After around 1 year of going to bachata classes around once or twice a week and social dancing once a week, I stopped going to classes to save money. Now, I only go to social parties around once a week.

Is it OK to take a break from the classes and only go to socials? Perhaps, I will re-start classes once I have more time & money but at the time, I wonder if stopping classes would detoriate my skills.

There is no one to correct me if I do something wrong in a social dance. Social dances are for fun. The follower does not (and should not) correct me when we're having fun and dancing. This is different from a class-environment, where I would get feedback about doing things wrongly.