OK This question is for the Daves and the non Daves out there. We have been following a modified Dave paydown. We have 1000 in an ING and deposit another 150 per month (for christmas and vacation help) we also have a sizible lump of cash that we are saving for house downpayment. My youngest daughter will be 5 going on 6 next year and I would love to take her to Disney. She has been once before when she was 3 but I think that this is such a magical age and she is begging to go. CC's and student loan will be gone by trip time but I will still have a car loan and line of credit I will be paying on. A true Dave would say you cant go but I wanted some opinions as well as pros and cons. Side note, the trip would be paid for in cash.

I think that we all struggle to a certain extent creating the perfect balance between saving for the future and enjoying the here and now. You're right, your daughter will only be young once and certain opportunities present themselves only once.

That said, if it were me I would take a look at the bigger picture instead. A car payment and HELOC aren't necessarily worrisome by themselves if there is money elsewhere to balance it out. Looking at your entire Net Worth statement would give a more accurate portrayal of your financial status. I know a lot of financially successful people who have car loans and HELOCs and have sizeable net worth. On the other hand, there are people sitting debt-free without much in retirement or saved for a rainy day.

To answer your question, I would want to make sure you had some sort of emergency fund and were contributing to retirement before I did the Disney trip. Think of it this way: Let's say you had $5,000 in cash saved. You could spend it on Disney, or you could save it for retirement. Do you know how much you'd have after 40 years at 8 percent interest? That money would grow to $108,622.61.
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Dave would say you need to have Steps 1 through 3 completed and the trip completely saved up for in cash before you go.

Dave Ramsey - Baby Steps @ Moneyspot.org

My kids are 8 & 9 and we haven't gone to Disney yet. It will be just as magical when their 12 & 13 or .. 14 & 15 ... perhaps even more so because they'll remember every moment and we'll make it clear we saved up for it and paid with cash. Now that's magical if you ask me!

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I know that my financial opinion is not often respected on this board but here goes anyway.

A Disney vacation is not cheap. Have you cut your monthly budget to the bone??? How long would it take to snowball either car or LOC after CCs are paid?

I guess that I would also stop saving for a down payment until at least the CCs (which are generally really high in interest) are paid off.

We are looking at taking our kids to Disney in the next couple of years, but are waiting till they are old enough that they will remember it when they are older.

Good point about paying for it with cash. There is no point in getting the CCs paid off if you are just going to go into more debt...

I'd go. As long as you you have no cc debt and can pay cash for the trip, it sounds like you are in a good position but obviously I don't know your financial position. It's hard to balance out making decisions that benefit your future and really enjoying life while you can. But my daughter is the same age as yours and we're going in the spring, for the same reasons. I want to go while it still seems "real" and magical. My kids will be 6,4,3. We'll go again when they are older and can enjoy it for other reasons.

we have no debt payment's except for house we thought of taking our girl's this year to Disney they are age 4 and 5. I got nervous about spending that much money at this time with everything from gas to groceries increasing in price. We do put toward retirement and college fund for girl's and have emergency fund - after all that we do not have alot left I was bummed I had gotten all excited but then the worry side of me kicked in so we have decided to wait. Robin

We were planning on taking DD, age 6, to Disneyland this September in honor of her 7th birthday. I bought the "Unofficial Disney Guide" book and read it from cover to cover. I decided that DD was too young to enjoy Disneyland this year. We're going next year.

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I wouldn't take a 6 year old to Disney land. I barely remember being 6, much less would have fully enjoyed any trips like that.

I went went I was 5. I don't remember anything beyond the castle. I went again when I was 7. That was the sweet age when everything was cool and I remember quite a few things. I would give it a couple years, finish off your debts. Your daughter will be just fine.