How do you save for a trip?

[MKMomma]

My disney savings plan has 3 simple steps.

1. Charge it.
2. Have a great trip.
3. Get home, receive credit card bill and suddenly realize the horror of what I've done and spend the next six months convincing myself that a package of Lipton sides is an acceptable and well-balanced dinner.

LOL Thanks for being honest.

 

[Nancyg56]

Seriously? Are there really this many of you that naïve to financial planning 101? If you are getting a tax refund large enough to pay for a vacation, you need to adjust your withholding immediately. Why are you giving your money to the Federal Government to hold on to all year long? Save that same amount of cash in an investment of your choosing.

Most of us understand the implications of withholding extra and do not feel the need to consult a financial planner who will show us the error in our planning strategy. I am neither naive in regards to financial planning, nor am I woefully ignorant when it comes to saving for trips, but I do like knowing that there is a return coming to me and my DH. We are all set in our long term investments, thank you, in spite of the fact that we tend to have had a bit extra withheld for as long as we have been married. If the Federal Government makes a little on us, we'll be okay with that.

 

[Brian Noble]

Save that same amount of cash in an investment of your choosing.

Ordinarily, I'd be right there with you. But, right now, short-term investments (<= 1 year) have such lousy return rates (or, such high beta values) that it's hardly worth bothering.

But, the broader point is well taken. I once asked my doctor about whether or not low-carb this or atkins-that was worth thinking about. He stopped, looked at me, and said: "You understand basic physics. There are no secrets to losing weight. You have to burn more calories than you take in."

Saving for trips is like that: you have to spend less than you earn, week to week, month to month, to be able to take vacations.

We do that primarily by accepting that things don't lead to happiness, experiences do. We still have a few pieces of "grad student furniture" even now in our mid-40s. Our kids are the only ones they know who don't have the latest (or even the not-quite-latest) video game system. We buy a car, and then drive it into the ground---a process that takes a good 12-15 years, rust and all. Our home's interior is not at all au courant---several rooms are still clearly mired in the late-80s, though over the past ten years we've lived here, we've slowly painted over the worst of it. The few home improvements we've done have been about experiences. For example, we finally dumped the hot tub that was here when we bought the house---a feature we never used---to be replaced by a larger deck and patio/fire ring, something we use all the time.

Some other things prior folks have mentioned that are important: pay yourself first, every paycheck. Part of it to savings for college, retirement, etc., and part of it to your "fun fund." For example, I work a side job from time to time, and for money earned there, my allocation is simple: 1/3 to taxes, 1/3 to savings, 1/3 for fun. Get in the habit of paying off your credit cards in full every month, and do the best you can to eliminate consumer debt.

 

[Disneyaddictz]

We have a $300 a month disney account,
It's grown over time, hoping to increase to $500 a month in January! It no longer feels like saving or sacrificing because we learned to live without it. It all started with putting
A few $$ aside a month for a trip and we decided to just keep it going in because we always had something planned

 

[lustergirl]

I save money and put it on a Amex prepaid debit card. It costs nothing to load money on it. I also take a little out my check each week to put on it as well. The savings add up

 

[lustergirl]

Most of us understand the implications of withholding extra and do not feel the need to consult a financial planner who will show us the error in our planning strategy. I am neither naive in regards to financial planning, nor am I woefully ignorant when it comes to saving for trips, but I do like knowing that there is a return coming to me and my DH. We are all set in our long term investments, thank you, in spite of the fact that we tend to have had a bit extra withheld for as long as we have been married. If the Federal Government makes a little on us, we'll be okay with that.

Tax refund? Haven't had one of those in years. This year we may get lucky as I was off half the year on disability and we all know how well that pays

 

[angierae]

I put $75 per pay (26 per year) into my Disney account when I'm saving up for a trip (we haven't taken a big trip since 2012 and probably won't take a big one until 2016, so sometimes that money is allocated elsewhere). Also when I get 3 checks in a month I will put a few extra hundred in. That's almost $5k in two years which is more than enough for a trip.

 

[JanaDee]

For all of you saying you put hundreds of dollars a month in a Disney vacation fund, I hope you're putting money into a regular savings account, too for a cushion when that "must-have" disney trip is done and paid for, effectively emptying your account.

