Borrowing Vs using Personal Savings

Hi i am considering doing some minor refurbishments to my house (approx €8000). is it better idea to borrow the money for this or to use my personal savings? i have approx €12,000 in savings in my local credit union.

Hi there, there are pros and cons - obviously if you borrow you do pay interest - however the loan can also be insured so if you loose your job the loan will be paid for - for a year I think..

We are taking out a small loan to buy a car - even though we have the money in the bank - but if either of us loose our job the insurance will pay the loan (for a year) and we will have the cash in the bank to assist with living expences..

Thanks pinkybear. thats what i was thinking myself. my job is relitively secure at the moment but you never know the way things are changing these days. and it takes so long to build up personal savings its hard to spend them!!!