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Now that we have extensively dealt with personal finance
goals, there is need for us to go a step further and elaborate on the concept
of targeted-Savings. Targeted-savings is one of the best anchor of
achieving personal finance goal without debt.
I will like to define Targeted-Savings
from the two words that make it up: Target and Savings.
Target: To elect
as an object of attention or attack a midst many options.
Savings: The
money one has set or put aside, especially through a bank or other official
scheme.
Putting the two together, Targeted-Savings is the saving
meant for a particular purpose. It is easier to save with this method as the cost
of what is to be done and the time line involved is known. (From our post on
Personal Finance Goals, we discovered the three tiers of goals: Short- term
personal finance goals, Mid-term personal finance goals and Long-term personal
finance goals (Get it here)).
I remembered while
growing up, a few friends and I used this method to buy cloths and boots back
in the days.
