This is from a Dutch perspective, sorry if it's not really relevant to the rest of you... I wanted to write it out for myself.
E-Fund:
2 months of expenses in a directly accessible savings account, yielding 0.5%
4 months of expenses in a different savings account, yielding 0.9%. This account takes 1-2 days for transfers to come through
The rest is in investments.
Big ticket items: hadn't really thought much about it... my car probably needs replacing in the next year, I'll shore up on investments for a bit and put some extra money aside in my second savings account. Thanks, everyone in the thread, for reminding me.
Security blankets: thanks to Dutch social welfare, I do feel like there are safety nets should anything happen. I don't need to have insurance for the following, they are there by law:
Involuntary job loss (ie laid off, contract terminated/not renewed): I would get 70% of my last income for 13 months (length depends on how many years you've been working). Of course you don't get this if you quit or get kicked out for theft or something.
Sickness/disability: depending on how much you can still work, up to 70% of income for as long as the disability/sickness lasts (really short version, there's tons variations).
'Bijstand' ('help'): if none of the above apply, you get 70% of minimum wage, so that comes to 977 euro (~$1000) a month. You are required to liquidate and use up your assets first - including a house. You do get extra government help up to 420 euro a month for rent and healthcare.
I hope to God I never need any of these! But it's good to know they're there and I don't need to put any thought and money towards it. Since I have a 40% savings rate now, 70% of my income would still let me save 10% even if I was jobless. It's a nice thought.
Of course, a 42% tax rate is the trade-off here... On the other hand, mortgage interest is also deductible at 42% :)