Financially Savvy People - Would you go?!?!

[lorax123]

The kids will not remember how fiscally sound you were during the dark days of the housing bubble. They will remember the time you spent together on vacation. I know some will disagree but here is what we do if we have a tough decision that has about the same amount of pros as cons.
We flip a coin.
While it is in the air if you hope it will land one way instead of the other then you don't need to look at the coin. If on the other hand you did not hope for a particular outcome then let the coin decide.
I hope this helps
Mike

I agreee with everybody saying go. You have everything taken care of, no debt, money in savings... You have plans and back-ups. You can't sit around waiting for the sky to fall. $3300 for your trip. In the grand scheme of things that is not a lot of money. You can waste that on local weekend trips over the course of a year.

 

[Kickapoo Joie Juice]

I would go.

Just work on getting the card paid off faster and building a bigger unemployment buffer, and commit to doing things at Disney like eating all counter service or in the room to cut down on costs.

 

[torinsmom]

People here would think I was crazy if I posted my financial situation and said we are still going in August. My feeling is that as long as I can keep it under $2000(me and DS13), it's not much more than a vacation at the beach, and a whole lot more memorable. If I was in your shoes, I wouldn't even hesitate. You have enough cash coming in in the next few months to pay for the trip in full. If you can do that and pay your credit card bill by time for the trip, there is no reason not to go. It would be unlikely that you would both get laid off at the same time, and with IT backgrounds, there are jobs to be found. Besides, you have a long time to see how things go, so you can always cancel later on if need be.

Marsha

 

[lorax123]

People here would think I was crazy if I posted my financial situation and said we are still going in August. My feeling is that as long as I can keep it under $2000(me and DS13), it's not much more than a vacation at the beach, and a whole lot more memorable. If I was in your shoes, I wouldn't even hesitate. You have enough cash coming in in the next few months to pay for the trip in full. If you can do that and pay your credit card bill by time for the trip, there is no reason not to go. It would be unlikely that you would both get laid off at the same time, and with IT backgrounds, there are jobs to be found. Besides, you have a long time to see how things go, so you can always cancel later on if need be.

Marsha

They both have IT backgrounds (I skipped a few pages!)? Yeah, they definately have marketable skills! Maybe you'll have to take a pay cut, but if you are already saving $1000 (didn't the OP say she figured out a way to save 3x that a month!?!?! WOW). You can skrimp, work things out and re-budget!

Do it! Do it! Do it!

I agree with a few other posters on the CC. It's interest free, you have the money to pay it off at anytime. That's not even an issue. I'm all for using somebody else's money as long as you have the funds to pay it off at any time. Just play by the rules and pay it off before the balance comes due and you are fine.

Edit: Of all people that should be taking a vacation, you guys are more than qualified! I wish I had half your qaulifications! :>

 

[kileybeth]

FayeW , yes I often wonder if people even read the facts before spouting off. It's fine to have an opinion and certainly the OP asked for opinions AND I would not be offended by some of them (DVCgirl-we all knew you'd come in conservative!) BUT I can also hear those opinions and still make up my own mind.

And if the dream is WL then that's the OP's dream. Offsite? Op's been there done that. and while I personally love the dining plan it is the thing I would/could give up. The OP, seems not so much so that's her decision.

If I only had that cash in hand and that much to put in savings each month I would certainly be going to Disney. no chicken little living for me. my kids get older every year and then they are grown and gone and so is the opportunity. My 2 grown children talk more about our vacations then having to trim the overall budget to take them.

so all that to say. . one more vote to go. jmo.

OP keep us posted.

oh, one more. the shore for a week or 10 days cost us 2x the amount Disney cost us! and exploring America (mid west and such) cost us 3x the Disney trip to POLY for a week! but that's just us.

 

[SleepyatDVC]

Sometimes reading these threads just infuriates me. Honestly, with the responses in this thread I have to wonder if some of you people can even READ!

So they have $5K in credit card debt. BIG DEAL. It's on an interest free credit card. Paying it off would actually be a stupid thing to do, because she would miss out on the interest she is EARNING on that $5K in her savings account. She has already accounted for an extra $6K that she has coming in the next little bit so paying that debt, when the interest free period is up, is really the least of her worries.

