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If you are planning on traveling over the winter holidays, join the club: So are many of your fellow Americans, with the Sunday after Thanksgiving typically being the very worst, most overcrowded day to pile onto a flight. But don’t let that deter you from having a great time with friends and family during the season. Instead, be a smart planner and learn the best times to book your trip.

This guide will help you get the best deal possible, covering such need-to-know topics as:

•   When to book holiday flights

•   When to book a holiday cruise

•   When to book a holiday car rental

•   Holiday travel tips

Why Holiday Travel Is So Chaotic

There are several reasons why holiday travel is inherently more hectic than any other time of year.

•   The skies are filled with people who are infrequent travelers, flying only around the holidays or perhaps not having flown at all in a few years. These travelers are less familiar with the airports and airlines (plus details like baggage requirements). That translates into their taking longer to check in, go through security, and board their plane, causing some bottlenecks.

•   There’s also the sheer volume of holiday travelers that can make getting to and from your destination challenging. To give you an idea of the order of magnitude here, about 54 million Americans traveled for Thanksgiving 2022. That kind of volume can mean airports, airplanes, and hotels may be at full capacity, and rental car lots can be empty. Not a big problem when everything is running smoothly, but throw in a winter storm or other disruption, and there’s no slack left in the system.

•   When Thanksgiving, Christmas, and New Year’s Eve roll around, it’s a big deal: Everyone wants to travel at the same time. With spring break, different school districts get out at different times, but Thanksgiving, Christmas, and New Year holidays only occur once on each calendar. And it’s not like travelers can just reschedule their holiday plans if there’s a delay.

When to Book Holiday Flights

So, agreed: The holidays are a super popular time to travel. Every year, budget-conscious travelers look to save money by trying to precisely time their purchase of holiday flights. Here’s some intel that can help you have the most choice and pay the best price.

Recommended: How Families Can Afford to Travel

Domestic Flights

For domestic flights, the best time to book them is often as early as possible. Most airlines will open their schedules up about 11 months in advance, and you can often find the least expensive flights at that time. Other airlines (like Southwest) release their schedules in batches, often around six or eight months in advance. When the schedule is released, you’ll have the largest choice of itineraries, and often the least expensive tickets.

Before the pandemic, most airlines imposed very high fees for changes and cancellations. That gave travelers an incentive to try to time their purchases to when they think the prices will be lowest. But now, many major airlines have dropped their change and cancellation fees, giving travelers the opportunity to make reservations sooner, knowing that they can rebook their flights if the price drops.

Booking early can also give you a jump on nabbing those sought-after free or discounted seats that can be obtained by getting the most out of your credit card rewards.

International Flights

For international flights, some airlines still impose change and cancellation fees, so the timing becomes more important. And the best time to purchase an international flight can vary based on your destination. According to a survey done by CheapAir.com, it’s best to buy tickets to Europe, Mexico, the Caribbean, and Asia about 10 months out, though you might get lucky with a booking window of a month and a half to two months before your travel dates.

However, these figures were for travel year-round, and holiday travelers might wish to book as far out as possible, especially if you plan on using credit card rewards.

Recommended: What Is an Airline Credit Card?

Booking Hotels for the Holidays: Advance vs Last-Minute

When it comes to saving money on hotels during the holidays, you are almost always better off booking in advance. Holidays are peak travel times at leisure destinations, and you can expect many hotels and resorts to be sold out as you approach December.

Having a hotel credit card may help sweeten the deal, as you’ll be eligible for perks like late checkouts and room upgrades, plus earning points.

How Far in Advance to Reserve Rental Cars for the Holidays

There’s really no reason not to book a rental car as soon as you make your holiday plans. Rental cars have been in very short supply and quite expensive since the pandemic. At a minimum, you’ll likely want to lock in a set of wheels three to six months prior to your travel dates, when prices tend to be most competitive.

When to Book a Holiday Cruise

Just as with hotels and rental cars, you will often receive the best pricing and availability when you book your holiday cruise as early as possible. In fact, some cruises are available for booking over a year in advance.

You’ll usually find the best prices and perks if you book during what is known as “wave season,” which typically runs from January to March.

Best Time to Book Tours, Sites, and Activities

Certainly, if there’s a show or other high-demand activity you have your heart set on (such as seeing the Rockettes’ Christmas Show at Radio City Music Hall in New York), then you’ll want to book it at least several months in advance.

But if it’s not a major tour or attraction, then you might be able to book it just a few weeks out, or be spontaneous and book it at the last minute. Aside from the holidays, winter is usually the low season for most places, except warm-weather destinations. That’s why you might be surprised to find activities available at the last minute.

Tips for Holiday Travel

Here are some holiday travel tips to help make your winter vacay as affordable and stress-free as possible:

•   To make the most of your holiday travel, accept that you’ll be one of tens of millions of holiday travelers and systems will be on overload. Ideally, you can pack light and avoid checking a bag, which can be a major cost both in time and money, as well as one more thing that can go wrong.

