Do you have a real emergency?
You might also be saving up for unexpected situations, which happens inevitably. The best strategy for these times is having emergency savings and rainy day savings.
The difference is, rainy day savings protect your monthly budget by handling expected expenses while emergency funds are for major unexpected situations.
Still, with both of these savings, you need to be wise enough to avoid using that money for unnecessary "emergencies." That way when a real emergency comes up, you won't regret it.
Are you able to replenish?
Also, figure out whether you have a solid plan that can build your savings back up again. This is important to think about because if you spend without any plan, you will be exposing yourself to financial problems in future.
Therefore, if you don't have a way to pay back the money, rethink whether you should spend right now.
Is it necessary to use all of it?
If you've made up your mind to dig into your savings, you should assess whether you really need to use all of it. There are often situations where people have no option but to do so but, if you actually don't have to then you probably shouldn't.
You need to have a cushion to help you start again after you have used a huge chunk of your savings. Take time to think about it so that you make the best decision.