The OP also said they have $23K in savings, and are putting an additional $1000. away each month, not including the retirement funds. She also said that she can save the money to pay for the trip between now and then. She also said that they have re-evaluated their finances and can actually save 3 TIMES as much money as they had been!

So, to recap, the trip will be paid in cash, the money is already there to pay off the credit card when it is prudent to do so, and they are saving hard every month and already have a pretty impressive emergency fund. Yet some of you are acting like the sky is falling and that the OP and her husband are irresponsible. They sound like some of the most financially responsible people I have ever met!

OP, I am very glad you are keeping your reservations, at least for now. At this point all it's cost you is a $200. deposit. Keep planning and looking forward to your trip unless something changes.

Actually, ITA with you. They are VERY financially responsible people! And it is because they are so, that they are having qualms about taking the trip or not. It's actually about her uncertainty about their jobs that is making her second guess herself, not about their ability to save - that is a proven thing. BECAUSE she IS financially responsible, she can't help but wonder if she should go on the trip.

The key is that they need to find a balance between their financial responsibility and making a trip that won't make them feel guilty.

I absolutely think they CAN go. But to help calm the guilt that plagues financially responsible people, some strategies include reducing the costs of the trip, delaying the trip, and (the one they chose) wait and see but be prepared mentally and emotionally to cancel if their job situation changes.

I'm glad they found a compromise that makes them feel comfortable with! Let's hope their jobs are secure and they can have a totally worry free trip!!

 

[hoosiergirl7]

My say is no. Pay off the CC bill first and then if you can save enough money to take a trip staying at a value resort without the dining plan then do it late this year like in Oct/Nov.

I know how hard it is, because I too used to think the way you do. But we made the decision that we never EVER wanted to be in debt again and if we can't pay for it in cash or by saving for it, we don't buy it, we don't take a vacation we can't afford, etc. It's not always easy, but then I think of all the money we will have when we retire (current estimate is the 1-3 million dollar range for retirement) by living the way we do, there's no question in my mind that not having to rely on social security when we retire is the way we want to live.

Hope this helps!

 

[MinnieMom]

FayeW , yes I often wonder if people even read the facts before spouting off. It's fine to have an opinion and certainly the OP asked for opinions AND I would not be offended by some of them (DVCgirl-we all knew you'd come in conservative!) BUT I can also hear those opinions and still make up my own mind.

And if the dream is WL then that's the OP's dream. Offsite? Op's been there done that. and while I personally love the dining plan it is the thing I would/could give up. The OP, seems not so much so that's her decision.

If I only had that cash in hand and that much to put in savings each month I would certainly be going to Disney. no chicken little living for me. my kids get older every year and then they are grown and gone and so is the opportunity. My 2 grown children talk more about our vacations then having to trim the overall budget to take them.

so all that to say. . one more vote to go. jmo.

OP keep us posted.

oh, one more. the shore for a week or 10 days cost us 2x the amount Disney cost us! and exploring America (mid west and such) cost us 3x the Disney trip to POLY for a week! but that's just us.

Thanks FayeW and kileybeth!

I keep reading these posts thinking no one has actually read my original! If someone has the opinion that I shouldn't go, that's fine, but it would be nice if it was based on the facts! LOL!!

I'm not what I would consider to be "in debt." Yes, we do have that cc out there, but I can't justify paying it off when it is interest free at this point and I am EARNING more than that by having the money in my savings account. When the interest free period runs out, it will be paid in full!

I just found out our income tax check is going to be quite a bit larger than we had expected, so that was a nice surprise. It will almost pay for the trip (which by the way, I could have paid for anyway without going into debt!). I read so many posts insinuating I was going to put the trip on a cc - that was never a possibility. I refuse to go into debt for a vacation (not that there is anything wrong with that if it is your choice ) -- just not for me!

If anything, suggest I don't go because of the industries both DH and I are in. That I can understand and THAT is what is holding me back from saying we are definitely going, but please don't keep saying that I am in debt up to my eyeballs and am going to go in even deeper debt IF I choose to go on this vacation!

I hope I don't come off sounding ungrateful. I do appreciate all the advice. I just felt like I had to set the record straight because some people didn't seem to understand the situation. Thanks!

