Ways of saving for Disney

[tizzo]

How crazy is it how much you save just from cutting out your daily Starbucks visits??? I have done the same thing, included bringing my lunch to work daily. But I have a say I do sneak a latte from Starbucks once a month and buy my lunch maybe 2x a month, I can't resist! :lol:

I haven't seen it in a while, but I used to follow a few personal finance blogs and they tend to do a feature every now and then on ways to start bolstering your savings, or to get out of debt, depending on your situation, usually structured like a "top ten" (or maybe "top five") list. And the one thing that shows up most frequently (based on my unscientific survey) is "cut out the daily Starbucks". Evidently a substantial portion of high debt levels and low savings rates in the US comes from people who are unable to pay their bills, but still manage to get that $4.50 cup of coffee every day.

Of course to be fair, Starbucks is really just a stand-in for things people waste money on that they don't really think about because on an individual basis it's so small. Buying as opposed to packing lunch is another example of the same kind of thing, as is failing to use a coupon printed in your local paper when buying something you were going to buy anyway.

 

[Phonedave]

I haven't seen it in a while, but I used to follow a few personal finance blogs and they tend to do a feature every now and then on ways to start bolstering your savings, or to get out of debt, depending on your situation, usually structured like a "top ten" (or maybe "top five") list. And the one thing that shows up most frequently (based on my unscientific survey) is "cut out the daily Starbucks". Evidently a substantial portion of high debt levels and low savings rates in the US comes from people who are unable to pay their bills, but still manage to get that $4.50 cup of coffee every day.

Of course to be fair, Starbucks is really just a stand-in for things people waste money on that they don't really think about because on an individual basis it's so small. Buying as opposed to packing lunch is another example of the same kind of thing, as is failing to use a coupon printed in your local paper when buying something you were going to buy anyway.

You just have to Google the "Latte Factor" to read all about it.

Me, I have some of my own opinions about the "latte factor" and how is it a backwards and poor way (from a motivational standpoint) to save money.

-dave

 

[disneygirl1]

I haven't seen it in a while, but I used to follow a few personal finance blogs and they tend to do a feature every now and then on ways to start bolstering your savings, or to get out of debt, depending on your situation, usually structured like a "top ten" (or maybe "top five") list. And the one thing that shows up most frequently (based on my unscientific survey) is "cut out the daily Starbucks". Evidently a substantial portion of high debt levels and low savings rates in the US comes from people who are unable to pay their bills, but still manage to get that $4.50 cup of coffee every day.

Of course to be fair, Starbucks is really just a stand-in for things people waste money on that they don't really think about because on an individual basis it's so small. Buying as opposed to packing lunch is another example of the same kind of thing, as is failing to use a coupon printed in your local paper when buying something you were going to buy anyway.

I can believe it! When you do the math $4.50 a day + for coffee is ALOT of money each year.

 

[tizzo]

Me, I have some of my own opinions about the "latte factor" and how is it a backwards and poor way (from a motivational standpoint) to save money.

-dave

I have a guess as to what you're hinting about here, because (if I'm right) I kind of feel the same way. Some of the same sources where I've seen this suggestion also, and I'm not making this up, advise people with multiple debts to pay down their smallest debts first, before those on which they're paying the highest interest. The theory seems to be that eliminating a debt quickly, even a relatively cheap debt, is more motivating than seeing your interest costs drop more quickly as they would if you paid off your higher interest debt first. And therefore someone trying to reduce their debt is likely to give up if they don't pay off their smaller debts first.

Which to me is a rather insulting, but not entirely unwarranted), assumption if your target audience is people who seem to be able to afford daily Starbucks (or cigarettes, an iPhone, etc), but not health insurance or their mortgage payments.

 

[Pumbas Nakasak]

I dont drink coffee though.

 

[powlessfamily4]

How crazy is it how much you save just from cutting out your daily Starbucks visits??? I have done the same thing, included bringing my lunch to work daily. But I have a say I do sneak a latte from Starbucks once a month and buy my lunch maybe 2x a month, I can't resist! :lol:

I know right?? I do receive gift cards on my Birthday now that people know I have given it up for Disney. My boss also has started giving me a $100 gift card for Christmas.

