Repaying Savings?

Little_Star_3

This is sort of just a general opinion thread. I had 6000£ in savings (in an ISA) which I have used over the last year to pay off debts.
I still have about 5000£ in savings.
I had no charges to use the money, would you try and build up that savings money again (that you used for debts), or would you just start saving again? I have a note of when I took the money out, and I have been noting when I have put in money to 'pay off that debt' But I have to say is tempting to just continue with saving and ignore that 6K

LittleVoice

Not too sure what you are asking, but if it is can you replace the money you have taken out of your ISA, then the answer is you can't use your previous years' ISA allowances in a new year and can't pay in more than £3K gross (not net after allowing for withdrawals) in a mini cash ISA in any tax year.

If you are asking about building up a nest egg, then of course do so as long as you are not paying more interest on current spending (eg by not paying off a credit card in full every month).

Little_Star_3

I was asking, though not very clearly if you used savings to pay off debts, would you try and pay back those savings, or would you just start over with savings?

belfastgirl23

Little_Star wrote: »

This is sort of just a general opinion thread. I had 6000£ in savings (in an ISA) which I have used over the last year to pay off debts.
I still have about 5000£ in savings.
I had no charges to use the money, would you try and build up that savings money again (that you used for debts), or would you just start saving again? I have a note of when I took the money out, and I have been noting when I have put in money to 'pay off that debt' But I have to say is tempting to just continue with saving and ignore that 6K

Is it not the same thing either way? One way or another you're saving money...I don't see you you can continue with saving and ignore the 6k since surely the 6k is saving???

LittleVoice

I'd just look at it as building up my savings, knowing that it had been useful to have this in the past. I wouldn't think of it as replacing the £6K.

Little_Star_3

ah thats a good way of looking at it, it part annoys me I had to dip into my savings, but at the same time I just don't think its worth me worrying about, and just carry on with building up my savings.

LittleVoice wrote: »

I'd just look at it as building up my savings, knowing that it had been useful to have this in the past. I wouldn't think of it as replacing the £6K.