8 Savvy Ways To Save on Summer Travel

By Jackie Lam

UPDATED July 02
|
5 MINUTE READ

Planning your next big vacation? You can expect summer travel prices this year to be higher than ever. In fact, average trip costs are predicted to be 7% higher in 2024 than in 2023, reaching almost $10,000.¹

The good news: With a bit of planning and research, you can keep your travel affordable. To avoid burning a hole in your wallet or going into debt, here are eight savvy ways to save on travel during the planning phase.

1. Be Flexible in Your Travel Dates

You're not alone in your travel plans—almost half of Americans plan to take a trip this summer that includes a flight or hotel stay.² With all that competition, having a bit of wiggle room and being flexible about when you travel can help you land the best flight deals. While planning for your summer adventure, use a price tracking tool and set different locations and a range of dates, or "flexible dates." This will alert you of any changes in the cost of flights.

Not only can a price tracking tool help you cut costs, but it can also save you time since you won't have to research different airlines, destinations and dates on your own.

2. Consider Countries Where Summer Is Less Crowded

Look for vacation spots with a shoulder season or off-season that lines up with your ideal summer travel dates. This is a great time to travel because you can avoid droves of tourists and pay less, but be prepared for less than optimal weather.

Shoulder and off-seasons vary according to the locale. For instance, the southern hemisphere's winter (June through August or September) is the least busy time to visit Buenos Aires or Rio de Janeiro, both bustling cities with lots of culture and a relatively mild climate. Another option is places where U.S. summer months are the rainy season, such as Thailand; Belize; or Goa, India. Don't worry; you'll have plenty of dry hours to soak up the local scenery.³

3. Go Where Your Dollar Stretches the Most

Pick a cheaper destination to travel to, and where the currency exchange rate works in your favor. That shouldn't be hard—the U.S. dollar has been strong in 2024 and shows no signs of slowing down.⁴

Where is the U.S. dollar worth the most? You'll have a lot of buying power in these destinations:

• Vietnam
• Indonesia
• Colombia
• Tanzania
• South Korea⁵
• Peru
• Thailand
• Japan
• Mexico
• Australia
• Croatia⁶

To avoid paying hefty fees to exchange currency, head to a bank to get your cash situation handled before leaving the U.S. Try to steer clear of currency exchange booths at the airport, which usually charge more than banks do. And if you plan to use a credit card while traveling, look for one with low or no foreign exchange fees, and pay in the local currency rather than U.S. dollars while abroad.⁷

4. Put More Effort Into Accommodations

You might find it convenient to book your flight and hotel at the same time, but it can actually be cheaper to book your flight separately when prices are low. Save on where you stay by scouring travel cost-comparison platforms and apps such as Hopper, Expedia and KAYAK for last-minute deals.

Another way to save is to get more creative with where you stay. Will a private room in a hostel be the best fit for you and your travel companions, or do you prefer a hotel? Other options include vacation home rental listings, where you can often snag a discount for a longer stay, and university dormitories, which are commonly available to the public during summer months.

If you're an outdoorsy, nature-loving bunch, consider camping for part of your trip. Or you could sign up for an up-and-coming way to get your stay for (sort of) free: house swapping or pet sitting. Sure, you might have to do a few chores, but the payoff can be huge.⁸

If you're hesitant, start by offering swaps to people you know. You might be inspired to upgrade to a membership in a house-swapping or pet-sitting community that gives you access to stays with "friends you haven't met yet" around the world.⁹

5. Use Social Media To Research Attractions

Beyond entertaining videos and eye-catching photos, TikTok, Instagram and Pinterest have great ideas for fun and interesting attractions to check out, no matter where you decide to vacation. The best part is that popular local adventurers and globe-trotting vacationers alike might share off-the-beaten-path points of interest.

You can also look to these platforms to find local travel guides who populate their feed with the best things to eat, see and do in their stomping grounds. While these travel guides might offer a package tour, if you're up for the challenge, consider coming up with your own version based on recommendations. Your favorite frugal social media feeds might also have tips on how to save money on everything from flights and dining to sightseeing and entertainment. Do a quick search for cost-saving travel tips for different destinations.