I am sure... somewhere down the line, Walt invented Starbucks!! :ROFLOL:

 

[jayrose]

being a mets fan what i did was once the season started last year i put away 5 dollars for each win, 10 dollars for a shutout, extra 5 if they swept a series..

unfortunately they're the mets so the money won't be as much as being a sox, phils, or yanks fan, but i still managed to get around 450 dollars saved from april-sept.

 

[tonganprince]

being a mets fan what i did was once the season started last year i put away 5 dollars for each win, 10 dollars for a shutout, extra 5 if they swept a series..

unfortunately they're the mets so the money won't be as much as being a sox, phils, or yanks fan, but i still managed to get around 450 dollars saved from april-sept.

I like that! and being a sox fan, I can only hope to put lots a money into it.

 

[Goofnut1980]

Well, the only reason I have a 2nd job is for my Disney habit. "twitch" "twitch" So, I spend my Saturdays catering for about 15 hours. That gives me about an extra $400 or so a month toward my trips and I don't have to dip into my regular checks.

Is there a support group we can join??? :sohappy:

 

[GeoDonJac34]

Where I work you can get on and off overtime list every quarter (three months). So doing an extra quarter helps pay for costs.

 

[Phonedave]

I have a guess as to what you're hinting about here, because (if I'm right) I kind of feel the same way. Some of the same sources where I've seen this suggestion also, and I'm not making this up, advise people with multiple debts to pay down their smallest debts first, before those on which they're paying the highest interest. The theory seems to be that eliminating a debt quickly, even a relatively cheap debt, is more motivating than seeing your interest costs drop more quickly as they would if you paid off your higher interest debt first. And therefore someone trying to reduce their debt is likely to give up if they don't pay off their smaller debts first.

Which to me is a rather insulting, but not entirely unwarranted), assumption if your target audience is people who seem to be able to afford daily Starbucks (or cigarettes, an iPhone, etc), but not health insurance or their mortgage payments.

While I agree with you about interest (I used to have a 0% car loan, and I had to fight the urge to pay it off in full each month. I hated having payments, but it made no sense to pay it off) that is not what I am talking about.

Let's say you give up the $4 coffee each day. It is not as if you take $4 out of your pocket each day and put it in the bank. You just don't spend it. You are not saving, you are just not spending (there is a difference). So now at the end of the week you supposedly have an extra $20 in your pocket. But, instead when you were out you bought an extra soda, or some chips, or another beer, or whatever. And you justified it because, hey I gave up my coffee.

Little things like a coffee are what make people happy. If you want to save, and really save, have $50 a paycheck put into a separate account that you do not even look at. Then find the one or two SMALL things, like coffee, or a movie on the weekend, that make you happy, and continue to do them. Then stop buying any big ticket 'random' items. If it is over $25 ask yourself if you need it. New shoes, a new video game, new running pants (guilty), etc. That is what someone needs to concentrate on to get their budget in line. Save first, adjust your budget to fit your savings.

-dave

 

[kbmum]

We do a lot of little things to save:

1) Put change in a jar and bring it to the bank a few weeks before our trip. Never use a change counting machine at the grocery store, since that service charges a fee.
2) Sell spare items on eBay.
3) Do online surveys. Between the two of us, my husband and I belong to 10 different survey companies. The money really does add up.
4) Buy Disney gift cards in $25 or $50 increments over the course of the year.
5) Use an cash rebate program for online shopping, like Shop at Home and Ebates. I buy Disney gift cards at disneystore.com through Shop at Home and get back 5 percent of the purchase price. A $25 gift card earns a rebate of $1.25. Sometimes, these sites offer a higher return for a limited time.

