savings-target

Vocabulary Word

Definition

'Savings-target' refers to a pre-specified amount of money one aims to accumulate by consistently putting aside a portion of their income. It's like planning for a trip and saving money every month for that.

Examples in Different Contexts

In retirement planning, the 'savings target' is the amount of money needed to support one's lifestyle after retiring, considering life expectancy, inflation, and desired lifestyle. A retirement planner might advise, 'Determining your retirement savings target early can guide your investment strategy and saving habits throughout your career.'

Practice Scenarios

Tech

Scenario:

I believe, upgrading our tech tools will significantly boost our efficiency. Do we have any financial plan in place for such undertakings?

Response:

Absolutely, we should set a savings target each quarter for technology upgrades.

Marketing

Scenario:

Our Q2 marketing plans involve ramping up our digital presence. We'd need funds to back this plan. What's our budget?

Response:

Agreed. We should set a savings target from our revenues for marketing initiatives.