pay debt or save for trip?

[Disneylover99]

Has the OP ever come back? Maybe I missed it, but I didnt see any follow-up posts.

Maybe the OP went on vacation!

 

[mamabear0222]

I picked one of your poll options but none were great imo. I'd be paying off your debts THEN consider a trip. Debt on top of debt is just a downward scary spiral....too many people these days live this way.. happy anniversary for ours we went to dinner lol

Sent from my Samsung S3 using DISBoards

 

[ruadisneyfan2]

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.

My grandmother has been giving me this advice for years. She was just 62 when my grandfather died very suddenly. He had just retired and they saved all their lives so they could do so many wonderful things in retirement. Never happened. Add to that I've been working in a hopsital (trauma center/regional spinal cord injury ctr) for 22+ years not including time spent in school. Add to that every female in my family, except me, has had breast cancer plus 3 out of 4 of my mom & her sisters.
Yes, financial freedom is nice too but there is a happy medium. We have a small amount of debt we are now paying down & after our big trip this summer we are taking a break from traveling to pay it down & do some work on our house. Honestly, there is not a single trip I regret. Ever.
No, it doesn't have to be a full week in WDW to escape the grind. Even a long weekend someplace closer is nice too.

 

[ruadisneyfan2]

If you insist on going (which you appear to be), then two basic themes of advice:

1) be frugal on the trip (for example, as others have noted, staying offsite can save literally thousands of dollars, and ironically, offsite hotels are often objectively nicer accommodations than the motel-like surroundings of onsite properties);

2) get an additional job to fund the trip (and/or to pay off the debt you insist on accruing), and then maybe keep this additional job into the future to help pay off your other debt even after the "Disney-specific" debt is paid off. Other than truly sick people (like cancer, not psycholological or emotional issues, not just being heavy, not just sore muscles, not allergies, etc.), every able-bodied adult should be able to do about 80 hours per week of work, certainly at least for several months at a time, and certainly you can maintain a 60-70 hour workweek pace forever (my typical week is about 65 hours per week, but has been as high as 80-90). Assuming your current job is 40/week, get a second job. Even something basic like working at a local gift shop or department store (or restaurant) as a sales clerk will pay something, and ideally, your life circumstance permits you to find something that pays a bit more. Grocery stores hire people to lug the deliveries off their trucks - that is typically done after-hours, and it is also in the back, if you are concerned about people "seeing you". We are now getting into painting and construction season - past few years have been tough, but you may be able to find something. Buildings often hire after-hours security guards, and if you live anywhere near a casino, they are frequently hiring (and there are often tips) - these are obviously just suggestions- a quick read of your local "help wanted" will give you more ideas.

Good luck! I have been in debt, and now I am fortunate that I am debt-free (other than a mortgage), but I do know what it is like.

Do your children even remember what you look like?
Even sadder that you view mental illness as not truly "sick" therefore still able to work 80 hours per week?


btw, moms who work a FT job plus take care of a family + house easily work more than 80 hrs/week.

 

[ICF]

If you insist on going (which you appear to be), then two basic themes of advice:

every able-bodied adult should be able to do about 80 hours per week of work, certainly at least for several months at a time, and certainly you can maintain a 60-70 hour workweek pace forever (my typical week is about 65 hours per week, but has been as high as 80-90). Assuming your current job is 40/week, get a second job. .

If you're working that long every week --- you too will eventually end up sick.

60-70 hrs a week forever? If that's spread out over 6 days that would put you at working 10-12 hours a day. Throw in 7-8 hours of sleep and you now have accounted for 17-19 hours a day -- which doesnt even count commute times to and from work.

Can you do it for a short time, sure --- but if you working 10-12 hours a day 6 days week...forever (as you state), that's not healthy. Bodies need time to rest, socialize and the like.

And expecting anyone to work two full time jobs @ 40 hours each, putting in 80-90 hours even for a future months...is an even worse idea.

 

[eliza61]

If you're working that long every week --- you too will eventually end up sick.

.

Ain't that the truth. My dh worked for an oil refinery and they had these things called "turn arounds" where they would shut down a unit on the refinery for repairs and upgrades.
Well you had to commit to 35 days straight work at 14 hours a day. The employees loved it because you would be paid your regular salary, plus over time and then at the end of the 35 days if the project was completed on time you'd get some thing like a 10K bonus.
Problem was that after every turn around he would do, he would be sick at the end of it. no matter how many vitamins he popped, how much exercise he tried to get, he'd end up wiped out. not only him, it took weeks for the turn around team to get back to strength.

