You can stay at a hotel you hate and save hundreds of dollars on your trip, or splurge on a five-star resort and make your vacation memorable.
I’m a Luxury Travel Agent: 10 Destinations My Wealthy Clients Are Booking for 2024
More: 3 Things You Must Do When Your Savings Reach $50,000
“If you go back to a place you hate, it just takes away from the vacation,” personal finance expert Rachel Cruze said on a podcast episode of The Ramsey Show. “I would cut on food before I’d cut on a hotel.”
If you have the money, Cruze says a luxury hotel is absolutely worth the cost, and staying at a cheap hotel isn’t worth the potentially bad experience. Plus, high-end accommodations typically offer exceptional service, beautiful and spacious rooms, large and comfortable beds, and many amenities, such as 24-hour room service, heated pools, spas, fluffy robes and slippers, gorgeous views, and more.
The one caveat is that luxury hotels cost more – a lot more – than budget hotels.
According to The Street, $500 to $1,000 per night is standard in major cities like New York or Chicago, but prices vary depending on the hotel, where you stay and the room you book. If you’re worried about the price tag, there are ways to cut costs without downgrading your accommodations.
Travel during the low season is one way to save money on a luxury vacation. According to Preno, hotels adjust rates depending on the time of the year, with higher prices charged during the peak season, like during the summer or around the holidays, and lower prices in off-peak months. This helps keep rooms occupied while bringing in more revenue.
Another way to cut hotel costs is to redeem points using hotel rewards credit cards or transferring from a flexible rewards program. Hotel points can sometimes be more valuable than frequent flyer miles, Business Insider reported, as they do less to restrict award inventory, impose fewer taxes and fees on awards and offer credit towards elite status when you pay with points.
If you bundle your hotel room and flight, Steve Oliverez, CEO of InsanelyCheapFlights.com, told CNBC Select that you could save $500 or more on your vacation. Companies may also incentivize customers with exclusive deals. For example, Costco members can book accommodations at significant discounts or receive generous rebates.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Rachel Cruze: Here’s the One Vacation Luxury I Always Splurge On