pay debt or save for trip?

[Bete]

You need an option that says....

Dont take a trip and pay off debt.

Absolutely, NO for this trip. You would be DENIED by Suze Orman.

It's obvious to me your spending habits have to change. As other posters mentioned not only do you need to pay off the debt, but you need an emergency fund, too.

 

[Marionnette]

So I'll be the opposing voice.

Dh and I saved, saved, saved and now he's dead and I'm a widow.

I wish I had saved less and did the things dh and I dream of more. I wish I had saved less and taken the family trips we wanted but didn't just to be able to pay cash for the new a/c instead of financing it.

Now I don't know what "considerable" debt means to you, different folks it means different things. You say no grieving child should have to bear witness to their parents devastation, well no mother should have to call her freshman son at college to tell him to get on the first flight smoking because his dad is dying and might not make it through the night.

Yeah I proudly say MONEY IS NOT THE MOST IMPORTANT THING IN MY LIFE ANYMORE. (not saying that it is for anyone else, simply speaking for myself)

So I'll embrace the "irresponsiblity" label because if it comes between spending time with my sons or paying a bill. vacation time with my sons will always, always be first.

Now I'll also add, I've never needed to do disney for that, I can find less expensive ways but skipping a vacation. Never again!!

I'll also add, that I lost my husband a few months ago so maybe this is just fresh grief. ask me this question again in a year or so and I may feel different.

Interestingly enough for all the folks who claim to pay off the debt, most voted the middle ground.

Eliza, I'm truly sorry for your loss. I pray that your pain fades as the memories of the good times that you shared carry you through each day.

I think that both of our experiences show that there is a need for balance in our financial lives. Saving without enjoying its benefits can leave us with just as many regrets as spending without regard to the consequences.

 

[eliza61]

Eliza, I'm truly sorry for your loss. I pray that your pain fades as the memories of the good times that you shared carry you through each day.

I think that both of our experiences show that there is a need for balance in our financial lives. Saving without enjoying its benefits can leave us with just as many regrets as spending without regard to the consequences.

Thanks Marionnette,

That's why I always try to put the second part in there. I recognized that right now, a lot of my viewpoints are probably seriously skewed.

I'm just at the stage where I'm looking back and having gigantic, colassol, boulder size regrets. it seems like we were always "waiting" either because some thing had to be paid and we didn't want to go into debt or because him and two friends had started their own business.

Now I wish I had thrown Suze Orman right out my window because I realize for all her and Saint dave's advice, they ain't living my life.
So I am trying to find that balance. If my sons are trying to decide between working over the summer or an opportunity to experience some thing they have never experienced before? work loses

If they ask me between spending vacation time with their kids or making an extra mortgage payment on some crazy goal to get the mortgage paid earlier? I'm going with vacation time with the kids.

 

[gorkt]

I agree that vacations are important, but I would pay down your debt at least partially before going on an expensive trip. I had $17K of credit card debt a few years ago, mostly because I was a SAHM a few years too long. We love WDW, and would like to go every 2 years, but we decided to take inexpensive vacations (camping, short weekend trips etc..) and skip a trip and focus on paying down that debt. Now we are down to 4K of CC debt, with a plan to pay it off by the fall, and are going to WDW in November. And it will feel totally awesome having that trip being paid for and having no CC debt at all.

Now I do think one can go too far. I think if you are making yourself miserable , not taking any vacations at all, and eating Raman noodles every night in order to pay off your mortgage 7 years earlier, you might want to reevaluate your priorities.

 

[Blessedwithboys]

I am in the camp of continue to pay on your debt.... do not just leave it sit- but go on the trip.
When I am laying on my death bed I am not going to be so happy I paid my student loan off a year sooner... I am going to be thinking of memories I made made with my kids. If Disney is your happy place GO! But I would NOT add to the debt. We have been credit card free for four years. I will never have another it is to tempting to live outside my means.
Continue to pay off your debt, but do not add new debt.

 

[ilovemk76]

So I'll be the opposing voice.

Dh and I saved, saved, saved and now he's dead and I'm a widow.

I wish I had saved less and did the things dh and I dream of more. I wish I had saved less and taken the family trips we wanted but didn't just to be able to pay cash for the new a/c instead of financing it.

Now I don't know what "considerable" debt means to you, different folks it means different things. You say no grieving child should have to bear witness to their parents devastation, well no mother should have to call her freshman son at college to tell him to get on the first flight smoking because his dad is dying and might not make it through the night.