 

[jodifla]

I'll be the irresponsible, live for today voice and say... It depends. You just don't give enough info for anyone to offer anything but black-and-white platitudes (whether it is "Paying off debt comes first" or "You only live once"). How much is "considerable" debt and what types? What sort of interest rates? How is your ratio of payments to income? How secure are your jobs? How often have you gone to WDW in the past? How long would you have to postpone the trip to pay off the debt first and then save for a future trip? All those things make a difference, IMO. Life is very rarely as simple as an either/or choice... It isn't "never vacation" vs "Alpo casserole in your golden years". There is a middle ground, but finding it means honestly assessing your financial "big picture", not asking advice on a message board. And if you read here at all you had to know the answers you'd get - this may be the most financially conservative, anti-debt message board you'll find outside of Dave Ramsey's own web site.

Yes, I totally agree.

We have debt. We vacation. So does EVERYBODY I know in real life. The people who populate these boards aren't remotely like a typical person. They view being debt-free as the be-all, end all. It's not.

But, we also have substantial savings: for retirement, for college. Once we put money into savings, it doesn't come out. So we take out car loans, or put items on credit cards then pay them off. (Then use the miles for free plane trips.)

If you have a modicum of self-control, you can have some debt and still enjoy your life.

Now OP, only you know what your "substantial" debt is and if it should keep you from going on vacation.

 

[EagleScout]

Do your children even remember what you look like?
Even sadder that you view mental illness as not truly "sick" therefore still able to work 80 hours per week?


btw, moms who work a FT job plus take care of a family + house easily work more than 80 hrs/week.

Yes, my son knows daddy very well, as do all of his classmates know their daddies (all work similar). We are in an area where all are doctors/lawyers/bankers/etc., and we all take both work and family very seriously, as well as commitment to religion (which sort of blends with family). And if/when we are blessed with more kids, so will they know me. Fortunately I take a train, so can combine commute with some of my work. I do apologize for any offense regarding the "mental/emotional" comment - I was generalizing, I fully agree mental illness is "real" and can be debilitating (and my choice of words was poor), but my point was to try to avoid having op find excuses for minor aches/pains, or similarly manageable "run of the mill" depression, etc. My whole point was simply to provide an alternative solution - a way to be reasonably financially responsible and still splurge/lower debt. There are two sides to a balance sheet. Obviously, people have lives that "work" with fewer work hours, but if it does not, this may be a solution, either part time or long term.

And yes, I fully agree that housework, etc is work - my wife is currently stay-at-home, and this was important to both of us.

 

[scottmel]

You know the old saying that if you have to ask for advice you already know the answer.... Pay off that debt. ALL OF IT before you save/take a vacation. You will enjoy it more!

 

[cassandrap83]

I don't think that it should be a requirement to be 'debt free' to go on a guilt-free vacations.

If you have debt that you are managing well, then by all means, save and go on the trip.

 

[jodifla]

You know the old saying that if you have to ask for advice you already know the answer.... Pay off that debt. ALL OF IT before you save/take a vacation. You will enjoy it more!

assuming you actually ever get to go, because there is always another bill down the pike.

 

[EagleScout]

Yes, my son knows daddy very well, as do all of his classmates know their daddies (all work similar). We are in an area where all are doctors/lawyers/bankers/etc., and we all take both work and family very seriously, as well as commitment to religion (which sort of blends with family). And if/when we are blessed with more kids, so will they know me. Fortunately I take a train, so can combine commute with some of my work. I do apologize for any offense regarding the "mental/emotional" comment - I was generalizing, I fully agree mental illness is "real" and can be debilitating (and my choice of words was poor), but my point was to try to avoid having op find excuses for minor aches/pains, or similarly manageable "run of the mill" depression, etc. My whole point was simply to provide an alternative solution - a way to be reasonably financially responsible and still splurge/lower debt. There are two sides to a balance sheet. Obviously, people have lives that "work" with fewer work hours, but if it does not, this may be a solution, either part time or long term.

