Money Management

[AWilliams]

DH and I will be visitng Disney with my sister and her BF in May. My sister isn't the best at managing her money (and has a tendency to lose it). So far I've taken care of everything. I started by giving her a total budget and she has been sending me a monthy check. Air, Hotal, and Tickets are all taken care of. On the side, she has been saving money for food and souviners.

My sister has asked me if she should get travlers checks with her money (she doesn't have a credit card). I would really like her to be able to put the money on her room card as it will be safer and more convenient there. I'm trying to determine which option would be best:

1. She brings travelers checks. Deposits some at the front desk so she can charge to her room card.

2. She gives me a check and I get her a visa gift card in the amount she has saved for spending. She can leave this at the front desk and charge to her room card.

3. She gives me a check and I put my credit card on her room so she can charge to her room card.

4. ?????

The four of us will probably be spending about 75% of our time together and eating at least one meal a day together.

Thanks for any input you may have!!

-Amy

[beansmom]

If she has a hard time managing money, I think the BEST way would be to put each day's spending allotment in an envelope. When it's empty, it's empty.

For compulsive spenders, a credit card is a magic ticket to disaster. Sure charging to the room is convenient but it really seems like you are spending MONEY and it's easy to get carried away.

[epcotitis]

We're not bad budgeters but we use the envelope system for just about everything. It works great. A good way to have the trip all paid for. You have to be disciplined not to steal from another envelope though.

[Pat_Elliott]

Originally posted by epcotitis
We're not bad budgeters but we use the envelope system for just about everything. It works great. A good way to have the trip all paid for. You have to be disciplined not to steal from another envelope though.

Like you, we feel we're not bad budgeters. In fact, we feel we're pretty good. However, we too use the envelope system. But we're taken it a further step. Athought the tempt to raid a future envelope is always a risk, we try and take it the other way by trying to have extra halfway through the trip.

We've found over the years that no matter how well we plan, we always have the "spend-urge" on day one. So we front-load that envelope. Then, we make it a game to see how much money we can have left over by day four, usually halfway through the trip. If we succeed, then the last half of the trip we can have some major indulging!

So the original poster: we find that Disney brings out the kid in all of us. The key to money management is therefore to turn it into a game!

Pat

[AWilliams]

Thanks for the replies! I guess my concern isn't only overspending, but losing the cash. I can't count the number of times she's lost her purse or money has fallen out of her pocket. I thought if it was electronic, it would prevent the loss.

I can keep an eye on her daily spending, but I can't do anything if she loses the cash. Are travelers checks easy to replace on Disney propoerty? I assume they would be accepted everywhere.

Thanks again!

Amy

[nicknamy1996]

I came to the old budget board today to post a very similar question, so I will just piggy back on yours.

I would like to do the evevlope thing and think it would work pretty good. The main reason I had not considered it was I would be losing the rewards for using CC (disney dollars these days.) But I guess thats a pretty silly excuse, even at two grand charged at WDW it's only $20 bucks I'd lose.
We did CC last year and it was a head ache! At the end of each day I'd try to figure out if we had blown our whole budget for the week. I was thinking this year of keeping a pocket notebook on me and each time we charge something pencil it in(again too much of a hassle while on vacation for a lousy 20 bucks)

As I type this the daily envelope is sounding better and better.

And now back to my question (remember, the whole reason I came here today)....

If you charge to your room card, can you get a printout of what you spent for that day? Is it accurate? In other words is it going to have EVERYTHING I charged that day or is something going to pop up a day or two late and suprise me?

I would prefer to use plastic, and if I can get a print out and it is accurate. This will most likely be the route I choose.

Thanks.

[AWilliams]

We had our bill printed about every couple of days and it was very accurate to the date/time. I even kept a copy of the final bill in my scrapbook. It is kindof cool to go back and see all the places we ate/drank and shopped!!!

[epcotitis]

It is usually pretty accurate. One time we had a dinner at Mama Melrose not show up for a couple of days.
Another time we were back and a charge showed up for a boat rental several weeks after the fact...Just don't spend all your leftover money on restocking your kitchen when you get back like I did. lol
:rolleyes:

[worm761]

if you really want your sister to have a credit card~ have you considered on of the prepaid visa's? i dont know if all banks do it but mine does. i thought about getting one for spending money but i just cant seem to get away from the evelop method.

[Ratpack]

DW and I are the best budget people either but I have to agree with the envelope method. To start off with, once we start planning a trip, we have a savings account that is for vacation only. Once we figure out our costs, including spending, I create a spreadsheet with all info on it. And as money is put into the account, it is entered and subtracted from the total needed. That way, the money is always there. Then when we leave, we withdraw our spending money and put into envelopes marked with each day we are there, including the day to drive down and day to drive back. Last year we withdrew all of the money as we paid cash for the room and tickets. This year I will use the Disney Visa to get the rewards, but knowing the money is sitting there to pay in full when we get the statement.

If your sister has trouble keeping up with money, maybe you can break it down and give her a half days "allowance" at a time. That way she is not prone to lose a lot of money at one time.

[PlutosMom]

I think I understand about "losing" the money. May I suggest the use of a neck-string holder? Passporter has a very nice one (to purchase, about $7.50) that has space for a room key/card and for money. As I recall, it's pretty waterproof. It has a long and adjustable cord so it can be worn around the neck. My experience is that ... if around the neck, it doesn't get lost. I can't explain this, but it's held true for us. This way you can incorporate the daily cash system, if you want; or just use it for any of the cards you settle on.

You'll see others at the parks with similar neck strings ... and we're seeing more and more at the airports as the concept is used for airline tickets and IDs. Hope this helps.

