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 personal finance planning, a 'savings goal' refers to a specific amount of money an individual aims to save within a certain timeframe for a particular purpose, such as buying a house, retirement, or an emergency fund. A financial planner might advise, 'Setting a clear savings goal can help you stay focused and motivated, making it easier to allocate funds consistently towards your target.'

Practice Scenarios

Tech

Scenario:

Our app's next version requires additional features, which will need more budgeting.

Response:

Let's establish a savings goal now, so we're prepared for the app's next version costs.

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?