 

[mom2twinz3]

I would go. Just because I have learned the hard way how short life can be. I will always regret not taking a trip when I thought it would be more frugal not to go because that was the last time I would have gotten to see a family member who unexpectedly passed away. Now, I live with that regret every day. It's easy to say wait, but none of us are guaranteed tomorrow and really it looks as though things are going to take a long time before they get better with the economy.

One does not want to be irresponsible, of course. But you have to have balance in life and you need to be mindful of making the most of the time you have as well.

 

[CarolA]

To the OP.

I have no idea why you posted this original post. If you have spent any time on this board you will have learned that this board has a lot of "holier then thou"

To this group ANY debt is bad.... I have credit card debt. Like you I could pull out of savings and pay it off tomorrow and STILL have a substantial emergency fund not counting my other investments. To the "holier then thou" on this board I am a sinner and will not get to join them in heaven LOL!

You are right these posters have NOT read most of your posts. They read the part they like to lecture on... As soon as you posted "Credit card debt" they were OFF on thier quest to show you the light. (I have been reading these posts for years, they don't really bother me. Sometimes I have CC debt and sometimes I don't. As far as I can tell it has no real impact on my life. I don't have enough debt to bother me, I know I could pay it off, I perfer to do like you and let MY money work for me. I was once told by a poster on here that I should pay off my car. Interest rate 0.0%, HECK why should I have taken money out of savings to pay that off??? The car loan folks would have loved me, but I would rather MAKE money then let them make money!)


Now, personally I would go. I went to Disney the week I walked out of my job without a new one lined up. (I can hear the gasping on here NOW! LOL!) I did do it on the "el cheapo" plan. No sit down dinners, no souvieners, brought breakfast food etc.

Now, if things change and your DH or you get laid off you go back and look at the situation. Most folks on here are posting going "My job is safe" - the truth is that no one knows. I worked at my job for 16 years. I had a VERY good job, no risk of layoff etc... A reorg put me under "el jerk" after a month of verbal abuse of me and my 10 staff members I walked..... So, while the "holier then thou" would NEVER plan a Disney trip when thier job was at "risk" YOU JUST DO NOT KNOW!!! So based on that no one should EVER go to Disney, I mean a crisis you don't know could occur. We should all stay home in preperation. Think I am over reacting... the ONLY difference between the OP and ANY of us is that she actually has a more realistic knowlege of what the crisis might be!

(Now would I stay at WL.... it would have to be a great rate. Sorry Disney "deluxe" does not mean "we charge a lot" Deluxe means we provide superior service. Disney "deluxes" don't measure up IMHO!)

 

[TnTWalter]

Who said you have to vacation every year? I just don't get it personally UNLESS I am debt free, have an EF in place, putting the %s in my retirement, college for kids started and I've actually saved up money in my vacation fund!

I would pay the $5K off on my credit card from the $23K you have in savings, assuming its not retirement, etc.

So now you have $18K. IF you have NO other debt [car loans, 2nd mortgage, Sears, etc.], then you can go on vacation. Leave the rest in your EF.

IF you do have other debt, no vacation YET... pay it off as soon as you can...build up an EF in case someone is laid off and then go on vacation!

We took our first expensive vacation when our oldest of 3 was 6 years old. We survived! Really....Until then we camped and did little weekends here and there. We went to WDW of course! LOL. And only spent $3K TOTAL on family of 5 with air etc. We went again 1.5 years later with the code last year and only spent $3600 TOTAL with air, etc. and nicer digs to boot.

We take them camping in the summer. They love it too. We're hoping to do Mackinac this summer for 4 nights and spending $1K+ which we've saved.

You save up and go on vacation. It's not a necessity, it's a luxury. You asked for opinions. That's mine.

I haven't read any responses but I'm sure most told you to go, this is the DISboards afterall. So, I'm guessing you're going to WDW.

Enjoy! Have a great time!

