Feel guilty if I have to take money out of my savings account.

MikeL93

I’ve got two savings accounts. One is a Help to Buy ISA and I put the maximum £200 a month in that every month and don’t take any money out of it. I’ve also got a regular savings account that I just use as a way of saving up to help top up my Help to Buy ISA for when it comes to me buying my first house.

This year I went away for the first time in 3 years and I paid it all off but for some reason I feel guilty for taking money out of my savings to pay for it. My only other outgoings I usually have per month are on my car, Netflix, rent to my parents and my gym. But I am also getting my teeth straightened which is costing me £200 a month but this will be paid off in December. So because I have more outgoings this year my savings account is either just staying at the same level or slightly decreasing. If I do take money out of my savings account I will try to put it back but I know I will have to use quite a bit of it this month as my road tax, car service and car insurance are all due. I don’t know why I feel this way about taking money out of my savings but how can I stop feeling guilty?

JennyJukes

I hope someone has an answer because I feel the same way a lot.

I also have a Help to Buy ISA and a regular savings account and whilst my ISA is going up my savings is going up and down. What I'm hoping will help is if I get the regular savings account to a certain amount of money (3 months emergency fund) then open up a new account to put other money in. That way I have two back up accounts with the amount of money I feel I need to keep behind then another savings account that I can take from and add as I wish. It's quite difficult to save, IME, when you don't have a certain goal because then you just take whatever you want out - then feel guilty for it.

You shouldn't feel guilty - savings are yes for the future but they're also a buffer. I saved a lot for a deposit then circumstances changed and I had to use my savings to survive. So my opinion is as long as you have enough of a buffer for the things you do want and an emergency fund, then you shouldn't feel too bad about spending on holidays with that extra amount you've saved.

Neil_Jones

Personally I would feel even more guilty if I had to use other sources of funds such as loans, payloan loans or even an overdraft. I don't feel *that* guilty about dipping into savings - its what its there for, all it means is I get a slightly reduced amount of interest on that account.

MovingForwards

I feel guilty too.
What I have done is ear marked one of my accounts for fun/emergencies that way my mortgage deposit isn't touched.

strawb_shortcake

I hate having to use my savings too, but as my Husband says the savings are there to pay for these things. Ultimately it was better to take £700 out when the clutch went rather than having to put it on a credit card

colsten

Savings are for a rainy day. Sometimes it will rain unexpectedly. Just get a little wet, and dry yourself off again.

jaybeetoo

I recently retired and I'm finding it very hard switching from being a saver/investor to taking money out of my accounts to provide an income. It doesn't come naturally to me after decades of squirrelling money away. I think it's OK to feel a little bit guilty.

in_my_wellies

My mum has always been a saver. She has a huge amount invested and often says 'you have money at the wrong end of your life, what can I spend it on now'

Aretnap

It's one of the paradoxes of saving. Ifyou are NOT the sort of person who finds it difficult to take money out of your savings and spend it then the problem of how to spend your savings without feeling bad is unlikely to arise - because you won't have any savings.

Just remember that's what they're there for and if you are not going to enjoy them at some point, what's the point of having them? Everything in moderation, including thrift, and moderation.

KeepOnKnitting

Saving for a goal is great, and having security is (in my experience) helpful for your mental health, but life is for living too. Don't get so caught up squirrelling for winter that you miss the whole of the summer.

stehouk

I never touch my saving's once deposited,i stop spending until i have money back in my account, i use a 0% purchase card for emergencies, luxuries, holidays etc