save on their savings vs draw on their savings

Both phrases are correct, but they are used in different contexts. 'Save on their savings' implies finding ways to reduce expenses or get discounts to increase savings, while 'draw on their savings' means using the money saved for a specific purpose.

Last updated: March 15, 2024 • 811 views

save on their savings

This phrase is correct and commonly used in English.

This phrase is used when referring to finding ways to reduce expenses or get discounts in order to increase the amount of money saved.

Examples:

They were able to save on their savings by using coupons and shopping during sales.
By cutting down on unnecessary expenses, they managed to save on their savings each month.

Alternatives:

reduce their expenses to increase their savings
find discounts to save more money
cut costs to boost their savings

draw on their savings

This phrase is correct and commonly used in English.

This phrase is used when referring to using the money saved for a specific purpose or need.

Examples:

They had to draw on their savings to cover the unexpected medical expenses.
It's important not to draw on your savings unless absolutely necessary.

Show examples from the web [+]

Jun 23, 2013 ... that retirees generally draw on their savings at a very conservative rate (De Nardi et al., 2006; Love et al., 2008; Smith et al., 2009, Poterba et al.
At what points in time do young people have difficulties managing their finances ( and when would they need to draw on their savings most)? How and where do ...
Nov 13, 2014 ... “Savings in an employee stock purchase plan can present a viable option for workers who need to draw on their savings for financial purposes.
Oct 27, 2014 ... The proportion of Australian households running into debt or needing to draw on their savings has decreased to 17.7 per cent, the lowest in ...

Alternatives:

use their savings for a specific purpose
tap into their savings
dip into their savings

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save on their savings vs draw on their savings