Hi Dustin!
Well you've come to the right place for help! I can remember my first couple trips with family to Disney, and I completely "winged" it :-)
I love the
Magic Your Way Vacation package with Disney Dining because it takes care of the 3 most crucial points to your vacation: Having fun, eating, and sleeping. As of right now, if July is when you're planning to go, Disney themselves aren't offering anything special, but you may be able to save by going through a travel agent or even AAA if you're a member. If you go through Disney and get a Dining Plan, however, you're guaranteed to save about 15-20% depending on the meal plan you choose. There are 3 primary meal plans: Quick Service, Basic Dining, and Deluxe. Since this is your first trip, I would definitely go with Quick or Basic and stay away from Deluxe (Deluxe is pricey, a lot of eating, and can monopolize your vacation schedule). If you're staying 3 or 4 days, get the Park Hopper ticket option. The Park Hopper will let you visit multiple parks in the same day. But if you're staying, say, a week, don't get the Park Hopper option and save yourself a few extra bucks. But I would look at the Water Parks and More option. With summer time weather, it may be cool to "cool off" at the Typhoon Lagoon or Blizzard Beach water park. :-)
I wouldn't rate July a bad time to go, but it's prime peak season for Disney. You may need to channel your inner "zen," because summers can get very crowded. But if you and family have patience, it should be a snap for you...
Good Luck, and wish you and family timeless memories on your trip!