New Home or Disney

[Disneynut71]

I am finally coming out of some financial issues. After being laid off for 5 months and taking a new job at half of my former pay...4 years later I am finally going back to Disney.

Once I return, I really want to start saving for my very first home. I have been living in a apartment since I was divorced 8 years ago and really want to give myself at least a year to save. I know how much I love Disney and know once I go on my trip...I will want to go again next year.

I have no idea how I am going to make this work. I have no issue staying at the value resorts as I am never in my room. I have 2 kids 15 and 9 that love Disney as much as I do. How would I make it work?

I am putting at least $200 a month in different savings vehicles to save for the house. What have others do to save for Disney?

Thank you in advance...I am excited to finally have my first home and many more memories with my children..

 

[hsmamato2]

Congrats on the new job..... But honestly,you asked on the 'budget board' so I'll give you my honest 2 cents....
It sounds like you're starting to get back on your feet. Trips to Disney are pretty pricey. Were you asking should you go at all,or should you go twice? Or are you simply looking for money saving disney tips?
IMHO, If you're serious about changing your living situation,then be serious about it. If you have extra money to put aside for trips,and still have enough to pay for a home,then ok. If you don't,and you are struggling to do both,then you must decide where you will spend your money. It sounds like, from your post, you don't have enough for both. Unless I read it wrong.
Will going on vacations help you toward your home ownership goals? SInce you phrased it 'new home OR Disney', that is a scary title. No brainer....Disney is a week vacation -a home is where you live your life. Comparing those 2 things isn't logical.
Can you afford,REALLY afford trips and a home? You will know the answer if you keep a budget,and you know your income/outgo,plus what you need to save to get what you want.
It sounds like you might want to avoid credit cards in this picture,as you need to know what you can actually afford,not borrow.

 

[hsmamato2]

sorry... after all that,I'll tell y ou what I would do if faced with this question- I'd forget expensive vacations,and focus solely on home ownership. I'd take my kids to cheap,fun places till I could do that.

 

[pigletto]

I don't think you are going to hear anything other than "SAVE FOR THE HOME!!" on this board.
Disney isn't going anywhere. We choose vacations over a big fancy vehicle, or expensive hobbies or dinners out anytime we feel like it. We'll cut a lot of things out of the budget to go away twice a year.
But no way no how would I give up my home for a trip. Disney is somewhere that makes us feel special for a few weeks a year. Our home is our safety and security and where ALL of our memories are made. Priceless to us.

An option for you, and one that I have used when times are lean is to always put aside something for a trip no matter how small. Save for your home primarily, but maybe start couponing and a change jar and put found money in a separate account for trips. That way the goal is always there but isn't sucking all your savings away.

ETA) There is also selling items you aren't using, garage sales, surveys, cutting out other expenses like coffee on the way to work etc.
There's a blog called "Couponing to Disney" that I read awhile ago that had some cute ideas too.

 

[3BoysRDisneyFreaks]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

 

[nilseks]

THE HOME.

With that said--saving toward a home is always a great idea, but if you have great credit you may want to talk to a mortgage lender and see what you can do right now. Mortgage rates are super low, and sellers are desperate...you may be able to find a seller quite easily who is willing to give you money toward closing fees. When we sold our home a few years ago, we were able to 'give' the buyers money toward closing and down payment, and still come out ahead and assess okay.

With this route, maybe you could get into your new home sooner than you think, and then start saving for Disney quickly! Good luck to you!

 

[Disneynut71]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

That is what I was thinking. My DS who will be a Junior in HS next year will be gone soon. Some of our most fond memories are our vacations to Disney. I forgot about the YES program...that is doable. I can afford a home, just really afraid to buy a home without a down payment and some extras as an emergency fund. I have struggled so much over the last 4 years and I finally found a job with a bit more pay. For what I have been paying in rent all these years I could easily have paid a mortgage. I am just so scared. My X owned a home but I have never owned one and bought one on my own. I guess, bottom line is I need to find ways to save a bit more so I can have both.....I have a trip in a few weeks which I saved and paid for...(no credit cards) and when I get home, really start saving for my new home and try stashing a few bucks away for Disney.