 

[NYwdwfan]

We do a lot of little things to save:

1) Put change in a jar and bring it to the bank a few weeks before our trip. Never use a change counting machine at the grocery store, since that service charges a fee.
2) Sell spare items on eBay.
3) Do online surveys. Between the two of us, my husband and I belong to 10 different survey companies. The money really does add up.
4) Buy Disney gift cards in $25 or $50 increments over the course of the year.
5) Use an cash rebate program for online shopping, like Shop at Home and Ebates. I buy Disney gift cards at disneystore.com through Shop at Home and get back 5 percent of the purchase price. A $25 gift card earns a rebate of $1.25. Sometimes, these sites offer a higher return for a limited time.

Wow - I may need to switch my online rebate company. I use Mr. Rebates and the percentage back is not valid on giftcards.

 

[hopetequiere]

I really want to treat myself to a Disney vacation right after hs graduation but hadn't considered how to save for it yet. Don't know if I could cut out starbucks, but that gift card idea is so great. I'm definitely heading over to my disney store this friday and throwing 30 on a card. Now to find a rough estimate of the cost!

 

[SuperSaint]

I have $25-50 automatically deposited into a savings account every week for a few months before I go. Generally it'll be 6-12 months depending on a number of variables. The times I've done this, I usually save more than I need.

I also have my "Disney Fishbowl" that I put loose change into. Since I don't use cash often, the bowl fills up slowly. It generally will take 2 years to fill. The last two times I've gone, I've had at least $200 in it that I don't count into my budget. This will generally go for splurge items like souvenirs, food, drinks, a special dinner, or an extra ticket or two if needed.

I may also have a garage sale or sell stuff on ebay. I don't think I'll be taking a trip for a while, though, so I'll be saving up for one heck of a trip.

 

[NYwdwfan]

I really want to treat myself to a Disney vacation right after hs graduation but hadn't considered how to save for it yet. Don't know if I could cut out starbucks, but that gift card idea is so great. I'm definitely heading over to my disney store this friday and throwing 30 on a card. Now to find a rough estimate of the cost!

They re-did the online booking system where you can put in your budget and it spits out options. I haven't played around with it yet - I just got an email about it over the weekend (I was all excited thinking it was a PIN code when I saw the email from "Disney Destinations" ). Maybe that can give you an idea of the $$$ you will need!

 

[kbmum]

Wow - I may need to switch my online rebate company. I use Mr. Rebates and the percentage back is not valid on giftcards.

I was really surprised about this, too. I've purchase five gift cards since November and received a rebate for each one.

 

[NYwdwfan]

I was really surprised about this, too. I've purchase five gift cards since November and received a rebate for each one.

They only give rebates on certain giftcard purchases - Disneystore.com isn't one of the. I'm going to check out your sites instead!!

 

[tizzo]

Let's say you give up the $4 coffee each day. It is not as if you take $4 out of your pocket each day and put it in the bank. You just don't spend it. You are not saving, you are just not spending (there is a difference). So now at the end of the week you supposedly have an extra $20 in your pocket. But, instead when you were out you bought an extra soda, or some chips, or another beer, or whatever. And you justified it because, hey I gave up my coffee.

Yeah, I've seen that critique of the "Latte Factor" before, and I get it. What I was getting at is that the target audience for this type of material is people who think they've already cut out everything but the essentials, and are still unable to make ends meet. Evidently when people in this situation seek help, perhaps in the form of independent debt counseling or through their creditors, it turns out that they are still spending on the unnecessary little things that make them happy.

So in other words, if that $20/week at Starbucks makes you happy, then fine if you can afford it. And if you can't pay your other bills, then you can't afford it.

 

[Coach81]

I have my own personal training business that I have been blessed to start two years ago.. so far I have used the extra money to:

1. Pay off our DVC points (last year).
2. Pay off my wife's Van (this year).

My plans for the future are:
1. Pay off the mortgage on my house (within a year or two).
2. Pay for another 150 pt DVC resale in cash (two-three years).

We (my wife and I) have been blessed that we have been able to afford our Disney vacation with our "normal" salaries to this date.

I know these are bold plans.. but if it is in God's will, we'll make them happen!!!