Savings Goal
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Definition: A savings goal is a specific financial target you set to save for a particular purpose, such as an emergency fund, vacation, or down payment. It includes the total amount needed and a timeline for achieving it.
Example: If you plan to buy a $10,000 car in two years, your savings goal would involve setting aside $417 per month to reach your target.
Resources:
- Savings Calculators: Tools to determine how much you need to save and track progress.