That's a perfectly good decision.
Just thought I'd share a side story about the perils of "Annual Pass Logic," which I've fallen for in the past.
The idea is that for just a few hundred dollars more, I can buy an AP and "save" money by taking more trips to WDW. Of course, once you've paid for the pass, that money is already sunk... so I might as well take more trips, since the tickets are now "free." Which means more gas/airfare, hotel nights, food, etc. Then there are the discounts, which many people use in their "breakeven" calculation. That assumes that to "break even" faster, I won't go buying merchandise and meals that I wouldn't otherwise have -- and it's hard to always know that for sure. I probably end up justifying additional spending because that $25 t-shirt I don't need is now $5 less. And Memory Maker, it was easy to throw in there though I personally wouldn't have paid hundreds for it.
Before I know it, a few thousand dollars (and a nice percent out of my annual income) have been spent with The Walt Disney Company. Now, I can't say that I didn't have fun and really enjoy those trips... or that I won't do it again when I have the budget. But I couldn't kid myself. It wasn't a logical decision... it was an answer I justified with AP math.