Budget travel tips: How to save money on travel | Fidelity (2024)

Learn 9 tips to make a trip less expensive.

Fidelity Smart Money

Budget travel tips: How to save money on travel | Fidelity (1)

Key takeaways

  • Travel can be really pricey, but you don't have to make big sacrifices in order to stay on budget.
  • These budget travel tips, including planning your vacation earlier and flying on certain days, could make your trip more affordable.

We all feel it—it's time for a vacation. It's too bad that traveling is expensive and inflation has hit wallets hard.

Smart changes in how you book and travel can make getting away more affordable. Read on for 9 tips on how to travel for less.

1. Book flights a month or more in advance

Plane tickets are usually more expensive if you book at the last minute. Start looking at fares months before your trip, and then book when you spot a comparatively low rate. On average, the best time to book a flight is about 1 month before flying for domestic travel and 2-4 months for international travel.1 Checking out third-party vendor sites can help you figure out which airline offers the lowest prices.

Budget travel tips: How to save money on travel | Fidelity (2)

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2. Time your travel right

Flights, train tickets, and rental car prices tend to be higher on the busiest days of the week, which are typically Fridays and Sundays. If you can, travel on Wednesdays or Saturdays when there's usually less demand and lower prices, on average.2

It's not always possible, but if you have some flexibility, try to avoid peak times, such as holidays and school breaks. Traveling during "shoulder season"—the period between high season and off-seasons—may increase your chances of finding a deal. For example, September and November in Hawaii or April and May in Florida.

3. Compare flying and driving costs

In the past, it's typically been cheaper to drive your own car than fly. But today's higher gas prices may change the equation. You can calculate your estimated gas expenses by multiplying your car's average miles per gallon by the total length of the trip, and then multiply that by the cost of gas. Keep in mind, too, that gas in certain states may be more expensive than others.

4. Skip the rental car

There are a lot of ways to get from A to B, and a rental car may be one of the most expensive. If you normally rent a car once you arrive at your destination, consider alternatives. While you'll save the most by using public transportation and biking, relying on rideshares is another option. Use an online rideshare fare calculator to help you estimate your bill. Then compare that estimate to the cost of renting a car, including the cost of gas.

5. Lower gas costs

If you need to drive during an upcoming getaway, try a few tricks to improve fuel efficiency and find cheaper pump prices, like ditching excess cargo and avoiding gas stations near major intersections. Read more on how to save money on gas.

6. Use points

If the COVID-19 pandemic curtailed your traveling, you may have some travel rewards points gathering dust. Using them is one way to discount or fully pay for your trip. Many credit card reward systems give you the best value per point when they're put toward travel. And because you can't invest points the way you can with money, it's wise to use as many points as possible before tapping your cash.

7. BYO food

We've all been there—hungry at the airport or on a road trip, forced to buy overpriced snacks. Packing food from home can help you avoid the markup. Don't forget to bring an empty, reusable water bottle, especially if you're flying.Once you get through security, fill up at a water fountain before boarding your flight.

8. Try unconventional ways to pay less for a hotel

Hotel prices can be flexible. You may be able to negotiate the online price by calling a hotel directly, or asking if they have any discounts for students, government employees, or members of certain groups, such as AAA. You can also consider hotels that usually have cheaper rates, such as those that are close to airports, although you may pay a little extra on transportation for getting around town during your stay. Some hotels that are under construction may rent rooms at a discount, which is a great option if you can deal with the noise. Or get a deal at a micro hotel, where rooms are normally less than 200 square feet.

9. Rent out your place while you're gone

You could actually make money while on vacation by renting out your house or apartment—or even your parking spot—during your getaway. There are multiple companies that make it easy to list your property and find temporary renters. If you're a renter yourself, get your landlord's approval in writing before you list your place. Check out an online vacation rental calculator, which can estimate how much you could make renting.

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Budget travel tips: How to save money on travel | Fidelity (2024)

FAQs

How can I get enough money to travel? ›

How to build a travel fund
  1. Set a savings goal for your trip. ...
  2. Turn one big goal into multiple smaller goals. ...
  3. Keep your travel fund in a separate savings account. ...
  4. Curb your spending habits. ...
  5. Take advantage of freebies and discounts. ...
  6. Hack your way to savings with a cashback credit or debit card. ...
  7. Consider a side hustle.
Apr 24, 2024

How to save on travel costs? ›

How to save money on travel
  1. Book flights a month or more in advance. Plane tickets are usually more expensive if you book at the last minute. ...
  2. Time your travel right. ...
  3. Compare flying and driving costs. ...
  4. Skip the rental car. ...
  5. Lower gas costs. ...
  6. Use points. ...
  7. BYO food. ...
  8. Try unconventional ways to pay less for a hotel.

