??? For my Disney savings

[chrystalc77]

I read on another message boards the idea of saving $5 bills as an "extra" savings for Disney. So we are giving that a try. It is extremely harder than I though it would be but getting into the habit of it now. We've saved $255 in close to 6 weeks. My question for those that have tried this is when do you cash them in and do you just deposit them at the bank or buy Disney gift cards with them at some point? I am thinking of buying the gift cards with them since that is what we are saving them for. I could put it in savings but our savings doesn't earn that much interest, and I want this money used strictly for Disney since our Nov 2014 trip will be quite costly.....a week at AOA suites. Any advice anyone???

 

[rewardsinlife]

It honestly depends on you and what you consider to be the best for your family. I know some people who will save and have to change in their savings every $100 or so for a gift card so they don't feel tempted to spend it on other things.

Others set up a special separate savings account just for Disney.

Personally, I save change and recyling money in a jar that I Have designated for Disney. It will collect till I have enough for what I set it up for in the first place, and then I will put it immediately in my bank account and buy the Disney ticket/gift/ dining ..whatever..within that week so it doesn't get spent on other things.

By the way( the way I do it works but it also serves another purpose. As much as I love Disney...emergencies happen and that jar serves as that as well for emergency cash in such an event.)

Good luck!

 

[MomToOne]

I personally wouldn't buy giftcards, at least not this far out. Once you've bought a giftcard, Disney is all you could use the money for. If you just put it into a savings account, you would have access to the money in case an emergency came up that you needed the cash for or if something happens to cause you to cancel the trip.

I buy giftcads only once we are within a month or so of going, and use the giftcards only for meals and souveniers while we are there. I don't put our resort and tickets on giftcards, because if something happens and we can't go, I want the refund back to my credit card to cover other expenses, not on a bunch of gift cards I won't be able to use. The slight savings I can get by using giftcards just isn't worth that risk to me.

 

[worm761]

I put our Disney money in an interest bearing account. I do this for two reasons.

1. What if? Life happens and sometimes you have to use your Disney money. It may mean I have to postpone my trip and I am OK with that. But I have walked in the house to find a busted pipe. Less than 2 months from my trip. Trip was cancelled to pay for the new pipes and bathroom remodel I wasn't planning for. Had that trip money been on gift cards we couldn't have fixed the bathroom without touching long term savings.

2. I like the interest. Just think of all the "free" money you will be getting on the money in the savings account! That is MORE Disney money that I didn't have to do anything for. And you are correct, it isn't much. But if you are earning an extra $10 a month for your trip how much it will add up to. Gift cards don't earn interest.

And when I go to take a trip, I transfer that money to an account that pays me 1% for spending money so I still earn some more money while on my trip.

 

[Marionnette]

I personally wouldn't buy giftcards, at least not this far out. Once you've bought a giftcard, Disney is all you could use the money for. If you just put it into a savings account, you would have access to the money in case an emergency came up that you needed the cash for or if something happens to cause you to cancel the trip.

I buy giftcads only once we are within a month or so of going, and use the giftcards only for meals and souveniers while we are there. I don't put our resort and tickets on giftcards, because if something happens and we can't go, I want the refund back to my credit card to cover other expenses, not on a bunch of gift cards I won't be able to use. The slight savings I can get by using giftcards just isn't worth that risk to me.

I put our Disney money in an interest bearing account. I do this for two reasons.

1. What if? Life happens and sometimes you have to use your Disney money. It may mean I have to postpone my trip and I am OK with that. But I have walked in the house to find a busted pipe. Less than 2 months from my trip. Trip was cancelled to pay for the new pipes and bathroom remodel I wasn't planning for. Had that trip money been on gift cards we couldn't have fixed the bathroom without touching long term savings.

2. I like the interest. Just think of all the "free" money you will be getting on the money in the savings account! That is MORE Disney money that I didn't have to do anything for. And you are correct, it isn't much. But if you are earning an extra $10 a month for your trip how much it will add up to. Gift cards don't earn interest.

And when I go to take a trip, I transfer that money to an account that pays me 1% for spending money so I still earn some more money while on my trip.

I agree with the PPs who advised the OP to NOT purchase GCs this far in advance. There is just no way to forecast whether you will need to cancel your vacation plans and need that money for something more important.

That being said, I just purchased a large amount of Disney GCs at Target using my REDCard and Pharmacy Rewards discount. My trip is not until late Sept. of this year. My reasons were twofold:

1. The Pharmacy Rewards discount had an expiration date that is near and I doubt that I will fill 5 prescriptions again before my trip. And...
2. I own a couple of small DVC contracts and the dues can be paid with Disney GCs. Even if I don't take my trip in Sept., I'm still going to have to pay those dues come January. So, one way or another, Disney is going to get that money.

But if I didn't have DVC dues to eventually pay, I'm not sure that I would have pulled the trigger this early.

 

[crisi]

Savings account for the reasons above. I hope you don't need to cancel your trip - but if you do and you need that money, you'll want it available. The exceptions would be Marionette's - you have a legal obligation to give Disney money coming anyway, or where you have more than enough money sitting in emergency savings so that the $225 you saved wouldn't be material in any issue you have.