Hello Angelique!
You are very wise to begin planning early, especially for a first trip. My family truly loves the
Disney Dining Plan for a variety of reasons. The dining plan helps us budget and takes away all the "sticker shock" of some of the more expensive dining experiences such as dinner at Chef Mickey's. We always utilize the standard plan which includes a Table Service credit for each night of our stay. These Table Service experiences basically force our family to slow down and enjoy some quality time together in ways that can be lost when rushing through the Parks. I do not think you would regret adding a dining plan to your package. I do strongly recommend that you make your plans right away and be prepared to start booking your preferred locations as soon as your reservation window opens (180 days from your check-in date). Many of the popular Table Service locations fill-up very quickly. And a couple, like Be Our Guest Restaurant and Cinderella's Royal Table, can become fully booked within minutes of the opening of their reservation windows.
As for discounts, it feels like there is always some sort of pricing special available at the Walt Disney World Resort. One of the most anticipated discounts is Free Dining. While I can't guarantee that this particular discount will be offered again, I would start checking out
Disney's Special Offers page in late spring for announcements that may encompass August travel dates. Another great website to visit to learn about historic discounts as well as information on current money saving ideas is mousesavers.com.
If you have more questions, come on back to the Disney Parks Moms Panel!
See ya real soon,
Anne