And yes, I fully agree that housework, etc is work - my wife is currently stay-at-home, and this was important to both of us.

Just to clarify, to try to avoid further off-topic debate, I agree that a woman who works ft and is primary caregiver likely works more than 80 hrs per week - which sort of proves my point, that people can work 80 hrs/week.

 

[Granny square]

assuming you actually ever get to go, because there is always another bill down the pike.

I agree there is always another bill. I think the idea of "considerable debt" is what is making some people jump so far on the issue. If she had said they have some debt, house or car debt, etc then I would have said "have at it." But living on credit cards is a dangerous game. It puts life in a precarious place if catastrophe strikes. It. Is like playing with Monopoly money.

There is always another bill down the pike. That is why it is important to have a reserve. To cover that crazy stuff that is always going to happen. Cars break, people get sick, appliances die, jobs end. Smart says assume that is going to happen and teach your kids the same.

You have saved, your child has an education down the road, you have savings. Those are all different than saying you have considerable debt and should you charge another $3000 just for a trip that could happen next year instead. 10 is just a number. We are celebrating 20, and instead of the trip we were planning to Maine, I need to be traveling back and forth to help with my dad. So we will celebrate 21. No biggie.

Not picking at you in particular just wandering from your starting point.

 

[Granny square]

Just to clarify, to try to avoid further off-topic debate, I agree that a woman who works ft and is primary caregiver likely works more than 80 hrs per week - which sort of proves my point, that people can work 80 hrs/week.

Nice save.

 

[gorkt]

every able-bodied adult should be able to do about 80 hours per week of work, certainly at least for several months at a time, and certainly you can maintain a 60-70 hour workweek pace forever (my typical week is about 65 hours per week, but has been as high as 80-90)

This doesn't seem like a well balanced or enjoyable way to live and is likely t have long term repercussions.

How old are you? I could see doing this a few weeks or months BEFORE I had children when I was in my 20's, but now that I am older, I really doubt I could sustain 60+ hours a week for very long without getting very sick. I am able-bodied and healthy. It also depends on the job, this might be doable at a desk job (which would also be kind of stupid unless you were gunning for a promotion or had to do to to keep your job since most desk jobs are salaried) but 65-80 hours a week at a physical hourly job would surely take it's mental and physical toll after awhile.

 

[scribega]

We have debt and we go to Disney every year. While some may not agree with that, it is what we do. We have been consistently paying down our debt every year. We have paid off ALOT in the past 3-4 years. When we do Disney, we pay cash, no new debt. We also go when it is the least expensive (september, free dining, at pop century, no park hoppers).

We looked at our finances a few years ago and knew we had to get it in order. We knew that it was going to take 5-7 years to pay off the debt. We have two kids and they are never going to be this age again. I am going to enjoy them. So to do that we cut back on other things and pay down debt and go on 1 vacation every year.

We can't wait until our debt is paid off. It will be a huge accomplishment. But that will not compare to the memories we made with our kids and the memories they have as well.

So in short, keep paying down the debt. Do Disney, ONLY if you can do it without adding new debt. Go and make memories.

 

[ICF]

I don't think that it should be a requirement to be 'debt free' to go on a guilt-free vacations.

If you have debt that you are managing well, then by all means, save and go on the trip.

There is a difference in having "debt" and having "significant debt"

I'd say most people (in real life) likely have a mortgage payment as well as a car payment or 2. If that is your debt, then I'd fully agree that taking a vacation (be it big or small) is fine.

However, if I have the above plus other signifcant debt (ie high rate credit cards)....then I feel that you shouldnt be taking a big Disney vacation, even if it is your 10 year anniversary. As the OP states, Disney is their 2nd home --- which implies numerous trips in prior years. Perhaps the past Disney trips are the reason for some of this debt?? Skip the trip this year and put whatever money they were going to spend (or charge) on the trip towards their existing "significant" debt and go to Disney in a few years. You can still take a weekend someplace and spend a few $'s while having family time without going to Disney and spending thousands of dollars.

 

[clarkshel]

We have debt and we go to Disney every year. While some may not agree with that, it is what we do. We have been consistently paying down our debt every year. We have paid off ALOT in the past 3-4 years. When we do Disney, we pay cash, no new debt. We also go when it is the least expensive (september, free dining, at pop century, no park hoppers).

