I have less than &quot;recommended&quot; (depending on who you ask) in an emergency fund (but I do still have one). Why? I have a spouse with a large income and it is doubtful crisis will hit us both at once. I also can reduce my spending without a problem in the short term - most of my spending isn&#x27;t fixed expenses it is experiences that can be curtailed very easily. Someone with a large mortgage may want to keep more in their emergency account - that&#x27;s all I&#x27;m saying. Age has a lot to do with it also - if you are young you can ride out large dips in the market.