Hi Jennifer,
This is a great question that I have wondered myself many times.
The Disney Dining Plan is great for many families, and can save guests money, however it depends on your family and your eating habits. If you are planning on eating at several Table-Service Restaurants where meals may be slightly more expensive, the Disney Dining Plan may be a good idea. On the other hand, if you would rather enjoy more time in the Theme Parks and eat at primarily Quick-Service locations, it may be more economical to pay out of pocket. My family tends to lean toward the Disney Dining Plan because I like that we have pre-paid for our meals, and it is a cost we won't need to worry about while on vacation. My daughter is four and she really doesn't eat a lot, however I find the cost of the Disney Dining Plan very reasonably priced for children.
I would suggest going to the unofficial Disney site www.disneyfoodblog.com where you will find the actual cost of the Disney Dining Plan and you can compare the cost to the prices of what your meal could cost. To find pricing for meals, I would recommend using another unofficial website AllEars.Net. By looking at what it would cost to eat versus the cost of the Disney Dining Plan you will be able to gauge if you will actually save money.
Please let me know if you have any other questions Jennifer. I would be happy to help.
Stephanie