Here’s How Much Cash You Need Stashed To Survive a Recession in the Midwest

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.

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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.

EJ_Rodriquez / Getty Images/iStockphoto

EJ_Rodriquez / Getty Images/iStockphoto

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

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chapin31 / Getty Images/iStockphoto

chapin31 / Getty Images/iStockphoto

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

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pabradyphoto / Getty Images/iStockphoto

pabradyphoto / Getty Images/iStockphoto

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

digidreamgrafix / Getty Images/iStockphoto

digidreamgrafix / Getty Images/iStockphoto

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

ehrlif / Getty Images/iStockphoto

ehrlif / Getty Images/iStockphoto

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

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jimkruger / Getty Images

jimkruger / Getty Images

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

peeterv / Getty Images

peeterv / Getty Images

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

Davel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

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

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DenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

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

Sean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

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

DenisTangneyJr / iStock.com

DenisTangneyJr / iStock.com

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

csfotoimages / Getty Images

csfotoimages / Getty Images

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.

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