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 goal-oriented saving, a 'savings target' is a specific financial amount an individual aims to save for a particular goal, such as a home purchase, vacation, or emergency fund. A savings coach might encourage, 'Setting a clear savings target for each of your financial goals can help motivate you and track your progress.'

Practice Scenarios

Academics

Scenario:

University education is a significant investment. Have you considered how to manage the costs?

Response:

Yes, I'm planning to set a savings target for my university tuition. It will help me stay out of heavy student loans.

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.