Here is what I am doing, which may or may not work for you, but maybe it will give you some ideas.
I have 2 savings accounts and one checking account that yields 5% up to $25,000. My savings goals are:
1. Retirement
2. Six months expenses in EF
3. New (to me) car
4. Travel
After 14% for my 401(k) is already taken out, my paycheck is automatically split into 3 accounts. Some into my Wamu savings, which is my EF. Some into my Emigrant Direct savings, which is my car and travel fund. The rest goes to my checking account. I also have a Roth IRA with T. Rowe Price that I am maxing out. They automatically take $416 each month directly out of my checking account.
I use Mvelopes, so it is very easy for my to split my accounts up into different "pots" of money. I keep some of my EF and personal savings in my checking account since it has a higher interest rate than the savings accounts. Those bits of my savings have their own envelope in Mvelopes, so I can easily see that even though it is in my checking account, it is designated for other purposes. I also have envelopes for my other savings accounts, appropriately labeled as to their purpose. I find it much easier to keep my hands off the money when it is clearly marked as "emergency fund" or "new car" than if it was just sitting in an account. You could do something similar by opening several savings accounts - one for the EF, one for vacations, etc. For retirement you can continue using your 401(k) and/or open a Roth account with someone like T Rowe Price or Vanguard. I can't speak to college savings options since I don't have children, but I'm sure others here will chime in.
As to how to allocate the money. Sit down and figure out how much you need for each goal. How much goes toward each will really depend on how much needs to be saved and how long you have to do it. Also, any extra money you have at the end of the month or "found" money like bonuses, birthday gifts, etc can be put into the highest priority savings account. It is amazing how fast little bits add up and how motivating it is to see the numbers climb.
Good luck.
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