To spend or borrow

I have a home repair (estimates) that would cost half of my savings.

I’m working so I can replenish my savings over time.

Should I use it or take a personal loan?

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IMHO, that’s what your savings is for- so you don’t have to take out a loan. But I suppose it also depends on if your job is relatively stable, and how long/how disciplined you are at putting money back to savings. But my first reaction would be to use savings.


I’m not sure any job is really stable, especially considering what happened this past year. Is the home repair an emergency? Does not repairing create a dangerous situation? Then, yes, I’d use my savings. Otherwise, my inclination would be to hold onto as much of my savings as possible because you don’t know what’s coming down the pipe. Another option would be to maybe just take a portion less than half of your savings and use forthcoming paychecks to pay the remaining portion. Good luck.

if it has to be done for safety reason do it, but if you can afford to pay with your saving, do it, but if your job is not stable try to hold off