Dipping in to savings?

**Russ** · 05-03-2010, 09:39 AM

I know that in my house we are not doing this.

Consumers dip into savings to boost spending - Stocks & economy- msnbc.com

I'm not surprised by this because the fear factor is slightly alleviated by the upswing in the economy but we have not forgotten how bad it was and still is. In Lapeer county, Mich, the unemployment rate is 19.3%.

Is anybody here dipping in to savings to spend more?

I'm pretty sure Greebo would

if you are.

**Debbie-cat** · 05-03-2010, 09:51 AM

NO WAY! I am sure Greebo would do more than just hit you!

**McD** · 05-03-2010, 10:03 AM

No. The only thing we have pulled money out of savings for is our tag renewals, which were planned and expected expenses.

**MTS04** · 05-03-2010, 10:20 AM

No. We have one planned expense over the next couple of months. that is to have our Central A/C replaced. We saved for it last year and the it's sitting in savings waiting for that expense.

**nodmicks** · 05-03-2010, 10:33 AM

Nope~ only on things we had been planning to spend on anyways.

**Mom2-3** · 05-03-2010, 12:04 PM

*knock on wood* we haven't needed to spend any of our savings. I have upped the 401K because we are buying low.

**jas** · 05-03-2010, 12:30 PM

We have special ING accounts set up for certain spending. People do have short memories and stores and banks are counting on it. We on the other hand have NOT forgotten.

**JoJoBean8** · 05-03-2010, 01:34 PM

We have had to twice. The first time was because my daughter out grew her crib and needed a new bed. The second time was to pay for Hubby's tuition for summer classes because we are still waiting on his grants to come through.

**mek42** · 05-03-2010, 01:44 PM

I've been dipping into my spending to boost savings... :giggle:

**frugalwarrior2** · 05-03-2010, 01:50 PM

Afraid so.
DD's tuition and books were 2x what i expected because summer is now divided in 2. Taking out a college loan for community college isn't happening.

6 mo. car ins. for 3 people. I saved $188. by paying the car ins. early. Paid the escrow shortage and kept the mortgage payment from creeping up much.

Had to front my DH $200. spend money because he's flying back and forth to Bermuda so often his 1x a month paybacks can't keep up. (54 days there this year and counting).

It was worth it financially because it will be back in 2 weeks. But my nerves,my nerves.

**frugal is fun** · 05-03-2010, 02:08 PM

I just bought a $2400 fence. I paid cash so yes, that money came out of my savings. HOWEVER, by no means did I wipe out my savings or even come close. AND I probably just upped the value of my house more than twice what I spent.

And I LOVE MY NEW FENCE!

**JanieD** · 05-03-2010, 02:40 PM

I see "dipping into savings" as a better choice than using credit. That's my positive spin on the article. I believe most prefer to spend rather than save & may increase savings short term. However, they will return to what is most comfortable for them.

I prefer to save, but have a list. Doesn't everyone have one of those lists... things that need replacing or will very soon. Instead of using credit, we will use money we've put aside in savings to make purchases as they come up. We are in no rush to spend the money & will continue to save.

**Palooka** · 05-03-2010, 03:58 PM

Dh has, but I haven't.

**khaski** · 05-03-2010, 04:01 PM

We plan to take out of savings for fencing this spring/summer, but that was planned for since last year. I agree some are loosening their grips at a time we all need to keep our eyes wide open!

**mek42** · 05-03-2010, 04:57 PM

Originally Posted by mek42

I've been dipping into my spending to boost savings... :giggle:

And some karmic retribution for me bragging, I think I'll be needing to use E-Fund for a $10 or 20 trip to Lowes for Liquid Plumber tonight, as the washing machine is backing up from the pipe in the concrete foundation pad in the basement.

I need to start working on an accounting exam tonight, so likely no time for snaking.

At least we aren't having this problem with first floor laundry.