Custom ID for SP List

[JMack23]

I am trying to create a SP list with a unique identifier, I know each new item has a unique "ID" field associated with it, incrementally increasing. What I am looking to do is have each new item with the following Format "TGT002001-03" Where the "TGT00" part is fixed, the "20"refers to the year, "01" refers  to the month (January) and the "-03" refers to the instance in that month, i.e. it is the 3rd item created in January of 2020. Is this possible?

[#2]

You should be able to do that with a calculated field and some formulas there...but bear in mind that calculated fields are very limited too...the other alternaytive could be to set the field using a PowerAutomate Flow

[#3]

Calculated field won't work for this. User flow to generate the custom id field