[CarolA]

I would NOT carry a lot of cash and I don't lose money. People tend to feel safe at Disney, but everytime I read one of these threads it makes me nervous. I am really amazed we have not had the "I was robbed at Disney thread" PLEASE, use Traveler's checks or something. Cash cannot be replaced and if it is lost/stolen on day one your vacation could be ruined.

[tink2dw]

Ok,I'm a bad budgeter,too!! And I have lost cash.

For any Vacation we buy Travelers Checks!!! WE know there is a replacement then. Less stress to out start with!!

Banks hate it,So call ahead a week or 2 and let them know you will need $20. dollar travelers checks for your sisters WHOLE food and spending money budget.
1. Travelers checks can be cashed easily at WDW. so no worry there.
2. Every time you have to cash a $20. Travelers checks it takes those few extra minutes that may let you decide if this is something you NEED not just want.
3. I would still use the envolope system as it really really works well.
4. All though it would be tempting to split her daily allowance for morning and then afternoon,I think it would defeat this great learning experience for your sister. If you make it a friendly daily challenge to see who saves the most each day. She may learn how it feels to save money and chatch the bug!! Start small. The 1st day see who can save $5.00.
5. Credit is a bad bad thing to give a bad budgeter!!!
6. The First day go to the Disney outlets to save money and get those got to have's that bust a budget in the parks!!


Good Luck and Have a great Trip!!

[Piper]

I use a combination of travellers checks and my passporter. I am pretty good at budgeting--I have already made envelopes for mousekeeping and put the tip in--then put each one in the appropriate passporter pocket----made envelopes for the towncar pickup and return trip--put those in the appropriate passporter pocket--put my RFC gift cert in the pocket for the day I will use it--put my Q & C vouchers in pockets for the days I plan to use them--and plan to buy travellers checks and distribute them also into the pockets. Then I will file my receipts in the pockets and have an accurate record of the trip.

I have also already paid for my room and have set aside the money for my ecv by overpaying my cc. (Walkers deducts that fee the day before you arrive.) Paid for my Keys to the Kingdom tour when I booked--so I just have a few meals to pay for and I'm set!

Have you thought about getting a Passporter?--maybe it will help her to be organized and see where her money is going if she saves receipts. The first step to budgeting is to see where your money has been going!

[floridafam]

I wouldn't use envelopes. If she is prone to losing money, she will lose these too.

My Mom lost money at Busch Gardens once after she told us she had a fool proof way of not losing it. It is way too easy to lose this way. Plus, are you always going to be worrying about the envelopes of cash sitting in your room? Even if they are in the safe I think this would take up a lot of time.

She should give traveler's checks to the front desk and charge against the amount she gives them. If she loses her room key it can be replaced. She only has to worry about carrying her room key for virtually everything.

I wouldn't mess around with the Visa gift cards or having her write you a check and you putting everything on your cc.

By having her give the front desk the checks she has responsability for her own money and won't be tempted to ask you to "put just a little more" on your cc if she runs out.

Also, I like the idea of getting a bill print out from the front desk if you happen to walk by. It shows you what you have spent and is a good indication of budgeting for the rest of the trip.

Are you staying in different hotel rooms?

[wdisneyaholic]

I am a horrible budgeter, I would love to hear some suggestions for getting on a budget. Not for Disney, just for an everyday thing. I just can't figure out how to do it. But to stay on topic, I have started buying Disney dollars for my upcoming trip. I plan to have enough money in Disney dollars to pay for eveything I need in the parks. Everytime I get a little cash I put it in Disney dollars, because I know I can't spend it here. That may even help your sister.

[floridafam]

Keep in mind that if you lose the Disney Dollars you can not replace them like you can with the trav. checks. There was a thread on these boards recently about how bad it would be to have hundreds of Disney Dollars lost or stolen.

[beansmom]

WDISNEYHOLIC,

Ah hear ya, sistuh! I, too, have a hard time staying on a budget. Let me suggest the website www.frugal-families.com - it's a pay site but you can join free for 30 days to try it out. It is great. Those chicks really know how to save money.

And I would have to agree with the travelers check thing...I know they are kind of passe in these days of plastic but I feel more comfortable with them. The only problem we ran into was that since you have to sign them when you get them, a couple of places gave my dh some grief because he wasn't me! But mostly it was smoooooth sailing and that is probably what we will do again.

[bobcat]

I always use travelers checks and my debit card. With the travelers checks make sure you make a copy of the receipt. If your sister is prone to loosing money then you should have a copy of the receipt as they won't refund your money for lost checks without this proof. I usually leave a copy at home just in case. Second make sure you have someplace to get free travelers checks. AAA offers them for free but my credit union that used to have them free now charges, as does my bank.

[DiznEeyore]

Originally posted by beansmom
And I would have to agree with the travelers check thing...I know they are kind of passe in these days of plastic but I feel more comfortable with them. The only problem we ran into was that since you have to sign them when you get them, a couple of places gave my dh some grief because he wasn't me!
To avoid having to worry about this again, you might want to get travelers checks for two... :) You can sign them when you get them and then have your dh sign them when he's available. We get them at our AAA office so there's no charge.

[wdwpluto]

We do a combination of cash (a small amount) and traveler's checks. On our last trip, I did envelopes for the big meals we had planned and spending $$ envelopes for each day. We only carried the envelopes for that particular day with us and left the rest in the in room safe. This prevented us from over spending with the cc or room charge. And if a day's worth of money was lost or stolen it would be as bad as having all the money for our entire trip be gone.