Explore More, Spend Less: Ultimate Travel Savings Guide

Travel is one of the best ways to broaden your horizons, but it can also put a dent in your wallet. Whether you're planning a weekend getaway or a month-long adventure, there are plenty of ways to save money while traveling.

This guide is packed with tips and tricks to help you keep more cash in your pocket, from booking flights to using ATMs abroad.

But before we dive in…

Growing up, my parents always prioritized travel and exposing my sister and me to new experiences abroad over having nicer everyday things, like clothes from the cool shops my friends frequented.

While I may have envied those trendy outfits back then, I am forever grateful for my parents' choice. Their focus on travel ignited a lifelong passion in me, one that Siobhan and I both share.

We not only love to travel, but we also thrive on finding ways to make our money stretch further, allowing us to travel twice as much for half the price.

So, this blog post is filled with travel tips based on our own experiences, offering practical advice on how to save money while exploring the world. Let’s dive in!

Saving Money on Flights:

Flights are often one of the biggest expenses when traveling. Here are some tips to help you find affordable flights and reduce costs:

1. Be Flexible with Dates and Times

Flight prices can vary significantly depending on the day and time you choose to fly. To save money, consider the following:

• Travel Midweek: Tuesdays and Wednesdays tend to have cheaper flights.

• Avoid Peak Seasons: Traveling during off-peak times can lead to lower fares.

• Early or Late Flights: Flights that depart early in the morning or late at night are often cheaper.

I managed to book a last-minute trip to Greece at the very end of August last year with a friend and we were able to stay in luxury private villas (this is a photo from our villa in Milos!) for the same price as a basic hotel room.

How? We went at the VERY end of the tourist season- most of the restaurants were closing up the week after we left!

We also stayed on islands that were lesser-known and relied heavily on tourists to keep the shops and restaurants open, so they were trying to maximize the last week of operation and offered crazy discounts.

2. Book in Advance (But Not Too Early)

Booking too early or too late can be costly. Aim to book your flights about 6-8 weeks before your travel date for the best rates.

3. Use Flight Comparison Websites

Websites like Kayak, Skyscanner, and Google Flights let you compare prices across different airlines. Siobhan has been using Skyscanner for years to book all her flights super cheap! You can use these platforms to find the best deals and set price alerts to be notified when prices drop.

Another one of our personal favourites is Faredrop, which has an email list that you can sign up for that will alert you when there’s major drops in flight prices for destinations you’re interested in visiting from your local airport(s). We’ve both used Faredrop for booking holidays and highly recommend it!

 4. Sign Up for Travel Alerts

You can join free email lists like the Daily Drop to get tips and tricks for traveling, as well as alerts on credit card deals to help you save money when booking flights or get bonus points to spend on free vacations.

Amanda has been following the owners, Kara and Nate on YouTube for 8+ years, and was thrilled when they finally launched a program that shares the tips and tricks they’ve used to fund their incredible travel lifestyle.

They’re also running a giveaway right now!! By signing up for their newsletter, you’ll be entered in a draw to win a 5-night stay in a Deluxe Villa for two in Costa Rica. Enter the Costa Rica giveaway here!

Saving Money While Traveling

 Once you're on your trip, there are many ways to save money without compromising your experience:

1. Choose Budget-Friendly Accommodation

Accommodation can quickly add up, but you can find great options without breaking the bank:

• Hostels: Great for solo travelers or groups, with shared spaces and lower costs.

• Airbnb or VRBO: Often cheaper than hotels, especially for longer stays or larger groups. You can also try to reach out to the owner of the Airbnb directly to see if they’ll offer you a discounted rate if you bypass using Airbnb to book (it cuts out the 3rd party fee). Just be sure to get everything in writing and looking at reviews of the place before sending money to anyone on the internet.

• Budget Hotels: Search for affordable hotels with good reviews for a balance of comfort and cost (my go-to hotel chain in Europe is Premier Inn- it’s compact and just the basics, but it’s usually a fantastic bang for your buck!).

2. Eat Like a Local

Dining out can be expensive, but you can enjoy local cuisine without spending too much:

• Street Food: Often cheaper than restaurants and a great way to experience local culture.

• Cook Your Meals: If you have access to a kitchen, buy ingredients and cook your meals. Or if all you have is a mini fridge, salads and sandwiches can usually be made with as little as a plastic knife stealthily nicked from a fast food chain nearby!

• Lunch Specials: Many restaurants offer cheaper lunch menus compared to dinner, so if you do eat out think about planning to dine at lunch rather than more expensive dinner times.

One of my absolute favourite things to do when I travel to a new place is to check out their supermarket/ grocery store! I love looking through the aisles and picking up some local goodies to bring back with me (this is my kind of souvenir!).