Thanks

 

[Lucky4me]

I don't think this is a question anyone can answer for you. It depends on what you want more.
#1- to own a home
or
#2- annual trips to Disney

A lot of people are perfectly happy renting their whole lives.
A lot of people want to be homeowners.
Neither is right or wrong.

If you want #1- skip anything that will take away from saving as much money as possible to make it a reality.
If you want #2-go, have fun and don't feel bad about it.

 

[Disneynut71]

I should mention...I have been back to work for 2 years..so I am not rushing into a trip or anything. I made sure I was back to somewhat normal before I planned this trip. I am more thinking of June 5th when I am back home...how I should save going forward.

I like the coupon thing and we are already using the coin jar..I use my debit card most of the time and my bank is no longer giving me reward points

Thank you all again...I know I can always count on my DIS friends

 

[hsmamato2]

I can afford a home, just really afraid to buy a home without a down payment and some extras as an emergency fund. I guess, bottom line is I need to find ways to save a bit more so I can have both.....I have a trip in a few weeks which I saved and paid for...(no credit cards)

Op, you SHOULD be afraid to buy a home without a good down payment + emergency fund....it can get expensive FAST. You wouldn't be the first person to make the mistake of getting a home you can't really afford,b/c it's about much more than the original purchase price. That is just the start....That emergency fund is VITAL,as things will happen,and you have to pay for them somehow. And a decent down payment is vital,or those future payments will likely cause you incredible stress.
I'm glad for you that you have a currently paid for trip, but after that, you need to be serious *if a home is your goal.* Save for trips in a small side account,etc, but not till AFTER you have your down payment/emergency fund looking good....
BTW, I have kids too..and yes,they do grow, but they'll also grow up and out of your home,which is where most of your important memories will be,anyway.

 

[ceecee]

I would say save for the house and any extra you have should go toward to Disney fund. I see where you're coming from with your kids getting older. But older kids = more $! Sr year is expensive, you may need to start saving for that as well since it's only another year! Maybe you can plan a WDW trip for a grad present.
Also you may need a larger down payment now. We had to put down 10 or 20% when we bought our new house 3 years ago (we owned our other house and had no other debt, so I was surprised). Our credit score was very high as well. We actually sold the old house 2 months after buying the new one and put all of that onto the new mortgage along with the down payment so our loan was cut in half. Just be aware of what you will need to close on a house too.

 

[DisneyEater]

If you are happy with where you live now, it is up to you what to do with your money.

 

[pixiewings71]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

MTE......go and have fun, start saving for the house when you get back, it's totally doable. Can you have a portion of your money transferred to a savings account automatically? If so do that, try to save as much as possible that way and then add more if you can.

 

[Marionnette]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

That is what I was thinking. My DS who will be a Junior in HS next year will be gone soon. Some of our most fond memories are our vacations to Disney. I forgot about the YES program...that is doable. I can afford a home, just really afraid to buy a home without a down payment and some extras as an emergency fund. I have struggled so much over the last 4 years and I finally found a job with a bit more pay. For what I have been paying in rent all these years I could easily have paid a mortgage. I am just so scared. My X owned a home but I have never owned one and bought one on my own. I guess, bottom line is I need to find ways to save a bit more so I can have both.....I have a trip in a few weeks which I saved and paid for...(no credit cards) and when I get home, really start saving for my new home and try stashing a few bucks away for Disney.

Thanks

MTE......go and have fun, start saving for the house when you get back, it's totally doable. Can you have a portion of your money transferred to a savings account automatically? If so do that, try to save as much as possible that way and then add more if you can.

You talk as if graduating from high school is synonymous with never going to Disney again. Here's a newsflash from BTDT for you:

They come home!​

They come home from college. They get married and come home with little ones. They leave the nest and find that they don't have it as good as they did when they were at home.