I'm editing because I read the above poster and it ticked me off...sorry. I was asked my opinion and I'm giving it. It doesn't make sense to me to have credit card debt and make PAYMENTS to someone other than ME when I have money sitting there. I use a credit card and earn points. I just received $500 in the mail for my points thank you kindly. We pay EVERY month. We don't charge unless we have money in our account. I don't pay interest because I don't carry balances not because I received a 0% offer in the mail. If OP gets laid off and they have now charged the vacation + the $5K on the 0% credit card and they're a second late it's no longer 0% and it could even be double or more what they thought because now the credit company thinks they're 'a risk' since they paid late....do you think they'll be better off? Do I think I'm better than you CarolA? Not at all, but I've been where you are and where I am and I feel safer here. And I read the whole of OP's post..yeah for me!

I know for me personally when I am so excited about something I want everyone to feel the financial peace I have...it's like when you get a great deal on a camera an exercise program or a disney trip or even when I find a great book, I want everyone to experience it too. I do understand that there are some circumstances where a a vacation or something that may not make finanical sense really is better to do now [child with illness, grandmother's last trip, a brother's wedding, something like that] but those situations are few and far between and I have done my share of justifying trust me. I like to think that I'm not just older...I earned these crows feet, I'm wiser too.


Trish

 

[toesmom]

Have you also factored in lost wages for the time that you go? Figure out what you would both earn if you worked those days, and that is actually what your vacation would cost.

We considered doing Disney in August, but figured between work and vacation costs... the trip actually costs us close to $6000. Hard to believe. People forget about the money they would be earning if they didn't take that extra trip to disney.

As for should you go... if you are on the fence about it, then I would suggest part of you is trying to be responsible and the other part of you wants the fantasy of disney (which I truly understand). Maybe it would be wise to stay in cheaper accommodations and come up with better airfares to try to at least bring some of the costs down. You can apply the 40% to mods or values also.

Another thing I considered for your family... if job market is tough, and even if your jobs are not in real jeopardy, I think your employer would look better on you if you didn't take a holiday. Rather, show employer how he really can depend on you as as employee. I am in a manager's position, and if there were layoffs imminent, I would firstly look at the staff who really put themselves out for our company, over those who took a holiday. Sorry just my opinion.

 

[problemchild718]

I would go! You are a good saver and have more in savings than most. Doesn't sound like you are terribly frivolus.
If you are willing to cut back between now and the trip and PAY CASH for it, I think its reasonable. I wouldn't let the 40% off thing get you too much. I just resnted some DVC points to my cousion for a Sept stay at WL she would have been paying $2700 or so for the room she is renting from me for $480.00You can save lots if you rent points.
Anyway let me tell you why I think you should go: I have lost my brother, mother, father, a cousin an uncle and 2 aunts in the past 8 years. I don't wish for anything but more time with them-you can't buy memories that are so special. I cherish the memories of family trips to WDW.
ANYTHING can happen in a year-or a day. God willing you will all be together next year-if not will you regret not going? While that doesn't mean we shouldn't do prudent planning and live within our means, we shouldn't live in fear and never enjoy ourselves. Your kids will go to college with or without the trip and you will retire with or without the $4400.00
If it is not a financial strain and YOU feel comfortable with your choice-go for it.

 

[problemchild718]

"We considered doing Disney in August, but figured between work and vacation costs... the trip actually costs us close to $6000. Hard to believe. People forget about the money they would be earning if they didn't take that extra trip to disney"

Thats what vacation days are for.

 

[Aliceacc]

To the OP.

I have no idea why you posted this original post. If you have spent any time on this board you will have learned that this board has a lot of "holier then thou"

To this group ANY debt is bad.... I have credit card debt. )

For what it's worth, I was one of the people saying not to go. I have no problem with a reasonable amount of credit card debt (and after all the Christmas shopping I did online, along with winter clothes and, oh yeah, the new car we needed, I would love to owe only $5000)

My reasoning was that having 2 jobs both in jeopardy would cost me sleepless nights. If it were me, I would opt for a cheaper, local vacation this time around.

Not "holier than thou"... just my opinion on the situation as it was presented.

 

[dvcgirl]

To the OP.

I have no idea why you posted this original post. If you have spent any time on this board you will have learned that this board has a lot of "holier then thou"

This is funny because when I read the fist part of this comment I thought for sure that you were going to say that this board has a lot of "Life is too short" types who will urge you to go....no matter what the financial circumstances. We see posts like that here a good deal of the time too.

