Disney vs. Savings

[captainkidd]

This will probably be a long post, and gets into personal beliefs I suppose, but I'm curious to hear what others have to say.

I've always been a "you can't take it with you type of person". I have a decent 401k, though not out of this world. My wife and I have very little debt (under $1,000). We continue to rent as we don't want to be tied into a mortgage right now. I've got a few months salary in savings (I know people will say it should be 6 months worth.) Lately I feel like I want to have a lot more money saved, however, I still want to live my life and take vacations. Anybody else have these concerns? I've always felt like God forbid I needed to, I could cancel vacation, and we'd have a quick $5,000. Luckily, that hasn't happened.

I guess what I'm asking is, how do you decide to spend money going on vacation (not just Disney I suppose) versus putting that money into a savings account? And how much do you feel is a comfortable amount of money to have in your savings? Or, do you feel that's what your 401k is for?

 

[LuLaSue]

Funny you bring this up! My DH and I banter about this often. I say, LIVE, enjoy it. We don't have kids, the only real expense we have is our mortgage. DH is retired and has since gotten another job. I work full time and teach yoga part time. Like you, we both have 401/457 plans, he has a pension check coming in and if I retire tomorrow I have secured a 20 year pension. We have predetermined amount of money that comes out of our checks every 2 weeks and it goes into savings. We really don't live high on the hog, I cook every night and we go out to eat once a week. DH feels we should be saving more.... Who does he plan on leaving it to:veryconfu?

We are not old but we are not spring chickens either! I say, have a cushion in the bank NO DOUBT, secure your future with proper planning and when that is all in place......LIVE! Tomorrow is never a guarantee so BE PRESENT!

 

[captainkidd]

We have 3 kids. They are obviously well taken care of (and spoiled), however, I don't plan on having a huge savings account for them. My parents had none for me, and I did OK. I never resented them for it. If I needed help, they helped. I plan on doing the same for my kids. When they want to buy their first cars, I'll be there to help them pay for it. College, I don't concern myself with saving for. With 3 kids, my wife and I have decided, if they decide to go to college, we'll help how we can, but this isn't The Cosby Show. They'll have to take student loans and pay them back.

 

[harryk]

Funny you bring this up! My DH and I banter about this often. I say, LIVE, enjoy it. We don't have kids, the only real expense we have is our mortgage. DH is retired and has since gotten another job. I work full time and teach yoga part time. Like you, we both have 401/457 plans, he has a pension check coming in and if I retire tomorrow I have secured a 20 year pension. We have predetermined amount of money that comes out of our checks every 2 weeks and it goes into savings. We really don't live high on the hog, I cook every night and we go out to eat once a week. DH feels we should be saving more.... Who does he plan on leaving it to:veryconfu?

We are not old but we are not spring chickens either! I say, have a cushion in the bank NO DOUBT, secure your future with proper planning and when that is all in place......LIVE! Tomorrow is never a guarantee so BE PRESENT!

Just pray that you don't end up in a nursing home for any period of time.
That will eat up all your savings, including the 401/457 plans. They will take both you and your spouse's savings real quick.....
Take the vacations you want.....

 

[LuLaSue]

I grew up the same! They were always there when we really needed something. I think it's great that you are living live with your kids now. These are the things they will cherish always.

 

[LuLaSue]

Just pray that you don't end up in a nursing home for any period of time.
That will eat up all your savings, including the 401/457 plans. They will take both you and your spouse's savings real quick.....
Take the vacations you want.....

Isn't that the truth!

 

[captainkidd]

How many of you are comfortable with what you currently have in your savings accounts? Not your 401k, just your everyday, run of the mill savings account.

 

[Master Yoda]

There will always be an eternal struggle between spending and savings. Like most things I have seen people that take it to extremes on both levels, neither of which seem to be ideal. I like the middle of the road. Put some away for the future but live in the present. If you have a decent 401k and some savings to fall back on you are doing fine. Take the vacation as long as you are paying cash and enjoy it while you can.

 

[Master Yoda]

How many of you are comfortable with what you currently have in your savings accounts? Not your 401k, just your everyday, run of the mill savings account.

Right now, I am not comfortable at all with what I have and am working to change that, but the key for me is balance. I could pull up the bridges and live like a pauper for the next couple of years and amass a good size account, but I just do not want to live like that nor do I want my family to.

 

[ann0d]

We have 5 kids and my parents always told (taught) us to save our money. Well I am 52, Dh and I both have jobs, not the best paying, not the worse, only one of our children is at home anymore. When I was younger I always tried to save every penny, but I don't know, I had cancer twice now, and ever since then I have a different attitude. We have a small nest egg, but I want to enjoy life, you just never know. I am not going to blow all my money, but if we have some extra, we are going to use it to have fun. I have a whole different outlook on this than say ten years ago. I think it depends on your sitiuation, 20 years I couldn't afford to go Disney every other year (or every year) maybe once every 5 years, Plus the kids were all at home and that costs $$$. Lot cheaper with one kid than 4 or 5. There has to be a balance. Disney lasts one week (more or less), you have to be able to live the other 50 weeks of the year.