We looked at our finances a few years ago and knew we had to get it in order. We knew that it was going to take 5-7 years to pay off the debt. We have two kids and they are never going to be this age again. I am going to enjoy them. So to do that we cut back on other things and pay down debt and go on 1 vacation every year.

We can't wait until our debt is paid off. It will be a huge accomplishment. But that will not compare to the memories we made with our kids and the memories they have as well.

So in short, keep paying down the debt. Do Disney, ONLY if you can do it without adding new debt. Go and make memories.

Very well said. We have two young kids and now is when we want to take vacations so we can experience them when our kids are young. If we waited until we are debt free, then we will probably will not travel until my oldest is 16, he is 8 now.

It also depends on the type of debt you have. We have a mortgage and a HELOC. on our HELOC, we have a share of the condo we bought last year and our minivan that we paid off a few moths ago. We have no other debt. We also usually pay cash for our trips. Well pay off the CC that we charge it to in full when we get back. If we had CC debt, then I don't think we would go on a vacation until it is paid off. But if we had a car loan, we would still take vacations.

 

[Colleen27]

Yes, I totally agree.

We have debt. We vacation. So does EVERYBODY I know in real life. The people who populate these boards aren't remotely like a typical person. They view being debt-free as the be-all, end all. It's not.

But, we also have substantial savings: for retirement, for college. Once we put money into savings, it doesn't come out. So we take out car loans, or put items on credit cards then pay them off. (Then use the miles for free plane trips.)

If you have a modicum of self-control, you can have some debt and still enjoy your life.

Now OP, only you know what your "substantial" debt is and if it should keep you from going on vacation.

Virtually everyone I know has debt when in their child-rearing years -mortgage, car payments, orthodontics, and yes, credit cards - and while it is easy for an expert who has made millions on his advice to say "Don't vacation until the debt is gone", Dave Ramsey (or Suze Orman if you prefer) isn't the one who will be left with the "what if"s and regrets when that debt-free someday that we're all supposed to be living for doesn't come until the kids are too engaged in school and other activities to make time for family travel or until the nest has emptied. Balance is key and I think that gets forgotten by many of the anti-debt brigade.

This doesn't seem like a well balanced or enjoyable way to live and is likely t have long term repercussions.

How old are you? I could see doing this a few weeks or months BEFORE I had children when I was in my 20's, but now that I am older, I really doubt I could sustain 60+ hours a week for very long without getting very sick. I am able-bodied and healthy. It also depends on the job, this might be doable at a desk job (which would also be kind of stupid unless you were gunning for a promotion or had to do to to keep your job since most desk jobs are salaried) but 65-80 hours a week at a physical hourly job would surely take it's mental and physical toll after awhile.

I think the mental can be worse than the physical. DH is in his 40s and still does the 60-70 hour weeks when needed because he's in a line of work that is very seasonal/weather-dependent. But when it drags into more than a couple of those weeks in a row it really wears him down mentally because he gets to feeling like he's only a paycheck to the kids. He's left a couple of jobs in the past because the hours were incompatible with any sort of hands-on role with our children - at one of those jobs the tipping point was when he didn't get to see a single Little League game for either of our then two children because for all of April to July his hours were such that he wasn't home before our 6pm games had ended and couldn't get even a single Saturday morning off. Physically he can still handle it well enough but since becoming a parent he can't handle it mentally. He doesn't want to be leaving before they get up and coming home when they're going to bed 6 days a week for any extended stretch of time.

We looked at our finances a few years ago and knew we had to get it in order. We knew that it was going to take 5-7 years to pay off the debt. We have two kids and they are never going to be this age again. I am going to enjoy them. So to do that we cut back on other things and pay down debt and go on 1 vacation every year.

We can't wait until our debt is paid off. It will be a huge accomplishment. But that will not compare to the memories we made with our kids and the memories they have as well.

That's what it is all about - balance. A little for the past (debt), a little for the future (savings), and a little for now.

 

[rsschneck]

We have a considerable amount of debt that we have been paying off, but our 10th wedding anniversary is coming up and we want to surprise the family with a trip to our "other" home- WDW!
Do we save for the trip or pay off debt and then charge the trip!?!?

Just pay off the debt. The trip can come later after the debt is paid.

Since this wasn't an option in your poll I did not vote.