•   Join TSA PreCheck, which allows you to speed through airport security without taking off your belt or shoes, or removing your liquids or electronics. Thankfully, many travel credit cards and airline credit cards reimburse travelers for the application fee, which is $78 for five years.

•   Of course, avoiding peak days, like the Wednesday before Thanksgiving and the Sunday after, can make travel a little less daunting. And if you don’t celebrate a particular holiday (say, Christmas), traveling on that day can often result in a smooth, crowd-free experience.

•   If you know you have holiday travel coming up, it can be wise to start a travel fund in advance. You might set up automatic transfers into it the day after every payday.

•   Planning some pricey travel (say, a family reunion in Florida for New Year’s Eve) that you don’t have the funds for? Look into your options. A vacation loan could be an alternative to consider vs. putting the cost of the trip on your credit card.

The Takeaway

Holiday travel is an American tradition, which means demand (and stress) can be sky-high. By planning your trip as far in advance as possible and taking into account the crowds, you can afford a family vacation that makes the most of the season. Knowing when and how to get the best deals can help you enjoy the most wonderful time of the year.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

Photo credit: iStock/svetikd

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

If you love to travel, chances are, you have your eyes open for good deals. Wouldn’t you like to get a hefty discount off the usual airfare rates? Sure. An upgrade from a standard hotel room to a junior suite with a terrace? But of course! And clever hacks that help your dollars go further whether you’re sipping a cocktail, signing up for a surfing class, or shopping? Yes, yes, and yes.

Being a frugal traveler can deliver those perks and pad your bank account. With a little research and knowledge of some insider tips and tricks, you can have a great experience on vacation and cut costs, too.

Want to be a more frugal traveler? To snag some bargains on your next trip, try these smart tactics.

Time Your Trip Right

One of the first steps in becoming a frugal traveler is picking a place where you want to go and can also afford to go. The good news is that no location is necessarily off-limits, as long as you can be flexible on the timing of your vacation.

While you’re not likely to get a great deal on a hotel on Cape Cod for Fourth of July weekend or a cheap flight to the Caribbean over Christmas, you may be able to score a sweet deal if you decide to go to either of those places during what is referred to as “shoulder season.”

The term “shoulder season” is used by professional travelers and agents around the world to denote the time in between busy seasons in any given destination.

It may be viewed as a less desirable time to visit by some travelers, but to the seasoned voyager, it’s often seen as the ideal time to go. Not only may you find better deals on flights, accommodations, and more, but you can also avoid the intense crowds you may encounter during the high season.

Take Mexico as an example. According to Frommer’s, Mexico’s high season begins around December 20, peaks over New Year’s, then winds down at the end in April.

If you plan a visit during this time, you can expect to pay a premium on just about everything, from your plane ticket to those tacos al pastor, as you’re competing with other travelers for space.

If you opt to visit just prior to this, say in November, or just after, in May or June, you will likely be able to find better deals. Since there will be fewer people around, you might be able to take excursions with smaller groups, get restaurant reservations at highly sought-after spots, and even luck out with a free room upgrade at your hotel.

Recommended: How Families Can Afford to Travel on Vacation

Find Flight Deals

One of the most expensive parts about traveling is the actual act of travel itself. While driving can sometimes be a cheaper mode of transportation, it might not be an option depending on the destination you have in mind.

But there are still ways you can save. Here are a couple of travel hacks that may help you get better deals on airfare.

Use the big travel sites. Sites like Expedia, Booking.com, and Kayak search multiple airlines for the best deals and can often offer you clever ways to lower your costs. For instance, they can tell you whether prices for your itinerary are likely to rise or fall in the near future. They can show you how much you can save if you are flexible with your dates or are willing to fly out of a nearby airport rather than your closest possible hub. For instance, if you’re Paris-bound from the New York City area, you might get a better deal departing from Newark, NJ, vs. JFK airport in the city itself.

What’s more, these sites sometimes offer clever hacks, such as flying outbound on one airline and back on another to save you cash. They can also keep you posted on new deals that become available on your route if you’re not ready to buy right away.

Sign up for email alerts. Some good news for busy travelers: There are other sources for flight pricing alerts beyond the big travel sites. For instance, if you are willing to subscribe to an email newsletter, you might try Next Vacay. It’s a website where users can input their destination, then simply wait for the site to send them daily emails with flight deals. You may also want to check out Skyscanner, which allows users to set alerts for price drops so you can strike when the iron is hot.

Some of these services will send you deals for both your destination and others in case you need a little inspiration. You may also want to download a few travel apps that will send you price alerts as well.

Work that airline credit card. If you have a preferred airline or airline network, you can earn points or miles with an airline credit card that can be applied to the cost of flights or help you snag upgrades.

Book at the right time. There used to be a rule that Tuesdays were the best (cheapest) day to go flight shopping, but a recent Google Flights study found that you won’t really save much that way, maybe just 1.9%.

