Is this a good idea?

[daleswife]

Ok, heres what I was thinking of for a way for us to save our money for the disney trip we are gonna take next year. We have 1 yr and 6 months to save up and pay for our disney trip. I was thinking of putting money on a disney gift card every month until we have enough money to pay for the trip and then after the trip is paid for putting more money on the gift card for our souvenirs and for food and other things we may want to get. Is this a good idea or should I find a different way to do it?

 

[Halbleib1]

Ok, heres what I was thinking of for a way for us to save our money for the disney trip we are gonna take next year. We have 1 yr and 6 months to save up and pay for our disney trip. I was thinking of putting money on a disney gift card every month until we have enough money to pay for the trip and then after the trip is paid for putting more money on the gift card for our souvenirs and for food and other things we may want to get. Is this a good idea or should I find a different way to do it?

This could be a good idea if you can not save money without spending it but financially this does not make sense. If you put your money in the highest yield savings account that you can find(usually online accounts pay out higher interest rates) you could make money vs. giving Disney your money early and letting them make the money off from you. Also you have to be careful with buying gift cards that you do not put more on them than you will spend or you will not be able to use that money elsewhere after your trip except for the Disney store. Also what if something should come up in the mean time and your money is tied up in gift cards that you can not use for an emergency? Things come up in life when we least expect it. I would not be comfortable tying that much money up in gift cards.


If you do go this route I would be sure to check the terms and conditions of the card very carefully before buying. Some gift cards if they are not used within a certain time period have monthly maintenance fees for every month a balance remains.

 

[daleswife]

Good points. We are the people who cant save for anything and the gift cards did seem like a good idea. The emergencies are what bothers me. I have an ING savings account and I guess I could put it in there.