MSE Poll: How often have you had to dip into your savings?

MSE_Gavin

Poll started 8 October 2024

As the cost of living crisis continues to heap pressure on to the finances of many people across the UK, we'd like to know whether you've had to dip into any savings you have. And if so, how often, and what have you had to dip into your savings pot for?

Click here to vote in the poll

Did you vote? Are you surprised at the results so far? Have your say below.
If you haven't already, join the forum to reply.

Keep_pedalling

We dip into savings every year but the reason we do so is because we are past the saving stage in our lives and into the spend it to have a comfortable retirement stage which is not an option but it must apply to quite a few comfortably off pensioners. 

Brie

I rarely find these polls satisfying or feeling like they are providing a good picture.

To say I dip into my savings several times a month might sound desperate when in fact it's to take out small amounts while maintaining as high a balance in my high interest savings account.

To say I'm using savings for everyday expenses doesn't take into account that I'm at my lowest household income in about 30 years, something that is a very temporary thing.  The fact that this has happened at a time of increased costs is just a coincidence.

El_Torro

I dip into my savings a couple of times a year. Reason being that I like to keep a maximum level of savings (i.e. my emergency fund), any spare money on top of that goes into my Stocks & Shares ISAs. Some months are more expensive than others so when I have an expensive month I dip into my savings to pay for the big expenditures. I then top the savings back up in subsequent months. Makes more sense than dipping into my Stocks & Shares ISAs. 

YBR

There are 2 - 3 months a year when our current account doesn't balance (i.e. the float is not enough) and I transfer some money over; 6+ months of the year when it's in surplus and the excess is split between charity and savings.
It's not desperation and it's not depleting savings that I can't later replace. Sometimes a bunch of bills land together, that's all.

MikeJXE

My current account runs itself

Pension goes in debits go out 

If it gets below £1000 I move a bit in 

If it gets to £2000 I move a bit out 

Easy life 

Tardis4

Savings.....those were the days. I have a vague recollection of that word.