I'd say it's 50/50 for sure. There are fiscal conservatives like myself and the other end of the spectrum are people who go no matter what their personal finances look like....because "the kids are only little for so long!" And then there's a lot of people in-between.

I actually wonder how many people post these types of questions to this board and actually have their mind changed by some of the posts that follow. I doubt it. I think someone posting to a Disney board..."Should we go or stay home this year??" pretty much has their mind made up to go. They're just looking for a few people to tell them that they'd go under the same circumstances.

My take on it is you have to know your own financial situation and really not worry about what others would do. Hearing that others go to WDW too with credit card debt wouldn't make me feel any better about taking the trip. Look at how most Americans handle their personal finances. I observe how most Americans handle their personal finances.....then do the exact opposite.

 

[TnTWalter]

So what did you decide to do? Or are you still deciding?

Best of luck. I'm hopeful things will turn around for you.

Financial peace is a fantastic book to read. I'll also recommend The Millionaire Next Door and Rich Dad Poor Dad [although he believes in big time leveraging on real estate deals; and I personally would be slow and steady ... the tortoise and the hare... because he's probably a bit nervous right now with the real estate industry and 14Million leveraged...yikes] and of course Total Money Makeover. I love the library. You can get them on cd there too.

By the way DH is in land development and I was a Realtor until this past year...2007 I officially went from part-time to nada.

Trish

 

[MinnieMom]

So what did you decide to do? Or are you still deciding?

Best of luck. I'm hopeful things will turn around for you.

Financial peace is a fantastic book to read. I'll also recommend The Millionaire Next Door and Rich Dad Poor Dad [although he believes in big time leveraging on real estate deals; and I personally would be slow and steady ... the tortoise and the hare... because he's probably a bit nervous right now with the real estate industry and 14Million leveraged...yikes] and of course Total Money Makeover. I love the library. You can get them on cd there too.

By the way DH is in land development and I was a Realtor until this past year...2007 I officially went from part-time to nada.

Trish

I was going to respond to your post, but I see you just edited it, so I'll let it slide

By the way, I do have Total Money Makeover and Smart Couples Finish Rich, which is another great read.

 

[TnTWalter]

Thanks FayeW and kileybeth!

I keep reading these posts thinking no one has actually read my original! If someone has the opinion that I shouldn't go, that's fine, but it would be nice if it was based on the facts! LOL!!

I'm not what I would consider to be "in debt." Yes, we do have that cc out there, but I can't justify paying it off when it is interest free at this point and I am EARNING more than that by having the money in my savings account. When the interest free period runs out, it will be paid in full!

I just found out our income tax check is going to be quite a bit larger than we had expected, so that was a nice surprise. It will almost pay for the trip (which by the way, I could have paid for anyway without going into debt!). I read so many posts insinuating I was going to put the trip on a cc - that was never a possibility. I refuse to go into debt for a vacation (not that there is anything wrong with that if it is your choice ) -- just not for me!

If anything, suggest I don't go because of the industries both DH and I are in. That I can understand and THAT is what is holding me back from saying we are definitely going, but please don't keep saying that I am in debt up to my eyeballs and am going to go in even deeper debt IF I choose to go on this vacation!

I hope I don't come off sounding ungrateful. I do appreciate all the advice. I just felt like I had to set the record straight because some people didn't seem to understand the situation. Thanks!

I read your entire OP and I've read all your posts since then...

Why did you ask the question the way you did? I usually ignore these questions because I know what's going to happen...and it did.

But I'm compelled to ask why?

Why not ask 'Please make me feel better for planning a WDW trip when xyz are happening'....you would have received all the posts you obviously wanted telling you 'life is short'...'you're doing great'....'you can afford it'...you deserve it'...'go for it'... There's nothing wrong with wanting to feel better about a decision you've made. I know I've done it myself so I absolutely understand it.

But why did you ask 'Financially savvy people....would you go?'

 

[TnTWalter]

I was going to respond to your post, but I see you just edited it, so I'll let it slide

By the way, I do have Total Money Makeover and Smart Couples Finish Rich, which is another great read.

I put it in a new post...feel free to respond. I'm very curious.