Unexpected Speed bump

[mondragon]

Okay, I'll ask but you don't have to answer, if the package is paid for, what on earth do you need $5,000 more for for the trip?

They didn't say they needed it for the trip. Maybe they have an emergency repair needed for their home or in unexpected medical expense.

 

[mi*vida*loca]

My car broke down back in February. I needed a new engine. It was cheaper than buying a new car and having a monthly payment.

It set us back a bit since we used part of our airfare money. We just shopped around a bit more and flew out of a different city an hour away since it was $500 cheaper.

 

[focusondisney]

Don't you have savings or a 401k? You can borrow money from your retirement and pay at back.

Hope you're kidding. Horrible idea.

 

[mondragon]

Hope you're kidding. Horrible idea.

Well it depends on how desperate they are. I have heard of people doing that but pay it back immediately. The worst thing you can do is go to one of those pay day loan places.

 

[mondragon]

Hope you're kidding. Horrible idea.

We keep savings for times like these (my nephew once drove into my garage destroying it). That was an emergency that cost us about $4k.

 

[focusondisney]

We keep savings for times like these (my nephew once drove into my garage destroying it). That was an emergency that cost us about $4k.

I meant horrible idea to take from retirement. Of course, using savings for emergencies is appropriate. That's what savings accounts are for. Retirement accounts are for retirement. JMHO.

 

[mondragon]

I meant horrible idea to take from retirement. Of course, using savings for emergencies is appropriate. That's what savings accounts are for. Retirement accounts are for retirement. JMHO.

I totally agree. I would never do it but I read on here people borrowing money from their retirement to go on vacation.

 

[Lisaloo]

401k distribution for a Disney trip?! Yikes. We would postpone the trip until we could afford it.

 

[Marionnette]

OP, I hope that you don't consider borrowing from your retirement savings. A vacation is a "want" and not a "need". Cancel or postpone until you have the cash to pay for the trip but please don't borrow from retirement for anything but a true emergency. The consequences for not paying yourself back in a timely manner can be dire.

 

[Disneylvr]

We have been in your situation before and quite honestly we re-booked for a later date. 2016 packages are available to book now.

 

[Deb & Bill]

We have been in your situation before and quite honestly we re-booked for a later date. 2016 packages are available to book now.

I agree. Rebook that trip until next year.

 

[SharonZ]

Hello everyone,

My family is planning our first Walt Disney World trip for December. Our package is paid but we've hit a snag financially. We just need an extra $5,000. What would you guys suggest is the best option to getting this money quickly? We've never been on a real vacation before and have been planning and thinking about it for awhile. We just hit an unexpected speed bump and we're really hoping this won't stop us from going.

Honestly, I would postpone the trip until you have the needed funds.

 

[spartankid34]

Honestly, I would postpone the trip until you have the needed funds.

Same. As much as a Disney vacation is amazing, I would never feel comfortable going without having the money saved up, and never would borrow from savings.

 

[mondragon]

Honestly, I would postpone the trip until you have the needed funds.

Exactly. Disney is not going anywhere. Postpone the trip and go when you save up the $$ again.

 

[Ngwira]

Don't you have savings or a 401k? You can borrow money from your retirement and pay at back.

Worst. Advice. Ever.

 

[MrsCobraBubbles]

If you're set on keeping your vacation plans, I'd suggest putting the tickets on a credit card and doing your best to be frugal with the rest of your out of pocket expenses for the trip, so you can keep the credit card bill as low as possible. I can't think of any legal way to come up with an extra $5000 in such a short period of time, unless you are willing to take the money out of your retirement accounts, life insurance, 401k, etc. But I think that's probably a bad financial decision, to use that money on a vacation. If it were me I'd probably just use the line of credit that we have on our house. We don't like to carry debt, but we know the value of using credit wisely, we have a $5,000 line of credit at our bank in addition to our checking and savings accounts, we've had to use it when money got tight. For the last few years my husband and I have both had unexpected surgeries and health expenses, my husband was out of work for almost a year before and after his back surgery, plus the copays for his physical therapy, we were in a tight spot financially and of course that's when the big expenses hit, right? Murphy's law or something. Anyway, we ended up having to replace my vehicle right in the middle of all his health problems and we used the line of credit to do it. If you don't already have a line of credit on your house, would it be possible to get one? The interest rate is higher than a mortgage interest, but not as high as a credit card.

 

[honeybunches]

Don't be afraid to drive to a different departure city or fly a cheaper no frills airline or both, it can suck a little but a little inconvenience for a thousand dollars or more can make the trip happen. It can easily be $200 for each person difference between departure cities and airlines.

This!! It sounds silly, but I never thought to check prices at a different departure city until reading it here on the boards. It saved us over $500 on our tickets, and it also extended our trip by several hours. Win, win!

 

[usnuzuloose]

My car broke down back in February. I needed a new engine. It was cheaper than buying a new car and having a monthly payment.

It set us back a bit since we used part of our airfare money. We just shopped around a bit more and flew out of a different city an hour away since it was $500 cheaper.

I just did the same thing. The priority is my transportation than a trip. I don't want a car payment. And PTL my car is wonderful, much better than taking a vacation.

 

[tvguy]

I totally agree. I would never do it but I read on here people borrowing money from their retirement to go on vacation.

And usually there are a few financial advisers ready to jump off skyscrapers when those posts appear.

And if you watch any of the financial advice (and financial bail out) shows, it is always amazing what people thing necessities are. The experts always seem to find hundreds of dollars a month that they should not be spending

 

[usnuzuloose]

Big difference between need and want. I would love a vacation, but I have to put the needs of my home first. Taking money from the family for wants is a bad idea. We all have to be responsible. Any financial advisor would say the same thing. Putting it on a credit card, what if you can't afford the payment down the line? Taking it from a 401K? To me these are all not good ideas. You just put the vacation on hold till you can afford to do it. All your doing is trying to put off something you don't want to admit to. The problem is going to be there when you come back. More stress to come back to. This is my HO.