 

[captainkidd]

Right now, I am not comfortable at all with what I have and am working to change that, but the key for me is balance. I could pull up the bridges and live like a pauper for the next couple of years and amass a good size account, but I just do not want to live like that nor do I want my family to.

I feel the same way. You only get this time with your kids for so long.

 

[LuLaSue]

I am comfortable knowing I am consistantly depositing.

 

[captainkidd]

There will always be an eternal struggle between spending and savings. Like most things I have seen people that take it to extremes on both levels, neither of which seem to be ideal. I like the middle of the road. Put some away for the future but live in the present. If you have a decent 401k and some savings to fall back on you are doing fine. Take the vacation as long as you are paying cash and enjoy it while you can.

That's a god point about paying with cash. My vacations are always paid for with cash. Not 1 cent goes on a credit card. I just start thinking "Damn, that's $10,000 I could put into my savings."

 

[captainkidd]

I am comfortable knowing I am consistantly depositing.

I think what I need is a separate vacation account from my savings. Right now, it's all one. I deposit money into the account literally every day. I pay for vacation from it, but I also make sure I don't go below a certain amount as I want that in there for savings.

 

[Master Yoda]

I think what I need is a separate vacation account from my savings. Right now, it's all one. I deposit money into the account literally every day. I pay for vacation from it, but I also make sure I don't go below a certain amount as I want that in there for savings.

This helps. I know some people that can throw it all in one pot, live by a strict budget and make it work out. I am not one of those types and my wife sure as heck is not. Several accounts can be a bit of a book keeping headache, but it helps to avoid the robbing Peter to pay Paul that can happen with one account. It is far to easy to say "I can take a vacation, we have $5k in savings.". It is much better to take one when you have $5k in the vacation account.

 

[LuLaSue]

I think what I need is a separate vacation account from my savings. Right now, it's all one. I deposit money into the account literally every day. I pay for vacation from it, but I also make sure I don't go below a certain amount as I want that in there for savings.

AH! Yes! Vacation and Savings are seperate! Our savings goes into a an account that does not require a passbook and I took the ATM card they gave us that is attached to the account and threw it out. The account is not linked to the others so we can't transfer monies into a checking account or something like that. The only way we can access the monies is by physically going into the bank. Saving is not easy, so I try and make withdrawing it difficult to.:animwink:

 

[captainkidd]

It is far to easy to say "I can take a vacation, we have $5k in savings.". It is much better to take one when you have $5k in the vacation account.

My problem is, I got to that exact point, now I'm obsessed with having more money in my savings. It's like "OK, now I've got $6,000. Now, I have to get to $7,000."

 

[GeoDonJac34]

When we first got married 16 years a go we bought a fixer upper house. The first year we did not go away because the porch had to be redone. The next year we needed a roof, the next year we had to put siding on. Then our son was born. When he turned four we went to the World, and I was hooked. We have gone every year since. But I wish I could go back to our first couple years of marriage and went away when it was just the two of us. I know saving is the responsible thing to do, but you don't get the years back. I say go away.

 

[real mad hatter]

Good Blog.

Ha Ha,I like this,so many truths coming out here and I agree with them all.First the man above doesn't take cash or credit,once your there,theres no coming back so live life to its full,a much younger buddy of mine was always going to take his wife and kid to WDW,yeh!next year for sure he says to me,well three years ago he suddenly fell ill and past,not a week passes that I think of him.Sorry,on a happier note,we opened an account which we can put money in but can't take out for a period of 18 months,we named it our WDW account,it's like a bond with a good interest rate,infact the interest almost paid for our trip this year,so vacations are high on our agenda.:wave:

 

[foreverbelle]

Ah yes the eternal struggle....Growing up, I watched my parents file for bankruptcy, having no clue how to manage money. I was 12. I learned so much from this. I began working mainly in babysitting through high school, I paid for my own cars, I am currently putting myself through school-yes its taking a long time, but I am getting there. I paid for my wedding, and have learned how to manage my own money. My DH was raised in a family where money was never an issue and he was at times handed things. I am proud to say I have taught him how to save.

I would like to think I will be able to teach my child(ren) the same. At the same time, my son is well provided for.

But I do feel like, I put away money with each paycheck into savings, I have a jar that I throw money into here and there and I do not live on expensive tastes. Could there be more in there? Yes of course, there ALWAYS could. I have enough that I am ok if something should happen but not enough for it to be forever....and if that money we save goes to a vacation, then so be it...I work hard for it.

Last year I landed myself in the hospital three times, and had three major surgeries, at 31 I never thought I would be having...it changed a lot of things. Including looking at money. When it comes to vacations? Yes they are expensive-whether its Disney or not, but sometimes its not about the money, but the time. The time with family, to be a mom and a dad, a husband and a wife again. And that often has no monetary value to it.