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Chief
I started with just one big emergency fund, then once that got to a comfortable spot, I created additional more targeted accruals - for furniture, property taxes, auto maintenance, etc. This lets me self-insure for the small-to-medium bumps in the road and preserve the main emergency fund for larger issues like an unplanned stretch of unemployment.
I used to only keep enough in checking to pay next month’s bills, but I find even though I’m “losing” money to inflation, I prefer to have these accruals on hand so I can take these things in stride without having to realize gains or losses selling investments to pay for them.
Pro
My emergency fund is only for job loss, emergency attorney/defense fees, bail, etc.
Pro
I don't anticipate being fired either. People are wrongfully accused of things every day. The emergency fund is for a doomsday scenario.