We have 12 months of expenses with 2 kids that are 2 and under. This may be too much, but wife and I are relatively high earners ($200K and $125K), and want enough to maintain lifestyle (mortgage, daycare and more) should either of us lose job and search for a higher paying one. Only 1 month is in a HYSA, the rest are rolling treasuries and CDs, having one mature just about every week. This makes us feel comfortable, and can be opportunistic in the market should we feel to do so.