It seems the consensus is to exclude savings outside of retirement and brokerage accounts when calculating asset allocation. In general I go for a lazy 3 fund portfolio with 70% U.S. total market, 20% International total market, 10% fixed income. I also keep 6 months of expenses in an online savings account (I know, I know...wimpy scaredy cat). My question, does anyone include their EF / savings account in the fixed income portion when calculating their AA? I'm pretty consistent about keeping at least 6 months of expenses in that account so if I include it I'm over 10% fixed income, if I exclude it I'm under 10%. I suppose it's not too important either way, just curious how others handle this. Also, I exclude my P2P lending account. I consider P2P lending to be at least as risky as stocks. I suppose I could just make an "other" category. I do include P2P when calculating FIRE though.