For young working adults like myself with multiple upcoming lump commitments (e.g. housing downpayment, renovation, wedding), how do we allocate between savings and investment accounts?

Having and managing multiple goals is tough, but is made easier by platforms like Endowus where you can set up specific goals and work towards your target. It is important to bucket your investments and make sure you are managing them well within 1) the time frame for which you are investing, 2) the risks you are able to take in order to achieve the returns needed to get to your goals. In most cases you need to make some sort of investment in order to compound the returns towards your goals, but as you get nearer to achieving those goals, you will need to manage the risk of the sequence of returns (when good or bad returns come) in order to minimize the risk that just before you goal is achieved you have a major move in markets. You will manage risk by diversification or less volatile asset classes like fixed income vs equities, or within fixed income shorter duration vs longer duration investments. Savings accounts can also be used to manage more short term liquidity needs. These days interest rates are have fallen to such low levels, it is diffficult to find any yield. However, Endowus has launched Cash Smart to meet the needs of our clients. Through the Endowus Cash Smart Core and Enhanced product, you can make even your cash work harder for you while you aim to achieve those important personal goals. There is no lockup, no limit or cap on how much you can put in, no transaction cost, and there is daily liquidity and daily interest accrual in the funds.

You could do a risk appetite and tolerance analysis. It will show you your allocation. One simple way is to just use your age as the % of savings to put aside. However, if you have huge upcoming commitments I would suggest you have a greater value in savings as your investment account could be losing money when you need the cash for your commitments. You could plan our how much you need for those commitment and the rest can be in your investment account. You could even put in bonds which is less volatile compared to equities. It really depends on individual and the time you need the cash.