savings-plan

Vocabulary Word

Definition

A 'savings plan' is a systematic and disciplined way of setting money aside on a regular basis, for any future needs like going on vacation, buying something expensive, or just for a rainy day.

Examples in Different Contexts

In retirement planning, a 'savings plan' refers to a strategy for accumulating the necessary funds to support oneself after retiring from work. A retirement planner might explain, 'Starting a retirement savings plan early in your career is crucial for ensuring a comfortable and financially secure retirement.'

Practice Scenarios

Business

Scenario:

As our company grows, we need to consider our financial future. We need to secure funds for expansion and unforeseen circumstances.

Response:

I agree, we need to establish a robust savings plan to secure our financial future.

Marketing

Scenario:

We are planning big for our annual holiday campaign. We must allocate sufficient budget without disrupting our other campaigns.

Response:

Developing a savings plan for our holiday campaign might enable us to finance it comfortably.