How much of a priority is Disney?

[lost*in*cyberspace]

Retirement is a must, no loans for that. I believe in scholarships and already started applying for them (DD is 6) so we're not really saving for that, although both of our parents have accounts set up. .....

Is there a typo here? What college scholarships do you need to apply for when your child is 6?

 

[ssawka]

Disney is a priority. That is why we purchased DVC in 2009. We paid off the initial purchase price in about a year, and now pay about $2500 per year for a week long vacation. That includes airfare and park tickets.

 

[Colleen27]

I put traveling - not only to Disney but as a whole - very high on my list of priorities. Certainly higher than new furniture or cosmetic home repairs; we tend to "make do" until things genuinely need replacing and take that opportunity to address cosmetic issues when choosing a replacement. It isn't higher than retirement, but in a sense I suppose it is higher than college in the sense that we're not going to have fully funded college accounts for all three kids. We'd be a lot closer if we didn't travel but that's not a trade-off we're willing to make.

 

[GusGus77]

I put traveling - not only to Disney but as a whole - very high on my list of priorities. Certainly higher than new furniture or cosmetic home repairs; we tend to "make do" until things genuinely need replacing and take that opportunity to address cosmetic issues when choosing a replacement. It isn't higher than retirement, but in a sense I suppose it is higher than college in the sense that we're not going to have fully funded college accounts for all three kids. We'd be a lot closer if we didn't travel but that's not a trade-off we're willing to make.

This is kinda where we are at, too!

 

[disneychrista]

I do not think you should be going to Disney if you can not afford your everyday expenses.

Now if a trip to Disney is more important than buying a new couch or upgrading your kitchen that is up to you.

 

[queenofmykingdom]

I completely agree vacations shouldn't put you in debt, nor take priority over bills and necessities. But I would like new windows for instance. I would like to spend bonus on that, DH wants to go to WDW. Now, we have no cc debt, but we do have a small car loan and student loans. I would rather get rid of that. But it is HIS bonus... I'm just not sure what to do. He would go with whatever I say. Hmmmm...

 

[disykat]

Disney is not a priority, but family vacations are. My husband and I have very busy, stressful jobs, and we really need the time away from work with our kids. We prioritize vacations over other discretionary expenses. For example, we drive modest cars which we run into the ground. We shop sensibly, don't spend a lot on clothes, etc. However, we are already saving a lot for retirement, college, and general rainy day funds.

This is us too.

I've seen lots of people mention Disney vs. Couch. I'd probably actually pick couch, but only because if I was at the point of buying a couch it would probably be because we really needed it. We'd get a couch, then vacation near by for less money.

 

[crisi]

I completely agree vacations shouldn't put you in debt, nor take priority over bills and necessities. But I would like new windows for instance. I would like to spend bonus on that, DH wants to go to WDW. Now, we have no cc debt, but we do have a small car loan and student loans. I would rather get rid of that. But it is HIS bonus... I'm just not sure what to do. He would go with whatever I say. Hmmmm...

IF what you are looking for is a progressive move up the financial ladder, from making ends meet to financially stable to eventually financially independent so you can afford to retire someday, one thing to realize is that money really doesn't come in buckets. There is no difference in the end result between using a bonus to pay down debt, then using a credit card to go to Disney than just using the bonus to go to Disney - i.e. there isn't such a thing as "vacations shouldn't put you in debt" if you have debt.

Now, in the case of what you are talking about - student loan debt, a small car loan - those tend to be fairly low interest, and they tend to be fairly large debts. Mortgage is another one. Spending NO unnecessary money while you become debt free (ala Dave Ramsey) is possible, but it isn't a lot of fun and doesn't create a sense of balance.

But that mindset is one that when I recognized it, a light went off and my choices became more obvious.

Another concept, this one from economics - everything can be measured in terms of opportunity costs. If I spend my time here typing this post, I'm not reading my novel. I'm not cleaning my kitchen. I'm not watching last night's Doctor Who. I'm certainly not on the treadmill trying to get rid of those ten pounds I've said I'm going to get rid of a year. If I spend my money (and my time) on vacation, what am I NOT doing. New windows? Pay off the car loan? Save for retirement?

 

[mrsklamc]

Let me answer as a person whose parents did NOT spend responsibly. If Disney is more important than college savings and retirement savings now, then there is always going to be some NON necessary thing that is more important than college and retirement savings. And when your kids don't have college savings and when they are feeling put-upon because they have to take care of you in retirement, they are NOT going to think of their time at Disney fondly, they are going to resent it and other purchases that shouldn't have been made while college and retirement savings weren't being made a priority - and possibly you.

