(CNN) – Just as we are emerging from prolonged lockdowns and entry restrictions, global oil prices have gone through the roof.
Now, interest rates around the world are rising to combat inflation, including hotel rates of 10% or more in many popular destinations.
However, these effects are not equally felt and currency changes can amplify or reduce them. If you’re earning US dollars, the whole world is for sale right now. If you’re earning Japanese yen or British pounds, you’ll spend more in most places outside your own country than you did a year ago.
Regardless of what’s going on in the world of macro finance, savvy travelers can find a way to travel cheaper by adjusting their strategies. By following these tips, you can still keep your travel budget in check for that much-needed vacation.
Find a great flight deal and then choose a destination
Open to new experiences? To save a few bucks, let flight deals guide you to the destination.
ozmen/Adobe Stock
Many vacationers choose a destination they want to visit without doing much research, and then try to fit the prices they find into their current budget. An even better strategy is to find out where the cheapest flight deals are and make one of those options a vacation destination.
There are plenty of companies that specialize in finding deals, such as Scott’s Cheap Flights and Secret Flying. For these you have to jump on temporary opportunities. The on-demand way to do this is to put your home airport into Google Flights, select a date, and leave the destination blank. A world map will appear with the starting flight price to anywhere on the planet. You can play with the dates or choose a convenient option to find the perfect time to fly.
Picking a random week a month from now, I found round-trip deals from Denver to Miami for $314, London to Marrakesh for $81, and Mumbai to Bangkok for $263.
Go where prices have historically been attractive
Europeans, who have seen their currency depreciate, are finding prices in many destinations, including Laos, lower than a year ago.
andrii_lutsyk/Adobe Stock
Some destinations around the world are cheaper due to currency devaluations or other economic issues. You can visit Istanbul and Cappadocia in Turkey, explore Patagonia and Buenos Aires in Argentina, or cruise the Nile past ancient ruins in Egypt.
Keep your fees to a minimum while traveling
When using your credit card, decline offers to convert charges to your home currency. You’ll usually get the best price by using the local currency.
Vladimir Vladimirov/e+/Getty Images
Avoid the “death of 1,000 cuts” imposed by the world’s financial institutions when you use a credit or debit card away from home.
Make sure to have at least one credit card that doesn’t charge a foreign transaction fee, and ideally a debit card that doesn’t charge an ATM withdrawal fee.
Some debit cards, such as Schwab, Fidelity and Capital One, also reimburse local charges. Scotiabank, HSBC and Citi are part of a handful of international networks where customers can use affiliated ATMs abroad without double fees.
In most cases you’ll get the best price by using a credit or debit card in the local currency (decline any offers to convert charges to your home currency). Note that the rules are different in Argentina, where there is a street “blue rate” for crisp dollars or euros that is much more advantageous than the official rate.
Play the hotel and rental apartment game right
Additional fees can add a lot to the cost of a vacation rental.
Giselleflisac/e+/Getty Images
Sometimes hotels offer the best deals, sometimes vacation rentals, so shop around.
The purpose may vary slightly depending on the location and whether you really need a kitchen.
Some cities charge a lot of fees for rentals, and in some countries (like Thailand and Vietnam) it’s cheaper than cooking every meal yourself.
Whichever route you go, pay close attention to what past guests have to say, especially with services like Airbnb and Booking.com, where only customers who have stayed there can provide a review.
Shop around for transportation
To save costs on flights, it is cheaper to fly to a nearby country and then take a train to your chosen destination.
Leonid Andronov/Adobe Stock
The proliferation of budget airlines around the world has made it much cheaper to fly in a region such as Southeast Asia and Europe, or in a country with high domestic air competition such as the US and Mexico.
So it makes sense to find a reasonable long-haul flight to one location and then take a budget airline (or in Europe, train) to the next country to where you actually want to go.
Dig around instead of accepting the most obvious way you’re stuck.
Get out of the tourist zones at lunchtimes
For cheap eats, it’s usually best to skip the touristy areas.
Gary Yowell/Digital Vision/Getty Images
If you want to eat what the locals eat and pay what they pay, get out of the touristy area and start exploring. Walking 15 minutes in any direction or taking a few stops on the metro can make a huge difference in any city full of foreign visitors, from Prague to Venice to Puerto Vallarta.
You can spend less and enjoy more authentic meals and experiences.
Load an app like Google Translate on your phone and you can even decipher menus in another language.
Try to travel outside of high season
Remember: It’s not high season everywhere at once.
Fokke Baarssen/Adobe Stock
Avoiding high season is easier said than done if you’re a family dealing with school schedules, but it’s not high season everywhere at once.
Vacation time in the Southern Hemisphere is at a different time than in the North, first of all, some tropical destinations are slower in summer because it rains more.
Popular destinations such as Mexico, Belize and South Africa are less crowded between June and September than in the first quarter of the year.
The ideal time in most popular places is “shoulder season.” The weather is still pleasant during that time, but the crowds aren’t in town like May in the Caribbean or October in Europe.
Play travel hacking game for free flights and rooms
Credit cards can help you earn free flights and hotel stays.
d3sign/Moment RF/Getty Images
What are you getting back when you charge things to your credit card? Most airlines and hotel chains have a branded loyalty card through MasterCard, Visa or Amex that earns you enough to get a free flight or multiple hotel nights from a bonus sign-up.
The points keep adding up as you use the card. By running (and paying) regular bills and expenses through the card, these perks can drastically reduce the cost of a vacation, even if you spend what you’ve always spent.
Americans have many options for this “travel hacking,” but Canadians can tap into multiple airline and hotel programs through Amex, CIBC or Scotiabank. Europeans have bank card options with many airlines such as Iberia, Aer Lingus, Lufthansa and Air France. Australians have access to points-earning cards from Cathay Pacific, Qantas and others.
With inflation, fuel prices, and currency exchange rates always in flux, these travel savings strategies can help you avoid busting your budget when you have the chance.
