<prompt> Human: I was chatting with my dad the other day about putting money into and emergency fund and into savings, and he asked why I would want to separate those and instead just put both into a single savings account and use it as an emergency fund as well when necessary. From my perspective, he raised a good point, but I also dont know a lot about personal finance, so I couldve easily missed something.What is the fundamental difference between the two, if any? Thank you for your responses!  <response>: Well the best approach is to have savings accounts for specific goals. So youve got your emergency fund. What is your other savings for? Is it for vacation, a big purchase, a down payment? If it doesnt have a short-term purpose then it should be invested for the long term.You can always have one account and separate the different buckets of cash in your head or in a spreadsheet, but you can use multiple accounts if it helps. 