AIBU to spend £2k of £35k savings on a holiday?

[Ladygregory1]

AIBU to think if you have 35k in savings that it’s ok to use 2k towards a holiday?

If your savings are not for anything in particular, spending just under 6% of them doesn’t seem bad - after all, most people save for a holiday annually, at least.

Get some financial advice though, and start investing at least with £20,000 - your savings should increase better that way…

Surely paying for a holiday is literally what savings are for.

So are you having second thoughts 🤔

Of course you can/ should. Carpe diem

Just posted on another thread about how we have only recently got better at being in a saving mindset and so I do struggle to spend on holidays.

i have my eye on a four day holiday which I really want to do as it’s an experience too different to what we’ve done before but it’s just over 2k and I’m still pondering it

sorry not much help…

I wouldn't but then I think holidays are a waste of money anyway.

Depends. You say you’re overpaying on a mortgage. That’s great. Do you save monthly for a pension? What would be 6 months of bills for you. If the answer to those is yes and less than 30k then go for it. If no, get those things in place first then go on a holiday

LOL just seen update, maybe that’s a sign for me then☺️

Absolutely if I had that much in savings I would use 2k to go on holiday. I would go on a holiday with a lot less savings than that. Are you saving for something specific which is making you hesitant to use the money?

Stealth boast?

If you're 40, what's ypur pension fund looking like?

I would go on the holiday and pay some of the savings into a private pension.

Yes. That sounds absolutely fine.

You need a balance between financial security and enjoying life in the current moment.

It won't leave you short of money and you will continue to top up your savings.

Have a wonderful holiday.

Is the 35k your emergency fund (sounds like it is)? If it is, would you have six months expenses left in there after the holiday? If yes then absolutely go ahead!

A good rule of thumb might be to spend it slower than you saved it. Is this going to be your only holiday this year? If yes then no problem, you've said you'll replace it in 6-8 months, so you're up. Holidaying every 3 months at £2k a time? Maybe not such a good idea!

Instinct is yes! 2k isn't really that much for a holiday.
But of course it depends what else you might be saving for eg house, school fees, cost of uni, pension...
But if it's just your rainy day fund, then yes.

You can’t take it with you.
Also, girl math, if you pay it now, and you’re repaying your savings over the year before you go. The holiday is paid for before you depart, so that’s free, and your savings are back up to £35k, so you’re in the same position you are today. So basically the whole holiday is free. And if it’s all inclusive, even more free stuff.

All joking aside, there’s no point saving all your life and forgetting to live. Book it!

Yes I make my pension contributions separately. My DP has savings too. My savings would cover over a year of my half of expenses

I don't really understand the "guilt" here tbh! Why do you feel it is "wrong" or "guiltworthy". Where has that idea come from?

This is coming from someone who has never borrowed for anything other than buying a house and spends very well within her means with plenty of savings and pension, and even I think you are reacting a bit strangely here!

It’s pretty common for people who have grown up in a household where money was tight. Not saying that’s the case for OP but speaking from experience.

Yes I definitely would have enough to cover

Brilliant, enjoy your holiday.
You can have too much in savings and there are no pockets in shrouds.
Enjoy your day

I would only ever pay for a holiday if I had the money in hand to do it - which you do. The alternative is to go into debt - which you don’t need to do.

I have just come back from a holiday. We paid for it with the bank balance we had and no one said “oh, but, what if”.

No I have separate savings for the dc.

Well I’ve just spent £3.5k out of our £25k general savings for a holiday and don’t feel guilty one bit!

Currently on maternity leave with my youngest and want to do a holiday before the eldest starts school.

As long as you have responsible buffer for life’s unexpected events then enjoy yourself. You’ll remember the memories of the holiday far more than the feeling of looking at your saving account statement in future years time 😁

Hopefully you're saving into an ISA too (tax free savings), S&S best (you choose the risk level)

(Enjoy the holiday!! Good decision)