It sounds like OP already is choosing to make wise decisions, but maybe she can use this to help convince her DH.

 

[crisi]

Let me answer as a person whose parents did NOT spend responsibly. If Disney is more important than college savings and retirement savings now, then there is always going to be some NON necessary thing that is more important than college and retirement savings. And when your kids don't have college savings and when they are feeling put-upon because they have to take care of you in retirement, they are NOT going to think of their time at Disney fondly, they are going to resent it and other purchases that shouldn't have been made while college and retirement savings weren't being made a priority - and possibly you.

It sounds like OP already is choosing to make wise decisions, but maybe she can use this to help convince her DH.

My parents did spend responsibly and hence three daughters got through college (State colleges, but college) with no debt. We went to Disney once and took modest vacations - usually to relatives houses - Disney was our only BIG vacation - although my mother wanted nothing more than to travel. And when I was able to buy a house at 21 when my friends were paying down student loan debt, I called my parents to thank them.

And now, when my husband writes checks to keep his mother afloat, I resent the hell out of it - she's going to Italy and we just replaced her washer dryer! But I appreciate all that my parents have done in retirement planning which means that at this point, our financial responsibility to my retired parents - we pick up the check for dinner.

 

[Dacky619]

Is there a typo here? What college scholarships do you need to apply for when your child is 6?

Why wouldn't you? There are scholarships out there for kids and there are fewer people that know about them than those for high school students. I would love to have a scholarship account for our child before they even start thinking about what school to go to.

 

[Granny square]

Why wouldn't you? There are scholarships out there for kids and there are fewer people that know about them than those for high school students. I would love to have a scholarship account for our child before they even start thinking about what school to go to.

Aside from pageants I've not heard of any. I'd be interested in knowing what is available too. I have several nieces and nephews that age.

 

[My5Mouseketeers]

We do have retirement accounts. And savings account.
Good point about the furniture. We have 3 boys, 3 dogs, and 3 cats. Probably not going to worry about that.
Hubby also gets a sizable bonus at Christmas. This would easily pay for our trip IF its the same as previous years. He says since its his bonus, we should spend it on fun.

Family time is a priority for us. Vacations, field trips etc. The kids grow up (and get busy) very quickly. We pay the necessities, have retirement accounts etc. But the couches have slip covers and the kitchen and some bathrooms need to be renovated. That can all wait.

We took part of my husbands bonus ten years ago and bought into DVC. Best thing we ever did. Now we go to WDW (every other year). Other vacations are camping/national landmarks etc

 

[Colleen27]

Let me answer as a person whose parents did NOT spend responsibly. If Disney is more important than college savings and retirement savings now, then there is always going to be some NON necessary thing that is more important than college and retirement savings. And when your kids don't have college savings and when they are feeling put-upon because they have to take care of you in retirement, they are NOT going to think of their time at Disney fondly, they are going to resent it and other purchases that shouldn't have been made while college and retirement savings weren't being made a priority - and possibly you.

I think this is a very negative view of the world that doesn't give kids nearly enough credit. My mom didn't have college savings for me and it never even crossed my mind to "resent" the family vacations and other experiences I had growing up because of it - I knew she did the best she could on the resources she had, and can't even fathom resenting that we did things together rather than sitting home saving every spare dime for the future. I wouldn't give up 18 years of fun memories and really cool hands-on learning experiences for a fully funded college account and I fully expect my kids will feel the same way.

ETA: I view retirement and college savings as fundamentally different in this regard. Retirement planning is a basic part of taking care of one's own future, and I believe that to be essential. I don't view providing for higher education to be a necessity of that level - there are other routes to long-term success as well as other ways to fund college if the parents can't/won't provide for the full cost.

 

[crisi]

I think this is a very negative view of the world that doesn't give kids nearly enough credit. My mom didn't have college savings for me and it never even crossed my mind to "resent" the family vacations and other experiences I had growing up because of it - I knew she did the best she could on the resources she had, and can't even fathom resenting that we did things together rather than sitting home saving every spare dime for the future. I wouldn't give up 18 years of fun memories and really cool hands-on learning experiences for a fully funded college account and I fully expect my kids will feel the same way.

Well, again, its balance, right? Your mother was doing the best she could.

My husband's father did not give either of his sons a dime for college, but they got to grow up on expensive sailboats and dad owned an airplane. Those were great experiences, but the college debt load for each of them was crushing. And yes, my husband resents the sailboats and the airplane.

