Am I Being Financially Irresponsible? UPDATE on 1st post

[maryisme]

UPDATE 4/22/06:

Well, I cancelled the med repo cruise. I was thinking about it constantly (ok..obsessing). I didn't feel comfortable spending that amount of money so close on the heels of the panama canal cruise. My DH agrees that money could be put to use around the house (basement renovation). Also, he's been itching to buy a motorcycle which he kept putting off until he could pay cash for most of it.

I'm really happy with our decision and instead will be going to Hilton Head for 2 weeks on our points.

Thanks again!
Mary


------------
Hi,

I'm always reading this board to get better at saving/budgeting our family's income. Here is our situation.

I have booked the DCL med repositioning cruise for next August. It is costing roughly $8000 for the cruise alone. We are DVC members and I will have approximately 600 points to rent to offset the cost of the cabin. Airfare for this year at the same time is coming up $560 one way. I am budgeting $2400 for next year. There aren't too many excursion days so I'm not overly worried about that cost. We don't spend much while on board as I won't be doing the spa, or purchasing picture packages. We know what to expect in terms of ship spending as we've sailed DCL before. We were on the Panama Repo last year and I did book a few spa visits which I don't anticipate doing again.

Anyway, this is getting long - sorry! I guess I am having a hard time justifying spending this amount of money again. The Panama repo cruise was suppoed to be the "trip of a lifetime" but here we go again. As for some background:


1. We don't have any credit card debt.
2. 15% income goes to 401(k)
3. Saving consistently for 2 DDs education
4. Approximately $10,000 in emergency fund
5. We own our own home with 8 years left on mortgage
6. In case it matters - we are 39/44. DH was diagnosed with prostate cancer one year ago and it kind of changed our perspective on things. We're not so sure about our "golden age" any more. We still save and do what we have to do but also try not to put off living. Although living doesn't have to mean spending tons of money either.

I'm not sure why i'm posting. I guess I'd like the expert opinion of this board to agree that I am doing pretty well in the savings department. This trip won't break the bank but it will put a dent in it. My DH doesn't care either way. He feels as long as we are doing what we should be doing and aren't going into debt over it we should do it.

Look forward to your posts. Thanks!

Mary

UPDATE:

Well, I cancelled the cruise. I was thinking about it constantly (ok..obsessing) so it clearly wasn't the right choice. I didn't feel comfortable spending that amount of money so close on the heels of the panama canal cruise. My DH agrees that money could be put to use around the house (basement renovation). Also, he's been itching to buy a motorcycle which he kept putting off buying until he could pay cash for most of it.

I'm really happy with our decision and instead will be going to Hilton Head for 2 weeks instead of renting out my points.

Thanks again!
Mary

 

[ohiomom28]

I don't see any problem with it. If you want to go, go and have a blast!

 

[PRINCESSMOMX3]

I think that you are very responsible. You are doing everything you should be as far as education, 401k, and emergency funds. I agree with your husband. So go and have fun. Whats the point of living if you don't enjoy it a little?

 

[kfeuer]

You sound like you're in good financial shape. However, I wouldn't do the Disney Med cruises simply because they seem so over-priced. There are so many cheaper ways to see Europe...heck, there are so many cheaper Med cruises if you're dead-set on a cruise. I love DCL, but even if we had the money I couldn't do it. I would just feel ripped off, if that makes any sense. I'm very frugal in my day-to-day life, and I don't lose that mindset on vacation. But hey, that's just me. What is your gut instinct? I doubt you would have posted if you were feeling 100% good about doing it...

 

[Jen D]

I think you should go and have a wonderful time. It sounds like you're in very good shape. It's a lot of money but you're smart to rent off those DVC points, and really, at 2 weeks onboard, these Repo cruises are kind of a bargain. I had my eye on this one (in my dreams!) wish I could join you.

 

[mongo]

you are in GREAT shape.

have a blast.

 

[mickeyfan2]

I don't see any problem with it. If you want to go, go and have a blast!

I agree too. Enjoy the cruise.

 

[imsayin]

DH was diagnosed with prostate cancer one year ago and it kind of changed our perspective on things. We're not so sure about our "golden age" any more. We still save and do what we have to do but also try not to put off living.

GO!

 

[Chicago526]

The only thing I'd do differant is maybe beef up your emergency savings a bit more, $10,000 sounds a bit low for a family. Otherwise I think you guys are doing great!

 

[Lyn5]

If I were in your situation, I would go have fun, spend time with your family and enjoy each minute

 

[maryisme]

Thank you all for your kind words! I guess I just can't get over the cost of it. If we don't go on the cruise, we will slowly start to renovate our basement.

Thanks again.

Mary

 

[bettyann29]

I say go.. It sounds like you guys are on key as far as other things in your life.. Enjoy life while you can..

I do understand what you mean as far as saying you prev went on the vacation of a lifetime and now this one comes up.. we went on the vacation of our lifetime many times... Its hard once you do it to not want to do it again..

 

[azgal81]

Go! There's no reason why you shouldn't go and it's not like you are going to be in debt if you go. You have the money. You should be asking yourself why shouldn't we go!

 

[CheapMom]

I vote with the majority- enjoy yourselves!

 

[Free4Life11]

I say go! You're doing better than most people! Congrats and have a nice time.

 

[SleepyatDVC]

Thank you all for your kind words! I guess I just can't get over the cost of it. If we don't go on the cruise, we will slowly start to renovate our basement.

Thanks again.

Mary

I think that you can definitely afford the luxury of going.

Personally, I might not think it was the "best" use of that amount of money, since it is a LARGE chunk. However, it is a subjective thing on what is "worth" it to YOU - since many people might think that my many trips to WDW are not the best use of money and mot "worth" it! Lol!

I would price out different options or different cruiselines, or just a European trip, etc. and see what $8000 + airfare will get you. Maybe a much grander trip but different for the same amount of money. Or a similar trip on a different cruiseline and/or itinerary for A LOT less, with money to spare for another trip (to WDW perhaps?) or to start fixing your basement.

At least after you know all your many options, you can then make an informed decision on whether paying a premium for a DCL to the Med is worth it TO YOU...

Good luck! It's certainly a nice delimma to have!

 

[CarolA]

My only suggestion would be to check that airfare rate. I just checked a one way from NY to Barcelona in August. The majority of the quotes were $1100 one way not $500

 

[Nolcrest]

All I have to say is to follow your gut instinct. Even though you may be okay financially, if you are feeling uncomfortable about this trip, I would think twice about it.

If you are asking the boards you may be having these feelings.

When this happens to me and I also have some sleepless nights I usually follow my gut feeling in making a decision. I've never been let down that way.

A renovated basement kinda sounds nice to me and something you'll enjoy every day of the year, especially as the kids become teens.

 

[pearlieq]

It sounds like you're in reasonably good financial shape, and you sure can't take it with you, so there's that to consider.

I do, however, agree with others that a little more emergency $ might be nice and that the DCL Med cruises are VERY overpriced. If you're hooked on DCL and are mostly looking forward to that aspect of the trip, then it doesn't matter so much, but if you're just interested in a Med cruise Cunard, Celebrity, HAL, or even a land based package would give you just as much or more for lots less!

Good luck with whatever you decide!

 

[Muushka]

Not that I am any financial guru, but you sound like you are in

Ship Shape!!: