savings-goal

Vocabulary Word

Definition

A 'savings goal' is the specific amount of money that one intends to save over a certain period. It could be for an emergency fund, retirement, or personal goals likes vacation etc.

Examples in Different Contexts

In budgeting, establishing a 'savings goal' helps individuals and families plan their spending and saving more effectively by having a specific target to aim for. A budget advisor might suggest, 'Your savings goal should be realistic and reflect both your long-term aspirations and short-term needs.'

Practice Scenarios

Academics

Scenario:

Our research project needs another round of funding for the new equipment.

Response:

We should also consider an additional savings goal to cover unexpected research expenses.

Business

Scenario:

Considering our planned investments, it is crucial to be disciplined about our expenditures.

Response:

Agreed, cost control is vital. Could we set a savings goal to aid our investments?