Definition
A specific target for the amount of money you want to save, such as for a vacation, car, or down payment on a home.
What to consider
- Set a clear target for what you want to save.
- Break the goal into manageable chunks.
- Track your progress and adjust your plan if needed.
Real world scenarios
- Layla aims to save $5,000 for a new car, setting a monthly deposit target until she reaches the sum. Tracking her progress on a chart keeps her motivated.
- Andre and his partner share a savings goal for wedding expenses, each contributing a fixed portion of their income. They celebrate milestones like hitting half their target.
- By focusing on clear targets, Gina avoids impulse buys. She sees how each dollar not spent brings her closer to buying a home.
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