance, mobile phone, internet and membership fees. Food and leisure cannot be postponed either, but they are not the fixed costs an emergency fund has to cover.
Health insurance is a large item for students. The 2026 figures come from the fact sheet of the GKV-Spitzenverband, the umbrella body of statutory health insurers. If you are privately insured, enter your own contribution here.
| Item | Amount per month | Status and source |
|---|---|---|
| Basic contribution, health insurance for students | 87.38 euros | 2026, GKV-Spitzenverband (without additional contribution) |
| Additional contribution (assumption: average of 2.9 percent) | 24.80 euros | Calculated, assumption |
| Long-term care insurance (childless, from age 23) | 35.91 euros | 2026, GKV-Spitzenverband |
| Total health and long-term care insurance | 148.09 euros | Calculated from the values above |
Source: GKV-Spitzenverband, fact sheet on contribution calculation parameters, status 1 January 2026 (in German). The additional contribution differs by fund, the average is an assumption.
How do you calculate your emergency fund?
First add up your fixed monthly costs. You can find them in the bank statements of the last three months. Then multiply the total by the number of months a loss of income or an emergency would cost you on average. The result is a target amount, not a mandatory figure.
Assumption: your fixed costs are made up as in the following table. We take the health and long-term care insurance from the table above.
| Item | Assumption in euros per month |
|---|---|
| Rent including utilities (assumption) | 450.00 |
| Health and long-term care insurance (from the table above) | 148.09 |
| Mobile phone and internet (assumption) | 40.00 |
| Liability and other insurance (assumption) | 30.00 |
| Total fixed costs | 668.09 |
| Target amount for three months (assumption) | 2,004.27 |
For comparison, the BAföG needs allowance for students living away from their parents is 855 euros a month, made up of 475 euros basic need and 380 euros accommodation allowance. The figures come from the rate tables of the Studierendenwerke, status 2026 (in German). Your own calculation should, however, reflect your actual costs.
Assumption: you can set aside 50 euros a month. Then it takes about 40 months to reach 2,004 euros. If you can save more, the time shortens accordingly. A budget plan helps you find that room: Budget planning during studies (in German).
Where should you keep the emergency fund?
The emergency fund must be quickly accessible, so the choice of account matters. A current account is available at once but usually pays no interest. A call money account (Tagesgeldkonto) is also available at any time, although its interest can change. A fixed-term deposit ties the money up for a set period and only suits you if you are sure you will not need it in that time. Cash helps at short notice, but it is limited and not protected against loss.
For every account, check the conditions for availability and costs. Also check how the statutory deposit guarantee (Einlagensicherung) works at your bank. Investments with price risk, such as shares or funds, are only partly suitable for an emergency fund, because the value may have fallen just before you need it.
When do you use the emergency fund?
An emergency fund is meant for costs you cannot plan or that would knock you off track. Typical examples are a repair that you cannot do without, a back payment or the loss of income. Holidays, furniture or new devices do not belong to this. If you use it for such things, you have to rebuild it afterwards.
BAföG and support from parents are not a reliable reserve either, because they can stop, change or arrive late. Assets can also affect the BAföG calculation, so know the allowances that apply.
How do you build the fund when the budget is tight?
If you have little room, a fixed amount that is transferred automatically each month to the emergency fund account helps. Small amounts count, because building it up happens over time. A part-time job can speed things up, but it must fit with your studies and your insurance status. For this, see Nebenjob als Student finden (in German).
Frequently asked questions
Is a small emergency fund of a few hundred euros enough?
That depends on your fixed costs. A small amount can help with minor shortfalls, but usually covers no more than one month. If your fixed costs are higher, a small amount quickly falls short. Calculate with your own list.
Is a savings account better than a current account?
Both can make sense. The current account is the easiest to access, while a savings account can pay interest. What matters is that you can use the money without delay and that the conditions are clear. A separate account helps you avoid spending the emergency fund on everyday costs by mistake.
Does an overdraft count as an emergency fund?
No. An overdraft is a loan, usually with high interest, and not a reserve. If you rely on it, you often pay more than necessary in an emergency. The emergency fund should therefore exist as a separate balance.
How long does it take to build up?
That depends on how much you can set aside each month. Assumption: at 50 euros a month, 2,004 euros take a little over 40 months. At 100 euros a month, the time is roughly halved. Use your realistic amount to work out when you can reach your target.
What to do next
- Write down your fixed monthly costs from the bank statements of the last three months.
- Set a target amount. The calculation is fixed costs per month multiplied by the number of months you want to cover.
- Open a separate account that you do not use for everyday spending.
- Set a fixed amount that is transferred automatically each month, and check the balance regularly.
Related guides
- Organising finances during studies: account, emergency fund and deadlines (in German)
- Budget planning during studies: monthly budget in three steps (in German)
- Student Health Insurance in Germany 2026: Key Figures
- BAföG Rates 2026/27: Figures, Allowances and Limits
Sources: GKV-Spitzenverband: fact sheet on contribution calculation parameters (status 1 January 2026, in German) and Studierendenwerke: BAföG rate tables up to 2026 (status 2026, in German).
Last updated: October 2026. This guide is general information, not individual advice.