Yeah I proudly say MONEY IS NOT THE MOST IMPORTANT THING IN MY LIFE ANYMORE. (not saying that it is for anyone else, simply speaking for myself)

So I'll embrace the "irresponsiblity" label because if it comes between spending time with my sons or paying a bill. vacation time with my sons will always, always be first.

Now I'll also add, I've never needed to do disney for that, I can find less expensive ways but skipping a vacation. Never again!!

I'll also add, that I lost my husband a few months ago so maybe this is just fresh grief. ask me this question again in a year or so and I may feel different.

Interestingly enough for all the folks who claim to pay off the debt, most voted the middle ground.

How would feel today if you just lost your DH and are now losing your home to forclosure?

You always talk about all your trips you took in your 20s and. More recent trips. You said your DH loved to fish but you did not go. You have not missed out on living but you will be missing out on the future life that you wanted. Your DH died too young. I am sure your DH is glad you are not homeless or eating at soup kictchens so he could have gone one more vacations.

DH and I are the same ages as you and your DH. We have tons of memories that did not require $$$ to make. We are also financially secure and if one of use passed away we would know the other would not struggle financially. Emotionally would be very different. We both want to grow old together. We are now married 30 years and we hope for 30 more.

I am a cancer survivor, so I know of what I speak. We make memories everyday. Jam glad that DH and I have both found it possible to learn to partake in the others interest so we had as much time as possible together. Memories are made every minute not only on every dollar spent.

Time to get off my soapbox.

 

[mrsklamc]

I'm sure if 'don't go' was an option it would be winning in a landslide.

And no, none of us are promised tomorrow. But we aren't promised that it's not coming either, there has to be a balance. The words 'considerable' and 'our other home' in this situation indicate to me that the 'expensive fun' side of the balance has been accomplished and it's time to work on the 'responsible' side.

 

[hrslvr142]

Eliza61, so sorry for your loss. I am in the same boat only my dh died five years ago. He had a long term illness so we were able to travel a bit and we did not have "considerable" debt but he had very little life insurance either so I was left with a house payment, car payment and other bills and no savings. With that being said all my kids were out of the house as well so it was just me and I got a second job and am debt free except for my mortgage. So OP what I would say to you is find a happy medium, Disney will always be there, always magical and memories can be made much closer to home at much less expense. It is about the time we spend with people not the place. You will feel SO MUCH BETTER with your debt at a manageable amount...like getting a monkey off your back. Good luck to you in whatever you choose and happy upcoming 10 year anniversary.

 

[danielle79]

I am in the camp of continue to pay on your debt.... do not just leave it sit- but go on the trip.
When I am laying on my death bed I am not going to be so happy I paid my student loan off a year sooner... I am going to be thinking of memories I made made with my kids. If Disney is your happy place GO! But I would NOT add to the debt. We have been credit card free for four years. I will never have another it is to tempting to live outside my means.
Continue to pay off your debt, but do not add new debt.

I agree completely! We are on a two year plan to pay off all debt except mortgage and we are still going on vacation next year! I understand the importance of paying off debt and living within your means but I don't ever want to feel like I didn't do things with my kids because we wanted to pay the car off instead!!! p.s. I am blessed with three girls and want to spend all the time I can with them while they want to spend it with me!

 

[JKMJ441724]

Out of the options you listed

I picked save a little/pay a little.

But if you had the option I would have voted to skip this trip until you have some more of your debt paid down. Then you can celebrate that magical, wonderful 12 1/2 year anniversary.




I am on a three year plan to eliminate ALL debt - including my mortgage.





Don't give up what you want MOST for what you want RIGHT NOW.

 

[disneymagicgirl]

I would say none of the above. Pay off debt then save for trip.

However, you aren't going to do that so the other option would be pay off the debt and put the trip on Disney visa at 0% and pay it off within the 6 mths before interest accrues.

 

[Burnedout]

Yolo. A philosophy that has put America/americans into the financial mess we are in. Rather than going to Disney because it is a persons happy place people need to learn to see their lives in a different manner. Findin the happy place in every day is what needs to happen. Taking a child on a walk in the park everyday is going to make a far more important impression then a week trip to wdw. Few people get to do everything they want in life. And I've never seen a lot of evidence that those people are happier and more content and happier memories than we do.

