We generally stick to a budget in our household, so vacations are simply part of that budget, but we are starting a Disney dividend reinvestment plan in the near future (now that other finances are all sorted out).
A dividend reinvestment plan simply takes the dividends you receive per share and puts them towards buying more shares. It's my husband's idea, both to invest in a company that we love (and teach the kids about investment and finances in a fun way), with the idea that we will switch from reinvestment to direct payment of the dividends once we retire, so those dividends will contribute or possibly BE our vacation fund once we're on a fixed income. Since we're in our early 30s and doing pretty well, there's time to build that up. The only hitch is that I'm not sure he'll want to retire and I'd love to start my own business in my golden years, but I'm sure the money will be nice regardless! Also, you can always sell off the shares in a real emergency, like tapping a 401k with fewer tax consequences, so it's a fairly secure way to save for the long, long run.
Edited for typo.