Only 4 in 10 U.S. adults (44 percent), say they could cover the cost of a $1,000 car repair or emergency room visit using savings, according to Bankrate’s January Financial Security Index survey. The Federal Reserve's 2019 survey of consumer finances, the most recent available, found that the median value of the American family's transaction accounts (savings, checking, money market, prepaid debit cards, call accounts) is $5,300. A savings account can help you weather unexpected expenses, such as job loss, medical bills resulting from sudden illness, or unforseen home or automobile repairs. Savings can also help you achieve financial goals, such as purchasing a home. If you start saving now — or add to existing savings — you’ll be better positioned to reach your financial goals even if they change. Savings also helps you achieve your future goals. For instance, you could be happily renting now. But in a few years, you may want to purchase a home. If you start saving now — or adding to your existing savings — you’ll be in a better position to reach your financial goals as they change.