6. Get Travel Insurance

Sure, it's an additional up-front cost, but travel insurance can save you money overall if something goes awry during your summer vacation. Depending on the details of your coverage, such as your policy and limits, travel insurance could reimburse you for travel hiccups and nonrefundable parts of your trip, such as:

• Medical expenses
• Baggage delay
• Baggage loss
• Missed flight connection
• Trip cancellation or delay due to surprise situations, such as the illness of a family member, natural disaster, inclement weather, job loss or stolen passport or visa

According to a travel insurance marketplace, the average travel insurance cost for 2024 is $629, an increase of 22.7% over 2023. But there are ways to keep your costs lower, like buying coverage early and not getting more insurance than you need.¹ Some credit cards offer travel insurance for cardholders, but with caveats. While this could save you a chunk of change, remember to read the policy carefully.

7. Make the Most of Credit Card Travel Perks

Tap into your credit card perks for your summer travel expenses. There are so many ways you can make the most of these perks to save on your vacation, including cash back and other card rewards, which can be redeemed for purchases for your trip while you're seeing the world.

If you're a Synchrony Premier World Mastercard® cardholder, you can enjoy cash back on every purchase,* which is unlimited and automatically credited to your statement every month. Other perks include monthly Lyft credits and access to Mastercard Travel & Lifestyle Services, which offer travel, dining, hotel and entertainment benefits.

8. Start a Savings Plan for Your Trip

One-fifth of summer travelers say they plan to carry credit card debt to finance their summer vacation²—and that extra interest makes travel costs even higher. To avoid going into debt for your trip, save up in advance. Once you've done your homework, researched potential destinations and related costs, and chosen a locale, create a budget for your forthcoming trip. To start, list the following:

• How much will the trip cost? Estimate the various costs of the trip (i.e., flights, accommodations, food, entertainment, transportation, insurance, health-related incidents) and then add 20% on top of that for unexpected expenses.
• How much do you currently have saved for the trip?
• When do you want to take the trip? The time frame matters because it will impact how much you need to save each month.

Then, use Synchrony's savings goal calculator to determine how much you need to save to hit your goal. You'll most likely need to book your flights and accommodations before your trip, so figure out how much you'll need and when so you can be sure you have enough tucked away in your vacation fund to cover these costs.

To make steady progress on your vacation savings goal, set up an automatic savings plan. Decide whether you can make recurring deposits via automatic transfers or direct deposit. You might also consider opening a high yield savings account, which can help your money grow for your short-term goals.

To make even faster headway on your vacation savings goals, you can commit a portion of your tax refund toward your dream trip.

The Last Word

Rising travel costs don't need to get in the way of creating lasting memories and experiencing the world with your loved ones, nor do you need to go into debt to get on the road. With some smart planning and a bit of organization, you can find the right destination for your budget and have the #bestvacationever—until the next one, that is.

Kat Tancock is a freelance writer who loves a good travel deal.

Sources/references

1. https://finance.yahoo.com/news/travel-costs-soar-2024-predicted-201500841.html

2. https://www.nerdwallet.com/article/travel/2024-summer-travel-report

3. https://www.fodors.com/news/photos/cheaper-destinations-for-the-summer-seasons

4. https://www.axios.com/2024/04/18/usd-world-economy

5. https://www.bnnbloomberg.ca/top-five-destinations-where-us-travel-dollars-will-go-furthest-1.2020611

6. https://www.afar.com/magazine/best-places-to-visit-where-the-dollar-is-strong

7. https://www.forbes.com/advisor/money-transfer/money-transfer-where-to-exchange-currency/

8. https://www.reuters.com/business/retail-consumer/house-swaps-dog-walks-travelers-find-cheaper-alternatives-lodging-2023-05-22/

9. https://www.theguardian.com/money/2024/mar/04/how-to-save-with-a-home-swap-holiday

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