We have 12 months of basic expenses in a
savings account. Unless the absolute worst case scenario happened (DW and I both lost our jobs, and neither of us received unemployment insurance) those funds would actually cover us for quite a bit longer than that. We do have ~$40k available on our credit cards, but that would be a last resort.
As the markets have gone down, I've stopped putting any money into the EF, and have been putting money into a taxable MF account. My early returns are less than stellar
, but I'll continue DCAing into that account unless one of us loses our job.