Disney World Crash Course #5 - Magical Budgeting 101
Making the decision to go to Disney World is easy - who wouldn't want to spend a week enjoying the magic of Disney? But paying for the trip may seem daunting.
There are many, many ways to save up for your Disney vacation.
Let's break down what exactly you are paying for in your Disney World vacation package. This following is just one of many, many examples of Disney World packages. There are more economical options as well as options that are more luxurious. For this example I chose a Moderate resort and this also includes travel insurance to help protect your investment.
- 2 adults, 2 kids (6 and 13 - one is considered a child, the other a junior)
- 6 nights in October (2011 pricing)
- Caribbean Beach Resort (Moderate)
- 7 day Park Hopper
- Magic Your Way Plus Dining
- travel insurance
Grand Total = $3,414.30
Now, consider what you are getting with your package - a magical resort, 7 days of park hopping between 4 theme parks, a total of 6 table service, 6 quick service and 6 snacks per person, transportation for the week, and much more. The total breaks down to $569 per night (or $488 per day) - just over $142 per person, per night. This is basically an all-inclusive vacation!
I'm not a mathematician or an accountant, but I can figure out how much money you need to save in order to pay for your Disney vacation. Let's say you're planning ahead and have a full year to save. Remember, the initial payment for most Disney World packages is only $200. This is a good place to start.
You've decided to book your Disney World vacation package. In order to save the initial $200 deposit you can put aside $7 per day for a full month.
30 days x $7 per day = $210
After your initial deposit of $200 (based on the package example above) you now have $3214.30 as your balance. If you then have 365 days to save this money (final payments for Disney World packages are due 45 days prior to travel), that's equal to $9 per day.
365 days x $9 per day = $3285
Make yourself a goal to set aside $9 per day ($63 per week) and you can have your Disney World vacation paid for in full! Will it be easy? Maybe. It depends on what type of expenses you have. Skip the fast food line on Monday. Pass up your Starbucks on Tuesday. Cut back on your movie rentals for the weekend. Take the money you save using grocery coupons and set it aside. The possibilities for saving money are endless!
And use this example as only one of many choices. There are other resorts you can choose from, ticket options, length of stay, possible promotional discounts, etc. Maybe you have TWO full years to save! For this example that's only $4.50 per day!!
Now that you've decided that you can afford a Disney World vacation take a step back and set yourself some goals. Here are some examples:
- My goal is to book a 2012 Disney World vacation package by September 2011. My initial goal is the deposit amount of $200. My ultimate goal is the balance of $2500 by July 2012.
Total Cost - $2700
Initial goal - $200 = $50 per month (May, June, July, August)
Ultimate goal - $2500 = $228 per month (September 2011 - July 2011) = $7.60 per day
- My goal is to pay in full for a December 2011 Disney World vacation package by October 2011.
Total Cost - $2000
Ultimate goal - $2000 = $333 per month (May 2011 - October 2011) = $11.11 per day
There you go! Affording a Disney World vacation is possible. Once you have some goals in place then it's a lot easier to attain those goals. Once again, I am not a mathematician but I'd be happy to help you work out a budget for your vacation. And in future courses I hope to give you some additional ideas on where to save your extra pennies and nickels!
Next up - Disney World Crash Course #6 - Free Disney Magic 101