They come home!​

And if they loved Disney as a high school junior, they still want to go to Disney with you when they come home. The only difference is that they now count as an adult in the room and you end up paying the "extra adult" fee for them if you have more than one.

Buy a home. Invest in their college funds. Go to Disney when they are older and you are more financially stable. It's a lot of fun when they are adults.

 

[Minnesota!]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

I would take the trip, save what you can towards house, save what you can towards Disney. It's not like you don't have a roof over your head now. You said yourself your child will be out of the house soon - make the memories.

Also, your housing needs will change as your kids get older. You will not need the same space, etc. Take your time saving so that when the time comes, you can get the house you NEED...

 

[DeltaDiamond001]

I'm sure that you'll be busy enough trying to get settled in to a new house that Disney will no longer bathe priority it is now.

As it has already been said; Disney will always be there. Save for the house.

 

[pigletto]

You talk as if graduating from high school is synonymous with never going to Disney again. Here's a newsflash from BTDT for you:

They come home!​

They come home from college. They get married and come home with little ones. They leave the nest and find that they don't have it as good as they did when they were at home.

They come home!​

And if they loved Disney as a high school junior, they still want to go to Disney with you when they come home. The only difference is that they now count as an adult in the room and you end up paying the "extra adult" fee for them if you have more than one.

Buy a home. Invest in their college funds. Go to Disney when they are older and you are more financially stable. It's a lot of fun when they are adults.

Would you believe just yesterday afternoon dd(15) and I were talking about when she goes away to school and I said something about how it would be sad to not take her to Disney anymore. Her response..
"Who said I won't be coming to Disney with you?! I am ALWAYS coming to Disney with you."

So much for empty nest couples trips

 

[hops&dreams]

OP - I noticed that you live in Naperville, which is not exactly a cheap place to live. I know it's hard and after years of sacrificing, you'd like to give yourself the "reward" of a trip.

But if you're saving for a home, I think it would behoove you to save your money toward the house. There are littler trips you can do (you can do a downtown weekend and do tourist-y stuff in Chicago!). You can most certainly put Disney off for another year. If you go into this trip knowing you won't be back until 2014, you may be able to get your Disney "fix" and be able to go that long. Half of the fun of the trip is the anticipation.

Also, (this is something we did when we were in an apt) if you're saving for a house, don't stay in the fanciest, newest apartment. We live in a small, basic apartment for 2 years prior to buying our house. By doing this, we were able to save $400/month over renting the "fancy, new" apartments with the granit counters, etc. It gave us almost $10,000 more to put down on the house!!! Just a thought. (it would have also bought us 3 different week-long DW vacations at a Deluxe with dining plan and park hopper! - gotta put it in perspective, you know!!!)

 

[WeLuvDCL]

my thoughts are not going to be popular with the budget crowd. Putting flame suit on.

I say do Disney. Your oldest is getting old. How many more family vacations will you go on before he/she is out of the house? You have been through a lot lately and I say you deserve a trip!

Save for the house when you come back. Do a totally budget trip. Drive, stay cheap hotel, buy park tickets through the YES program if you can go at a time when they offer classes for your kids to attend. You can do a trip for cheap and still have a great time.


Sarah

I agree.

HOME and HOUSE are different. HOME is what you make it. Especially at the ages of your children, I don't think owning a house is going to make them feel more at home. "Home" is family being together.

Buying a house is an investment. And, IMHO, you should not invest money until you have an emergency fund. There are many other costs to owning a house than just mortgage payment, and they come up unexpectantly. As a PP stated, many people rent their whole lives.

I do own a house so you this is just my opinion, for what ever it's worth. But, I truly believe that if I was in your situation... After the Disney trip, I would be put the $200 into an account. But it wouldn't be for a house, it would be for an emergency/college fund. And maybe you can do Disney every other year? Go now and then again for DD graduation present?

 

[pixiewings71]

They come home!​

They come home!​

No they don't....not always. Mine has been gone for 4 years, her daughter is 3, she's been home twice in that time. They don't always come home.