Maximize Your Money While Traveling: Five essential tips.

If you are citizen or resident of the U.S., this is a good time to travel—the dollar is doing well against many foreign currencies, making some popular tourist destinations more affordable than many of us have seen in our lifetimes. London calling? Yes, please!

Traveling can be one of life’s most pleasurable and rewarding experiences, but it can also be expensive—even with a great exchange rate. Fear not: with advance planning, flexibility, and a strategy, you can take a great trip and return home with lasting memories and some money in your accounts. Here are six essential tips to help you save money while exploring the world.

Sure, it’s easier said than done, but creating a budget ahead of time and committing to it is the key to ensuring you return home with the buzz of great memories (instead of the dread of financial hangovers). Take these steps to make it happen:

Plan Ahead

Research costs ahead of time: know your destination’s average costs for accommodation, food, transportation, and activities. Websites like Trip Advisor, Reddit and Budget Your Trip can provide useful insights. Travel sections in major and local newspapers can be full of great budget suggestions and discovering what’s worth a splurge. For more obscure destinations, a site like Numbeo can be illuminating, but always do some due diligence on sites with crowdsourced information. Speaking of crowdsourcing, the social media feeds of people you know in real life can be informative and helpful, but following the suggestions of social media influencers can lead to crowded and expensive disappointments. Go with the flow, not the crowd.

Set a Realistic Budget

Based on your research, set a realistic budget for your trip. Allocate specific amounts for various categories like lodging, meals, transportation, and entertainment. Leave yourself some room for that once-in-a-lifetime experience you didn’t plan for but can’t pass up – 10-15% will probably cover that moment. Travel Budget apps like Trabee Pocket can help you keep track of what you’re spending in real time.

Early and late summer are great times to explore the northern hemisphere, but early spring and late fall can be equally beautiful and decidedly less crowded. Winter travel also has its unique opportunities, especially in tropical destinations and further south of the equator. Traveling during these off-peak seasons can save you a significant amount of money on flights, accommodations, and attractions. Use flexible date search tools on flight booking websites to find the best deal.

Apart from the destination, nothing can make or break a vacation more than your accommodation. Staying in hostels, guesthouses, or budget hotels can work out well for travelers of any age, but they are better suited for younger travelers and experienced older travelers who know what to expect and can easily adapt to surprises. Websites like Hostelworld and Booking.com offer a range of affordable options but do your own research before booking. Recommendations from friends and acquaintances are the best route here.

Vacation Rentals: Platforms like Airbnb and VRBO can provide cost-effective alternatives to hotels, especially for longer stays, but again do your research and don’t be afraid to ask the host questions. House-swapping groups like Home Exchange and Kindred can save you a lot of money and offer a unique and rewarding local experience, but participating in one requires a certain amount of advance planning and trust.

Hotels come in every flavor imaginable and can be a bargain if you use points or rewards to offset their costs. In some places, the only difference between a 3-star hotel and a 4-star hotel is an amenity like a gym or room service, which you may not need or want during a vacation.

There are numerous ways to save money when it comes to funding a trip Consider the following insider tips:

• Use Public Transportation: Everyone else does, you can too. Utilize local buses, trains, or subways instead of taxis or rideshares. Many cities offer tourist passes that provide unlimited travel for a set period. It’s also a good way to meet locals but be aware of your surroundings and use caution.
• Bike or Walk: Exploring a city by foot or bike is not only free but also allows you to experience the destination more intimately.
• Cook Your Own Meals: Buy groceries and cook your own meals to save on dining costs. Many hostels and vacation rentals offer kitchen facilities. Shop at local markets for fresh and affordable produce. Visiting a foreign farmer’s market can be a terrific experience. A steady diet of restaurant food might take a toll on your health, as well as your wallet.
• Take Advantage of Free Activities: Research free attractions, such as parks, museums (on certain days), and walking tours. Look for local events, festivals, and activities that are free to attend.
• Sign Up for Loyalty and Frequent Flyer Miles programs: Join airline loyalty programs to earn miles that can be redeemed for future flights.
• Sign up for hotel loyalty programs: Earn points for free or discounted stays.
• Use Discount Cards: Such as city passes that offer discounts on attractions, transportation, and dining.
• Look for Student/Senior Discounts: If applicable, take advantage of student or senior discounts available at various attractions and services.
• Avoid the Airport Currency Exchange: This is not the place to get the best exchange rates. Exchange money at local banks or use ATMs to get better exchange rates than those offered at airports.
• Use Your Credit Card: Get some local currency but use a credit card with worldwide access and low exchange fees for most transactions.
• Monitor Exchange Rates: If you’re planning in advance, you can use apps or websites to monitor exchange rates and exchange your money when rates are favorable.

Traveling with a smartphone puts the world in your pocket or purse, giving you access to maps, apps, and translators. They make traveling much easier than it used to be.

• Download Travel Apps: Navigation and map apps like Google Maps or Citymapper let you navigate and find the best routes using public transportation.
• Use Language Translation Tools: Language Translators like Google Translate can help you communicate more effectively, potentially avoiding costly misunderstandings.
• Access the Free Wi-Fi: Use it to stay connected, but remember that someone else might be able to see what you are doing online. Don’t use free Wi-Fi for doing financial activities like banking or shopping. If you plan on doing these kinds of activities on your vacation, you should invest in a VPN for your security and peace of mind.
• Discuss roaming and internet access with your traveling companions ahead of time: Most wireless providers charge an additional daily fee to stay connected when Wi-Fi is not available, and these charges can add up. Decide if everyone in your party needs to be connected 24/7 – they probably don’t, and it’s an opportunity to save some money. Then again, if you’re traveling with kids and teens, the extra charge might be worth the peace, so budget accordingly.

Following these tips can help you make the most of your travel budget and enjoy your trip without financial stress. Happy travels!