On my trip to Greece last summer, we made well over 75% of our meals at the villas we stayed at!

Here’s a pic of one of the quick lunches that my fabulous friend made for us one evening with all local ingredients. No cooking required! I still dream about that feta and tzatziki. And just look at that VIEW of Paros!

3. Use Public Transportation

Taxis and rideshares can add up quickly. Instead, consider using public transportation:

• Local Buses and Trains: Often more affordable and allow you to see more of the city. I always like to watch a few videos on travel channels or read some blogs to help me get familiar with the local transportation before I get on the plane (like how to pay and how to navigate the train maps!).

• Walking or Biking: Great for exploring and saving money. When I travel I tend to get in at least 20k steps a day (especially in Europe!) so I always prioritize comfy footwear. You’ll almost always find me in my Teva sandals and Stan Smith trainers when on holiday.

4. Get a Sightseeing pass

Doing a full-day bus tour around the city or getting a Hop-On-Hop-Off style bus pass is one of my favourite ways to get my bearings of a new city. It’s also a great way to tick off some of the major attractions that I don’t care to spend a long time exploring. I also love to do city walking tours with a local guide (often very budget-friendly and under $10), or if I have the budget I LOVE to do a cycling tour or cruise down a river or canal (like in Amsterdam or London!). Discover unique attractions, bus tours, cruises, and walking tours in all of the biggest tourist destinations here.

Saving on Currency Conversion and ATMs Abroad

Converting money and using ATMs abroad can lead to hidden fees. Here's how to avoid them:

1. Use a Travel Credit Card

Travel credit cards often offer no foreign transaction fees and better exchange rates than cash. Look for cards that also offer travel rewards or points. Wise offers travel credit cards that save on fees. As a Canadian, I also quite like the Scotiabank Visa Passport, which has no foreign transaction fees and gets me lounge access at some airports. And if you’re American, check out this list for our favourite overall travel credit cards here.

2. Withdraw Cash in Larger Amounts

If you need cash, withdraw larger sums to avoid frequent ATM fees. Look for ATMs associated with major banks, which typically have lower fees.

3. Avoid Airport Currency Exchanges

Currency exchanges in airports often have high fees and poor exchange rates. If you need to exchange cash, find a reputable bank or exchange bureau in the city.

4. Use Currency Conversion Apps

If you need to convert money from one currency to the another, check out the Wise mobile app! I’ve been using it for several years to convert money while living abroad (I’m a Canadian living in England!). The rates are lower than my bank (HSBC) can offer, and it’s super easy to move money around quickly.

5. Use a VPN to Protect Your Data

If you plan on connecting to public WiFi, like the free WiFi at airports, cafes and hotels, we HIGHLY recommend using a VPN. These public networks are incredibly easy for hackers get into and access your device see your passwords and other sensitive data. A friend of ours had her bank account hacked from using the airport WiFi when she was travelling in the US. And my old colleague had his identity stolen (he’s fairly certain it was from using WiFi at a coffee shop) while he was on holiday in Denmark. It can happen to anyone, anywhere.

A VPN stands for a Virtual Private Network, and it encrypts your data so that hackers can’t read it. To use a VPN, you just open their app or website, login, toggle the VPN to “ON” and away you go!

Most VPNs also allow you to choose where your private network is located, so if you want to watch a show on Netflix that’s only available in England, you can select England as your location and boom- instant access to a whole new library of shows!

I’ve been using a VPN called Surfshark for the past 4 years and I can’t recommend it enough! You can use the same account for as many devices as you want at no extra cost, so I share the account with my sister and my parents! Right now (June 2024), they’re offering 87% off for 24 months + 3 free months. Check it out!

Final Thoughts

Travelling doesn’t have to break the bank! There are SO many amazing ways to travel for less. To recap:

• Save money on flights by being flexible with dates and using comparison websites. Book in advance but not too early.

• Choose budget-friendly accommodations, eat like a local, and use public transportation to reduce costs while traveling.

• Use travel credit cards to avoid foreign transaction fees, withdraw cash in larger amounts, and avoid airport currency exchanges.

About The Authors

Amanda and Siobhan found a shared passion for personal finance shortly after completing their MBAs in 2018. Amanda excelled as a Director of Product in the tech industry, while Siobhan established herself as a leader in e-commerce before transitioning to academia as a Professor.

In 2020, they joined forces to found Hiver Academy, a platform born from their own experiences and triumphs in conquering student loans and building wealth. Realizing that financial success is within reach once the complexities are simplified, their mission now revolves around empowering individuals to achieve financial freedom.

With a wealth of knowledge and a commitment to demystifying money and investing, Amanda and Siobhan are dedicated to helping others navigate the path to success.