Personal Finance Advice

Anyone who knows me knows that my favorite vacation destination is Walt Disney World (WDW) in Florida. Some would say I have an unhealthy addiction to the place whereas I would simply call myself a fan. Either way, my travels to Disney World have taught me quite a bit about money.

I know what you’re thinking: “Isn’t Disney World the place you go to blow tons of money, not where you go to learn about money?” To some extent this is true. You can certainly blow a large chunk of change in WDW. They’ll take anything you’ll give them. Before I got savvy about how to visit economically, I did indeed blow more money than I had to. But I learned and corrected my mistakes. Over the years I’ve discovered that the lessons I learned in order to visit WDW more often spilled over into other areas of my finances. It was a strange thing to discover, to be sure, but here are the money lessons that WDW taught me.

There are many ways to travel: Disney offers resorts and restaurants that fit most budgets. Hotels range from what is basically a themed Motel 6 all the way up to posh resorts. Restaurants range from counter service to prix fixe luxury meals. Even within these ranges there are infinite combinations that travelers can use to fit their own needs and desires. You can stay in a budget resort and keep a cooler in the room and eat breakfast and sandwiches there to save money. You can stay in a less expensive hotel so you can have more money to eat luxurious meals. You can stay in a luxury hotel but bring a cooler of food into the parks so you can afford that hotel. You can rent a car or rely only on Disney’s transportation system.

The Lesson: There are plenty of ways to travel and make it work for you. Now, when I visit other destinations I research all the possible combinations to make certain that I’m creating the vacation that meets my budget and desires. Most places cater to a variety of budgets and even those that don’t can often be made to work for you if you’re willing to put in the research and effort.

There are many ways to raise money: When you need to save for something, there are many ways to raise the money. When I first started visiting WDW it was hard to save enough just from my paycheck (which I mistakenly thought was the only way to save money). Out of desperation to go back to WDW, I learned about other ways to save. I learned about online opportunities like survey sites and rewards programs. I learned that my insurance carrier offered Disney gift cards in exchange for healthier living. I started banking my coupon savings and any spare change I found on the street or in the sofa. I banked any monetary gifts I received. I got savvier about credit card rewards programs. I made friends with the metal recycler who paid me for cans and other metal.

The Lesson: Your paycheck isn’t always the only place to find money to save. A little research and creativity can yield other money making opportunities. This applies whether you’re saving for a vacation, a car, Christmas, or anything else.

Research pays off: If you take your time and research all that WDW has to offer, you’ll have a far better experience and save money. You’ll learn that traveling in the off-season is a big money saver and that there are lots of options for budget rooms, food, and souvenirs. If you don’t do any research, you’ll pay more than you have to, miss out on a lot, and end up discouraged and fed up. This is true of almost anything, not just WDW.

The Lesson: Research is the key to getting the best deal and experience in almost any big money situation. For example, if you research your car options carefully instead of just buying the cutest one when you see it, you’ll get a better deal and a better car. If you take the time to research home builders, mortgage lenders, real estate agents, and the home buying process in general, you’ll end up with a smoother, buying experience that doesn’t trap you in a housing nightmare. Research saves you from paying too much, enduring too much hassle, and regretting your decisions.

Assuming that something is out of your reach and automatically dismissing it isn’t always correct: Many people assume that a WDW vacation is out of reach (and, truthfully, it is for some). But it’s more affordable than many think, particularly if you do your research and make adjustments. I used to think this, too, until I learned how to vacation there within what I could afford.

The Lesson: Just because it has a reputation as being unaffordable doesn’t mean that it is. Now when I’m tempted to dismiss something as completely unaffordable, I take a closer look. There may be a way to lower the cost (through negotiation or waiting for a sale, for example) or to get a similar item for far less (buying an outlet version of something rather than the department store version, for example). Sometimes things are just out of reach but I never assume so right off the bat.

Motivation is the key to success: I value my time at Disney. I value it so much that I am willing to make sacrifices in other areas of my life to get there. I’m able to live with missing out on other things because I am motivated to get back to WDW.

The Lesson: When saving for any other financial goal, be it retirement or a new car, finding the motivation makes it much easier to achieve the goal. Think about what you really want and value and put that at the front of your mind. Remind yourself of your motivation when you’re tempted to spend. It will make it much easier to turn down other appealing (but less so) options.

That there’s value in good service: One of the things I like best about WDW is the good service I get there. The employees are friendly and courteous, more so than in the retail world at large. While a vacation there may be expensive, I know I’m going to be treated well and my trip is going to go smoothly. There is value in that that makes paying the higher prices worth it to me.

The Lesson: When I go to other restaurants and stores, I try to find the places with good service. You can pay cheap prices but if you’re going to be treated like dirt and have a hard time getting anyone to resolve your problems, it may be worth it to pay the higher price for better treatment.

Conversely, while it may seem like you’ll get better service if you pay higher prices, this isn’t always true. At WDW, you get good service whether you’re staying in their least or most expensive hotel. Servers are courteous in both the fast food and full service restaurants. Here at home, I’ve found some inexpensive restaurants and hotels where the service is top notch and some pricey places where I get treated like dirt. You have to try things out and not just assume that the higher priced places are better.

Sometimes the best things are free: There are plenty of things to do at WDW that are free or low cost and some of these have been the best memory-makers for us. One of my fondest memories is simply of riding our bikes through the campground one evening and seeing deer, raccoons, bats, and so much other wildlife I thought I’d gotten lost and ended up in a forest somewhere. We followed that up with a free movie and the evening campfire, hosted by the campground. That didn’t cost us a thing and I remember it well. There have been other moments, too, that occurred when we weren’t in a theme park or paying for anything. Maybe we met some interesting people, saw a memorable sunset, learned something new, or got caught in a rainstorm and laughed our heads off about it. We were simply in the right place at the right time to see or do something extraordinary and we remember those times more than some of our visits to the parks and attractions.

The Lesson: Free doesn’t mean “not entertaining or interesting.” The idea that you have to spend money for something to be extraordinary isn’t true. Simply keeping your eyes and mind open to things you might otherwise miss or dismiss can lead to cool discoveries and experiences. When you’re short on money, be willing to find the joy in everyday experiences and try things you might otherwise bypass. You’ll probably be surprised by how rewarding and interesting some things and people can be.

You wouldn’t think that vacationing at WDW would teach you anything about money other than how to spend it. But I found the opposite to be true. Through my passion for Disney and my desire to visit often, I learned some lessons about making money, saving money, and spending wisely.

(Image courtesy of Randy Pertiet)