Renting an airplane or sailboat once in a while would have given them the experience - and putting the money aside not spent on owning those expensive - but rewarding - toys would have paid for a good chunk of college. His father was not really interested in doing the best he could for his kids - he was interested in having those experiences himself - while he used the excuse "its about the kids" it wasn't.

(They were by no means rich, but my father in law was someone who lived in daily expectation of a large inheritance that when it came - 40 years after he started expecting it, didn't live up to his expectations.)

 

[arthur06]

We try to take one big trip per year and one smaller trip per year along with some day trips.

We are in the process of of essentially building a new home. We find it important to have a very comfortable home. Our home is nice, but not extravagant.

I have a vehicle thru my company and my wife has a 9 year old vehicle she uses for work.

I put well above the match in my 401(k). I work a full time job and a PT job on Saturday's to make extra. We spend less then we make.

We have an ING (now 360) account that we deposit $75 every Friday into. When we have enough to go, we go, when we don't we do other things.

It is really finding a balance of needs/wants that works for your family. Finding/making a budget that works for you is key.

 

[ceecee]

Don't make it "one or the other". Open up a savings account for all the 3 things.

Personally for me new furniture is last after vacations especially when my kids were younger. We had 3 kids and 2 dogs, our furniture went through hell. I didn't buy new furniture until recently and that's because my youngest is now in college out of state. LOL.

That would be my last thing as well. WDW is great when the kids are young enough to really believe and get into it. You didn't say how old they were but if they aren't babies or toddlers then go now. You can do it without spending a lot of money but at least do it. Our neighbor always said they were doing it "right" or not do it at all. The kids grew up, they got divorced and they never did it. Her sons really wanted to go after hearing my DD talk about it year after year. Now she is going to be a Sr next year and her college fund is on track (providing she doesn't go Ivy League and who is ever ready for that!!!LOL) AND we have 15 years of magical memories!

 

[Colleen27]

Well, again, its balance, right? Your mother was doing the best she could.

My husband's father did not give either of his sons a dime for college, but they got to grow up on expensive sailboats and dad owned an airplane. Those were great experiences, but the college debt load for each of them was crushing. And yes, my husband resents the sailboats and the airplane.

Renting an airplane or sailboat once in a while would have given them the experience - and putting the money aside not spent on owning those expensive - but rewarding - toys would have paid for a good chunk of college. His father was not really interested in doing the best he could for his kids - he was interested in having those experiences himself - while he used the excuse "its about the kids" it wasn't.

(They were by no means rich, but my father in law was someone who lived in daily expectation of a large inheritance that when it came - 40 years after he started expecting it, didn't live up to his expectations.)

I can see resentment in that situation - spending lavishly and not saving for college. I'm coming from a very different place. Our "luxury" experiences growing up were a relatively nice annual vacation (Disney on a budget, camping at Cape Cod/Plymouth, extended stays in my aunt's guest room in Virginia Beach, etc), memberships at the local zoo and science center and taking full advantage of reciprocal programs when we traveled, and day/weekend trips around our region. If we hadn't done those things she could have stuck a few thousand dollars more into the college funds - not chump change, but nowhere near sailboat or airplane money. And that's where we're at with our kids as well - we do travel a lot, mostly low-to-moderate budget. For a while we had a $2000 used SeaRay for running around on the lake in the summer, and we rotate memberships to Detroit-area attractions (and like my mom, make heavy use of the reciprocal programs when planning weekend trips). I don't think they're going to be looking back on staying at Pop Century or exploring the Field Museum for a weekend or taking that boat out to go swimming and think "That's 2 or 3 grand we could have had for college".

 

[hsmamato2]

Well, I would like a new couch and a hot tub for the back deck....but for some reason, I always take our 'extra' money and label it 'vacations' and then go somewhere with it..... Like pp's have said, wouldn't sacrifice our well being for a trip, but a ratty couch? sure, who really cares about the couch,we can still sit on it,so no biggie! BTW, it's not really 'extra' money, it's set aside,specifically to allow us some vacation freedom. This is in addition to saving for other important things though. If something had to go,the 1st would be our 'vacation' fund,as it's the least necessary. I love traveling,and spending some $$ on experiences is cooler than spending it on a couch....

 

[J.C.&ALI'SMOM]

We make travel a priority, not necessarily WDW. We live in a rural area with not much in the way of attractions, activities, or culture. We have chosen to take our girls to many different places. They have been from Seattle to the Keys, from LA to Chicago, and lots of WDW in the middle. My oldest (16) will be going to London this summer.

We have college funds and car payments. Our house is paid for. We like to take around 3 vacations per year with other long weekend trips too.