More than half of all travelers say they are less likely to plan an overnight trip this year due to inflation.
That’s according to a poll of over 2,200 travelers from the American Hotel & Lodging Association. Similarly, a Forbes survey of 1,000 Americans reports that 46% would change their upcoming plans in response to inflation by taking fewer trips or traveling for fewer days.
A recent NerdWallet report also notes that in the United States, travel prices for food, transportation, lodging, and entertainment increased by 3.1% in 2023. As a result, many Americans are shifting their 2024 trip-planning strategies and frequency of travel.
Others seek inventive ways to travel for less.
Identifying budget-friendly destinations, taking advantage of credit card incentives and rewards, and implementing other money-saving strategies can help lessen the financial impact of travel.
How To Save Money on 2024 Travel
Experts offer practical methods to travel affordably in the wake of high inflation and rising travel costs. From cost-effective destinations to unconventional travel methods, there are many creative ways Americans can save money on trips in 2024.
Drive Rather Than Fly
With airfare expected to increase by 3-7% in 2024, according to the FCM Consulting Global Market Report, many American travelers plan to hit the road instead. In a survey of over 26,000 Americans, What If Media Group found that 63% of those planning a vacation in 2024 intended to travel exclusively by car.
“My biggest advice is to road trip and camp when you’re traveling,” says Alec Sills-Trausch, travel writer and outdoor photographer of Explore With Alec. “It allows you to save airfare costs, and campgrounds are $20-30 per night unless you do dispersed camping, which is free. Added up, you could do an entire weeklong road trip for the price of one hotel room.”
Opting for a road trip or a destination within driving distance of home can help Americans save on trips in 2024. Falling gasoline prices are just one contributing factor to this road trip resurgence. GasBuddy’s annual Fuel Price Outlook projects the national average gas price will drop from $3.51 per gallon to $3.38 in 2024, the lowest since 2021.
Consider Home Swaps
Condé Nast Traveler predicts home swapping will emerge as one of the biggest 2024 travel trends. The concept involves exchanging private residences with another traveler, often for extended periods. Part of the appeal is affordability, especially for remote workers who can bring their jobs anywhere. Home swapping offers a budget-friendly and practical alternative to costly hotels and traditional rentals.
Plan Staycations
Rather than planning expensive overnight vacations, many Americans are getting creative with at-home staycations. Relaxing from the comfort of home is an excellent option for cost-conscious travelers who need a simple solution for feelings of wanderlust.
For a fulfilling staycation, the New York Times suggests recreating travel experiences, such as trying new food or admiring the landscape. This can be as simple as participating in a cooking class with a friend, cozying up with a warm blanket to watch a travel documentary, or pitching a tent in the backyard for a night.
Find Free and Low-Cost Activities
One of the easiest ways to save money while traveling is by finding cheap or free activities. There’s no need for expensive spa visits or private tours when low-cost activities can provide the same memorable experience for a fraction of the price. Pack a washable beach bag with snacks and a book to lounge in the sun, or slide into a pair of walking shoes to explore the city without spending a dime.
“Recently, we went to Houston for vacation — since we have a museum membership in our home city, we got reciprocity at three different museums there,” says Robyn of A Dime Saved. “This was a great way to save money on activities while traveling.”
Sarah Gilliland, Managing Travel Editor at Wealth of Geeks and founder of On The Road with Sarah, agrees. “One of my favorite money-saving tips for traveling is using your local zoo, aquarium, or museum memberships for discounted or free access to the zoo, aquarium, or museum where you are visiting,” she explains. “These are great places for families to spend time together in a new-to-them destination, and admission doesn’t have to cost an arm and a leg.”
NerdWallet suggests using money-saving services like Groupon that offer discounts on everything from live performances to boat excursions. Travelers can also seek local recommendations for budget-friendly activities through social media and online discussion groups.
Explore Unconventional Destinations
Americans seeking affordable vacation spots should avoid cities like New York, San Diego, and Seattle, which rank among Credit Karma’s most expensive U.S. travel destinations. Instead, opt for a cheaper locale where a little money goes a long way.
AARP recommends cities like Boise, Indianapolis, and Tucson for budget travelers in 2024. These unconventional tourist destinations offer reasonably priced accommodations, transportation, and activities, ensuring more bang for the buck.
Travel at the Right Time
Budget-conscious tourists should be intentional about the time of year they travel to avoid inflated flight, hotel, and activity prices. Planning vacations outside peak tourist season and major holidays can help American travelers save significantly on travel costs.
In a 2023 study, Bounce found July, May, and September were the most expensive months to visit top destinations like New York. Meanwhile, January ranked as the cheapest travel month.
Beyond the time of year, Americans can also save money by traveling on specific days of the week. Based on 2023 Google Flights data, CNET reports Monday through Wednesday are the cheapest days to fly. American tourists can save 20% on domestic flights traveling on these weekdays versus the weekends.
Take Advantage of Perks and Incentives
Leveraging credit card incentives and cashback rewards for free travel is a smart way to save on vacations in 2024. Many credit cards have welcome offers where cardholders can earn bonus points or airline miles after spending a certain amount within the first months of membership. While specific offers vary, credit card users can save hundreds on lodging and transportation when redeeming points for travel.
“Learning to use points and miles for free travel was a game changer for us,” says Karee Blunt, frequent traveler and founder of Our Woven Journey. “We’ve booked many vacations we otherwise wouldn’t have gone on, but because we could use points for hotels and flights, we paid almost nothing for vacations in places like Puerto Vallarta, Oahu, and Las Vegas. Specifically, with the Southwest Airlines Companion Pass, you can bring someone for free wherever you fly.”
CNBC suggests frequent flyers consider signing up for an airline-specific card for reduced checked baggage and trip insurance fees. With these cards, miles are earned with every purchase and can be used to book discounted or free air travel. Credit cards can offer significant savings for those traveling on a budget if used responsibly.