 

[angierae]

For all of you saying you put hundreds of dollars a month in a Disney vacation fund, I hope you're putting money into a regular savings account, too for a cushion when that "must-have" disney trip is done and paid for, effectively emptying your account.

In my case, the $75 per pay is specifically a line in my budget for entertainment purposes. Sometimes it's vacation. Sometimes it's spending money. Sometimes it's whatever else we're currently dedicating $ to.

It has nothing to do with our general savings plans.

 

[DisneyFan2013]

Really hoping to take our trip to the world October 2015! So my question is: how do you/or your family save up for a trip?! I'm looking for extra ways to save up in hopes for a trip. We always save our change. Literally every penny, dime, nickel, quarter gets put into a big jug.

I save in general but not specifically for Disney. I just throw whatever I can into my savings account when I get paid. There's no real strategy behind it. To be fair though, I don't travel with kids so my trips don't cost me much. (Apparently, not having kids is my saving strategy. lol)

 

[Jennasis]

Go to Amazon and download the book 102 Ways to Save For and AT Walt Disney World. Great resource!

 

[pooch]

20% of DH's income into retirement, 10% of mine. $200 per week of my check in a savings account to cover unexpected bills, helping the kids when they need it, and vacations. $3000-4000 tax returns get added to that account each year. Charge anything and everything to our SWA visas & pay in full each month. I haven't paid for a flight in 4 years!

 

[BABYJOSIE98]

I have a Christmas savings and Vacations savings through our credit union at work. I have money taken right out of my check and I never see it till it flips into my regular savings.

For example I have $100 per pay check going into my Christmas saving and we are paid twice per month. So it just flipped this week and i have right at $2600! That is a great little cushion right here at the holidays. I just used some of it too book our May WDW trip for DD and I.

Then I try and just pay like $50 per week to get the balance down and then when I get my income tax I will pay it off....

So this system seems to work for me..

Then in June I get my Vacation club money , but I only put $25 per pay check in that one.

It is nice cause I never see this money and then boom it is there.

and no worries.....I still have plenty going into my 401K here at Wash U.

 

[Kiren]

I'm gonna have to keep an eye on this thread. I'm currently trying to find ways to finance my DCL honeymoon in 2016.

 

[whitney37354]

Disney gift cards, tax return, longevity check, yard sale, change bucket, saving aluminum cans, putting the rest on credit card & paying off ASAP

 

[gtpoohbear]

Saving for trips is like that: you have to spend less than you earn, week to week, month to month, to be able to take vacations.

This is exactly it. I keep hearing about all these "schemes" to save money for WDW, usually involving putting different amounts of money in certain accounts or something complicated, and I just don't get it. Regardless of where you are putting the money and when, it's all coming from the same place. Either you have it or you don't.

I guess we don't do anything special to "save", other than generally living below our means. We try to keep a healthy amount in our savings account at all times, and when planning a trip (WDW or otherwise) simply decide how much of that savings we are willing to spend. No gimmicks or gambling involved.

 

[angierae]

This is exactly it. I keep hearing about all these "schemes" to save money for WDW, usually involving putting different amounts of money in certain accounts or something complicated, and I just don't get it. Regardless of where you are putting the money and when, it's all coming from the same place. Either you have it or you don't.

I guess we don't do anything special to "save", other than generally living below our means. We try to keep a healthy amount in our savings account at all times, and when planning a trip (WDW or otherwise) simply decide how much of that savings we are willing to spend. No gimmicks or gambling involved.

I prefer to keep my emergency savings separate from my "fun" savings, that's all.

 

[mi*vida*loca]

I prefer to keep my emergency savings separate from my "fun" savings, that's all.

Us too.

 

[stinkpickle]

My disney savings plan has 3 simple steps.

1. Charge it.
2. Have a great trip.
3. Get home, receive credit card bill and suddenly realize the horror of what I've done and spend the next six months convincing myself that a package of Lipton sides is an acceptable and well-balanced dinner.

Been there once or twice.

 

[graciedad]

I opened a "disney" savings account at a credit union that is a separate bank from our checking and regular savings account. It is in a different town, I don't have a ATM card for it, and my work takes $80 per week from my check and throws it in there. It's very inconvenient for me to get to the money which stops me from borrowing from it. Then I can book the trip on my disney visa credit card, get the disney points, and I have the cash to pay off the credit card easily.