12 Smart Ways To Save Money When Traveling 2024

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Travel allows us to experience different cultures, try new things, make memories, and escape the hustle and bustle of the daily grind. Unfortunately, though, like most things these days, the cost of travel is rising. Travel can be expensive, whether it’s increased hotel and airline prices or the hiked-up gas prices during your road trip.

However, travel doesn’t have to cost as much as you think. There are plenty of ways to cut costs, save money, and stick to a tight budget without missing out on the things you want to do. Here are 12 smart ways to save money when traveling that’ll help you reduce your travel costs.

Avoid Traveling in Peak Season

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Traveling outside peak season is one of the easiest ways to save money. Things like airfares, accommodation, and food and drink usually cost more when demand is higher. Therefore, traveling outside peak season is a smart way to make some savings.

You’ll often find better deals when traveling out of season because hotels and airlines want to sell rooms and seats. Generally, you can assume peak season is in summer – July to August in the Northern Hemisphere and November to February in the Southern Hemisphere – and around holidays such as Easter and Christmas. With this in mind, travel outside these times to find the best deals and make the most savings.

Pack Light

Packing light is a surefire way to save money when traveling by plane. You won’t have to pay more to take extra bags on board your flight, and you can get around much easier. If you can, travel with just a carry-on bag. That way, you won’t have to pay for checked luggage or wait for your bags to be taken off the plane on the other side.

There’s also less chance of your bags going missing if you take a carry-on. To pack light, opt for lighter clothes that can fold up small. Pack clothes that dry quickly, too, if you want to wash them while you’re away.

Avoid Restaurants in Popular Tourist Areas

Eating at restaurants in popular tourist areas is one of the biggest travel budget killers. Restaurants in these areas are almost always more expensive than similar restaurants a few blocks away. Prices can be up to 20 or 30% higher.

You can easily avoid this tourist trap by walking 10 or 15 minutes away from the tourist area. For example, if you’re outside the Trevi Fountain in Rome, walk three or four blocks away to a quieter area that’s not packed with tourists looking for the best rooftop views. Here, you’ll find more affordable local restaurants with a reasonable menu and a more relaxed atmosphere.

Cook Your Own Meals

If you want to save even more money on food and drink, consider cooking your meals when traveling. Admittedly, you might have to spend more to book accommodation with a kitchen, but you’ll still make significant savings.

Cooking for yourself eliminates the need to dine in overpriced restaurants. Instead, you can visit a local market or grocery store and pick up all the ingredients you need to make delicious food for a fraction of the price. If you’re savvy, you can buy all the ingredients you need to cook your meals for four or five days for the same price one meal at a restaurant in a tourist area would cost. Furthermore, exploring local food markets is great fun!

Stay in Hostels

Okay, so staying in hostels isn’t for everyone, but it’s a fantastic way to reduce accommodation costs when traveling. Hostels offer affordable shared accommodation suited to budget backpackers, solo travelers, groups of friends, and couples. While most people assume you must share with strangers when staying in a hostel, it’s worth noting that most hostels also offer private rooms at reasonable prices.

Hostels can help you save money on accommodation, food, and drink. Many hostels have shared kitchens where you can cook meals instead of eating out. If you make friends at a hostel, you could save further by sharing meals and splitting costs on things like taxis.

Find Alternative Destinations

Undoubtedly, the most popular places are more expensive than the lesser-known destinations. For example, the island of Santorini is much more costly than the less popular Crete. Despite the similarities between the two islands, accommodation, food, and drink cost more in Santorini. Therefore, to save money, you’d visit Crete instead.

Taking this approach is a brilliant way to make savings. You can stretch your budget further, do more when you arrive at your destination, and potentially visit more places before heading home instead of spending your entire budget in one overpriced destination.

Use Public Transport

Ultimate Thailand Travel Guide for 2024 and Five Must Visit Destinations Phuket Thailand — © preto perola / Adobe Stock

It might take longer to get to where you want to go by public transport, but you’ll save a lot of money using it. Public transport is an inexpensive way to get around, especially compared to the prices of taxis and tour buses. Generally, the bus is the most affordable form of public transport.

In most tourist destinations, bus services serve major routes, making reaching the most popular cities, towns, and villages easy. Another great thing about getting the bus is that you can experience local life and find hidden gems you wouldn’t otherwise see on a tour bus.

Stick to a Budget

While it may seem obvious, you’ll be surprised by the number of travelers who don’t create a budget. This is one of the biggest mistakes you can make. Without a budget, you’ll spend without control, and without control, you’ll spend more money than you should.

Considering this, creating a budget and sticking to it is essential if you want to spend wisely. Your travel budget must include transport, food, drink, and activities. An intelligent way to ensure you don’t go over your budget is to plan it week by week. That way, you know exactly how much you have to spend.

Pack a Refillable Water Bottle

Romantic-Getaways-for-Couples_Ring-Road-Iceland — © Mumemories / Adobe Stock

Sometimes, the most straightforward ideas are the best for saving money. Packing a refillable water bottle is one of those ideas. It will save you a small fortune, especially in hot destinations where you need to drink more. Water isn’t generally expensive, but when you buy two or three bottles a day, the costs soon start to add up.

Carrying a refillable water bottle is also better for the environment because you won’t have to keep throwing away plastic bottles. Luckily, many attractions and hotels offer tourists free water refills, which is much cheaper than buying a bottle of water.

Book Your Own Tours

If you’re staying in an all-inclusive hotel or traveling by cruise ship, try to book your own tours instead of booking through your hotel or cruise line. Tours booked through hotels and cruises are typically more expensive than tours booked with locals. Oh, and they’re always crowded because it’s such an easy way to book a tour.

Instead, book your tours with local tour companies. It might take more effort, but you’ll likely make some excellent savings. To book locally, head into the local area or use an online tour agency to find the best tours. Take your time and speak to several companies before committing so you can see the cheapest deal. In some places, don’t be afraid to negotiate prices either.

Travel With a Friend

If you’re used to traveling solo, why don’t you mix things up and travel with a friend for a change? Not only will the extra company make a pleasant change, but you’ll also save money. Traveling with a friend creates the opportunity to split costs.

Usually, you’d pay for things like gas, hotels, food, and drink on your own. With a friend, you can split those costs. For example, you can split the grocery store bill if you cook for yourself. Usually, the more people you travel with, the better. For instance, if you head out on a road trip with three friends, the fuel cost will be split four ways instead of one.

Negotiate Prices Whenever Possible

In many destinations worldwide, negotiating prices is a way of life. Aside from helping you save money, it can be a great way to indulge in local culture. One of the most common places to haggle is in outdoor markets. At these markets, prices are usually inflated, with most vendors expecting people to haggle.

Our advice is to give it a try and have fun. See how much you can save and enjoy the experience of bargaining with the locals. Another instance where negotiating with locals is common is booking tours. There’s no harm in simply asking the tour agent for a better deal. More often than not, they’ll do something for you.