You will see many discussions regarding this so costs can vary but sometimes a cruise comes out about the same as a trip to the world. It all depends on what kind of vacation you take. Let's discuss a few things first. So for example the cruise is pretty all inclusive so let's think about your question what are the extras:
Transportation - looks like you are from MI so likely you are going to fly into Orlando. So you should know that there is no magical express for the cruise line, you have to get to port canaveral which is 45 minutes away. You have several options here:
- $70pp for disney transportation round trip 4 people = $280
- $300 approx for private car transportation for 4 people
- Rent a car - pricing will vary but many people rent a car and drop it off at port canaveral before the cruise.
Tipping - On the cruise it is $12 per person per day. So for 4 people on a 7 night cruise it is $336. This is a recommendation you can change this at guest services up or down. Room service is a separate tip.
Beverages - as stated before that is up to you, we don't drink alcohol in general so we don't have this extra cost. Also soda is free in the dining rooms and at the self serve drink stations. A good rule of thumb is if it is prepackaged it is extra. Candy, cans of soda, drinks made by a CM (alcohol or smoothies), etc. Bring candy if you want it, its cheaper.
Excursions - well that is also up to you, excursions are not necessary. In fact some people like to explore ports on their own. Also some people book cheaper through local vendors directly instead of DCL, there is risk with this though.
Photographs - there are packages for these, they are more expensive in general than the photo-pass at the park. On the cruise a third party runs this aspect, on the ship it is named Shutters. Here are some examples from a 7 day Fantasy, $149 for 10 photos print or digital, $249 for 20 photos, and $349 for a cd with all the photos or $399 for everything digital and print.
Souvenirs - we do a lot of specialty cruises so we go nuts on this. A lot of gifts we give out come from Disney or are cruise related so we spend a lot here, But one good thing, if you have the same item in the parks for example a Mickey Plush it is the same price on the ship. The only downside is no annual pass discount if you rely on that. So the budget you would have for your first trip to WDW should be approx the same as for your first cruise.
Ship activities - most are free. The cruise cost is your park ticket cost. movies and shows are free, riding the aquaduck, pools, arts and crafts, all included. There is no casino so the only gambling is bingo, it is not free but obviously your choice if you want to play it. Other than that nursery time for the under 3 crowd is our other big expenditure. The kids clubs and teen clubs are free.
Dining - Here is the big thing. All of the main dining room food, the counter services (smoothies are the exception), and room service are free. Only the adult only restaurants are an up-charge if you want to try them out, if it is your first cruise I would skip it.
The service is something totally different than what you would experience on a WDW vacation.
Accommodations - if you stay off property for cheap, or value resorts with free dining then the cruise is likely going to be more expensive. If you stay moderate or deluxe and eat a table service a day then you are coming closer to the cruise price. For example we mainly eat table services and we generally stay in deluxe on property hotels so the cruise is a good deal for us.
A cruise is a nice vacation that can be all inclusive aside from tips without sacrificing much. Read the sticky FAQ at the top. If you can watch for a Guarantee or GTY rate - these are good deals if you can be flexible with your vacation. If not then pretty soon they will be releasing the last half of the 2014 dates and with Disney the best day to book is opening day because that is when the price will be the lowest.
Good luck planning