 

[WAMUMOF4]

Yes, the event in Boston is a reminder that life is short and none of us is guaranteed a tomorrow. But I also know from first-hand experience, it's no picnic to watch a surviving parent struggle to pay the bills when their spouse dies, leaving crushing credit card debt and only one income to handle it. If you think that debt is considerable now, think about how difficult it can be when you have less than half of the money coming in. No grieving child should have to bear witness to their only parent devastated with worry over how to keep a roof over the family's head and food in their stomachs.

I am sorry for your circumstances but I have to ask did you actually read all of what I wrote in my answer to the OP?

 

[Pumbaa_]

I would go. I would rather carry my debt a little longer and have the trip

Puts me firmly in the irresponsible camp

 

[robinb]

Hmmm ... My first reaction was to recommend that you pay down your debt and that is probably the best thing for your family if your debt is indeed "considerable".

If you do go anyway, I would suggest that you approach your vacation as a total budget trip. Save as much as you can in advance while still paying off your debt and stick to a strict budget while at WDW. Unfortunately, you are planning for the busiest and most expensive time at WDW (between Christmas and New Years). Resist staying onsite because it will be shockingly expensive and there will be NO discounts. Zip. Nada. And both the resorts and the TS buffets will be at "screw you" Holiday pricing. The value resorts are $176 per night pre-tax, POR Riverside (for your family of 5) is $253 . Instead, stay off site in a condo where you can at least cook breakfast or at a place like Embassy Suites or Buena Vista Suites that includes breakfast. Yes, you will lose EMH and will have to pay for a car and parking, but we stayed offsite over Christmas 2012 (in a pool home for $800 for the week including taxes ) and we had no problems getting to the parks in time for rope drop.

 

[natenapril]

This is the budget board. What answer did you expect?!

 

[VillianDiva]

I do agree you should pay off your debt. I would definitely not charge a trip. If you cannot save the cash to go then it's not worth booking.

My answer was to pay off one debt...but if you end up tacking more debt back on then you haven't really paid off anything.

 

[beansmom]

well, *I* am the money-spending free spirit in our house but that got us in big trouble. There has to be some balance and some grown-up responsibility or disaster usually finds us.

Balance, balance, balance. You have to find the place between living only for today and not living while you're waiting for tomorrow for life to begin. I also believe that there are some things more valuable than money.

OTOH, as someone posted above--I don't want to eat alpo in retirement nor do i want to ever lose my husband AND our home at the same time.

Balance---I cancelled a trip to Ireland yesterday because we have a pressing tax payment in June right on the heels of a HUGE tax boo=boo payment this month. I couldn't enjoy a trip knowing the money I was spending SHOULD be taking care of my unavoidable obligations. The balance is that we are re-scheduling for a few months when money will be a little looser and I can relax and NOT have to look for cold potatos to eat while we're there.

Balance. Live today but also plan for tomorrow.

2 ps- #1-OP, i think you already knew what your choice should be when you asked the question. You knew paying the debt was the right thing.
#2- um...if i was planning a wonderful anniversary trip, personally, grandma and the kids need to stay home.

 

[Gina-Gina-Bo-Bina]

I am another who did not vote as there was no poll option that I agreed with. I will stick with the overwhelming number of others who say don't go until the debt is paid off.

I will willingly go into debt in the unfortunate event of an illness, job loss or tragedy if it means feeding my family or covering shelter, heat, or similar life necessities.

I will not willingly incur debt for vacations. Where and when we vacation depends totally on how much we have saved to do so. All of our family getaway costs are budgeted for and covered in advance, from travel insurance to gas to get us to the airport, including a "contingency fund" for anything unexpected that may occur along the way. Thankfully, this means we usually always return home with a surplus of unspent money, giving us a head start on the next vacation.

We did not get to Disney for the first time until we had been married almost 16 years. Then it took us almost 3 years to get back to Orlando for a second time. We made lots of family memories during that time, just not within the Disney bubble. And we are hopefully demonstrating patience, restraint, and financial responsibility to our teen DS as he creeps closer and closer to his own adulthood. Make no mistake, our kids are watching....and learning....and developing their own habits, good or bad, that probably mirror Mom and Dad's more than we would think.

The compulsion to live in the moment is strong, and credit is so easy to obtain. But common sense has to factor in. If by the OP's own admission the debt is "considerable", there is no way I would add to it for a trip, or consider a trip until the debt is under control. But I'm weird like that.

 

[conniehar90]

No vote registered here - pay off all your debt, then go on your trip.