Short-term Savings Goals
Short-term savings goals are financial objectives that are typically achieved within a year or less. These goals are often used to save for a specific purchase, such as a vacation, a car, or a home renovation. Short-term savings goals are also used to build an emergency fund, which is a financial cushion that can be used to cover unexpected expenses.
History of Short-term Savings Goals
The concept of short-term savings goals has been around for centuries. In the past, people would save money for specific purchases, such as a new dress or a new tool. In the modern era, short-term savings goals are used to save for larger purchases, such as a car or a home renovation. Additionally, short-term savings goals are used to build an emergency fund, which is a financial cushion that can be used to cover unexpected expenses.
Comparison Table
| Type of Savings Goal | Timeframe |
|---|---|
| Short-term | 1 year or less |
| Medium-term | 1-5 years |
| Long-term | 5+ years |
Summary
Short-term savings goals are financial objectives that are typically achieved within a year or less. These goals are often used to save for a specific purchase, such as a vacation, a car, or a home renovation. Additionally, short-term savings goals are used to build an emergency fund, which is a financial cushion that can be used to cover unexpected expenses. For more information about short-term savings goals, you can visit websites such as Investopedia, Bankrate, and The Balance.
See Also
- Emergency Fund
- Medium-term Savings Goals
- Long-term Savings Goals
- Investing
- Budgeting
- Debt Management
- Retirement Planning
- Tax Planning
- Risk Management
- Financial Planning