How to save $100 or more when traveling? ›

  1. Pack light.
  2. Shop at local grocery stores.
  3. Pack snacks.
  4. Get yourself into the airport lounge.
  5. Arrive early.
  6. Get TSA PreCheck or Global Entry membership fees reimbursed.
  7. Take advantage of credit card free night certificates.
  8. Book hotel rooms on points.
Jul 10, 2024

What is the best option for travel money? ›

The best travel money options
  • Travel credit cards – near-perfect exchange rates and purchase protection.
  • Travel debit cards – near-perfect exchange rates and no 'hard' credit check.
  • Prepaid travel cards – lock in a rate before you go.
  • Cash – good as a backup where card is not accepted.

What is a reasonable travel budget? ›

2) The average domestic trip costs about $144 per day while international trips come to about $271 per day. The major expense associated with travel and vacations is transportation. About 44% of travel funds are spent on getting to, from, and around your vacation destination.

How much money should I save to travel? ›

The 5-10% Rule

For example, if your annual post-tax salary is $50,000, you could aim to spend around $2,500-5,000 on trips this year. This is one of the quickest and easiest ways to evaluate your ability to pay for upcoming travel plans.

How can I save for a trip fast? ›

How to save money for travel?
  1. Set your intention.
  2. Plan your travel budget.
  3. Set up a direct debit to your savings account.
  4. Cancel unnecessary subscriptions.
  5. Look for offers in shops.
  6. Limit online shopping.
  7. Save on energy bills.
  8. Give yourself a cooling-off period for purchases.

How to cut costs on vacation? ›

How to save money on travel
  1. Use flight search aggregators and deal websites.
  2. Rental cars.
  3. Hotels vs. Airbnb.
  4. Using airline credit cards to save on baggage fees.
  5. Drive to a different airport.
  6. Don't forget about points and miles.
  7. Bottom line.

How to get free trips? ›

8 Jobs that let you travel for free while getting paid
  1. Cruise ship crew. Working on a cruise ship can be a dream come true for travel enthusiasts. ...
  2. Flight attendant. ...
  3. ESL (English as a second language) teacher. ...
  4. Travel influencer. ...
  5. Freelancer or digital nomad. ...
  6. Au pair or nanny. ...
  7. Travel nurse. ...
  8. Skills-based teacher.
Jul 30, 2024

How to plan a trip on a tight budget? ›

Here are our 7 best tips on how to plan a dream trip on a budget:
  1. Choose a more budget-friendly travel style. Forget hotels and tours. ...
  2. Take advantage of low-cost flights. ...
  3. Travel to non-expensive destinations. ...
  4. Plan a longer trip. ...
  5. Cook your own food. ...
  6. Become a digital nomad. ...
  7. Get a casual job.

How do you travel frugally? ›

Time your trip right

The month of the year, week of the month, and day of the week can make flight and hotel prices jump or drop. Learn how to travel for cheap in your destination before you book, and avoid peak periods if possible.

How much money do you realistically need to travel? ›

In general, you should expect it to cost between $25,000 to $35,000 per person to travel around the world for a year. This rough estimate comes from reading travel budgets of other bloggers, various travel planning resources, and our own experience. This is just the midrange.

How much money on average do you need to travel? ›

As an approximate guide, I generally allow about $2,000 (£1,000 / €1,500) a month when backpacking around the world. Cities tend to be the most expensive places to stay so allow more if you are spending more than a few days in major cities.

How can I afford to travel more? ›

22 Ways to Travel More—Even On a Small Budget
  1. Take shorter trips more often.
  2. Take advantage of long weekends and holidays...
  3. 3. ... And shoulder seasons...
  4. 4. ... ...
  5. Go where—and when—the deals dictate.
  6. Prioritize inexpensive destinations.
  7. Work remotely when possible.
  8. Examine your prioritizes and eliminate expenses.
Sep 19, 2023

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