However, you are likely to get a nice price if you purchase your ticket well in advance of your travel date (around three months for domestic travel and often six to 10 months for international) or else be spontaneous and book your flights last minute. And it is true that you are likely to save if your flights are on a midweek date or a Saturday; that can shave the price versus heading off on vacay on a Friday, along with everyone else.

Score Deals on Accommodations

Ready to save on hotel costs on your next vacation? Try these smart tactics:

•   Hotels base prices on supply and demand, so when there is less demand (say, in shoulder season), prices tend to fall. Beyond the season, you can also try looking into checking in and out on less popular days.

If you can check in at a vacation destination on a Monday and out on a Friday, for instance, you may be able to save, since mid-week pricing can be cheaper than weekends.

•   Even if you’re booking at a travel site, it’s also a good idea to frequently check the website of any hotel you’re interested in staying at. There, they may announce different deals and sales. At the very least, you may be able to spot a free room upgrade or free breakfast.

•   It can also be wise to sign up for a travel credit card. These can help you earn points to apply to future travel and offer perks at your favorite hotel chain.

Entertain Yourself on a Frugal Vacation

While you’re traveling, you’re likely going to want to participate in activities. And you can likely find ways to save on those also.

In a new place, try googling a few free walking tours, which can give you a wonderful sense of a place without having to spend a dime (though it may be polite to tip your tour guide afterwards).

For cheap or discounted tickets to local attractions, consider checking out sites like Groupon, Airbnb Experiences, Meetup, and local tourism boards.

You may also want to ask your hotel front desk at check-in for tips on things to do and see. Hotels often have partnerships with area attractions and may be able to provide you with a discount.

For restaurants, it can be a bit harder to save, but if there’s one fancy place you’ve simply been dying to try, you can often save a fair amount by going for lunch rather than dinner.

Recommended: How to Balance the Urge to Travel and the Need to Save

Set a Travel Budget

Establishing a budget, and then starting to save for your vacation, can be a key part of the frugal traveler planning process. That’s because your budget can help determine not only where you can go, but what you can do while you are there.

A travel budget can help you to narrow down your choices and also make sure that you are able to enjoy your trip without having to worry that you are spending more than you can afford.

Below are some categories you may want to include in your budget:

Transportation costs: When budgeting for a trip, you’ll want to decide if you’re going to fly, drive, or take the train. For driving (perhaps you’re going to be touring some national parks), consider costs like gas and wear and tear on your car. If you don’t have a vehicle you can use, look for ways to save on renting a car, such as not picking it up at the airport but at a nearby location. You’ll need to account for taxes, insurance, and other related expenses. For flying, you’ll want to be sure to include ticket price, baggage fees, airport parking, and destination car rental or taxi.

Lodging: Accommodation costs can seem clear, but you’ll want to be sure to ask about any resort fees and taxes so you can add it to your budget.

Food: It can be a good idea to come up with a cost for breakfast, lunch, and dinner (including tips) for everyone you’re traveling with. If your hotel offers free breakfasts, you can put that cost towards another meal. Or maybe you’re renting an apartment and can cook while traveling. You’ll still need a grocery budget.

Activities: You’ll want to have a budget for daily activities and entertainment for each participant in your group. Many museums, for instance, can have steep entrance fees, so you may want to search ahead to see what likely costs are. If you’re planning a special outing, like a Jeep tour to see cave paintings in the Southwest, don’t forget to allow for a tip for the driver.

Extras: You never know when an emergency, a fun activity, or an unplanned happy hour will arise. Adding a buffer to your vacation budget can help you prepare for these extra expenses. You might also want to budget for travel insurance or see if your credit card travel insurance offers good coverage.

Once you add up all the costs, you can start saving up for your vacation. You could even create a secondary savings account titled “travel fund” so you’ll be even more excited to save.

The Takeaway

Vacations can be costly, especially if you’re traveling with a family. But with a little bit of research and advance planning, you may be able to significantly reduce the price of your next trip.

Simple frugal traveler tricks, like traveling off-peak, signing up for travel newsletters, booking your flight around two months ahead, and pre-scouting free and discounted local activities, can help you reduce costs without having to skimp on fun.

You can also make traveling more affordable by setting a budget, saving up for your trip in advance, and staying as close as possible to your spending plan while you are away.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

My family is planning a trip to Europe this summer, during which my daughter, who plays cello, will attend an international music camp. A cello is cumbersome, fragile, and valuable. Should we carry it on the plane?

If you’re debating whether to bring your lucky racket or how to transport that gorgeous bridesmaid dress, know that you’ll need packing skills, some room in your travel budget, and a bit of patience at security. But if you’re determined, it turns out that most special items can be accommodated on flights.

Knowing your airline’s policies and planning carefully will help you get where you need to go with your cargo safe and sound. Here are some tips for how to handle many specific items.

Things to Keep in Mind when Flying With Special Items

Before booking flights online, call ahead to find out airline policies about your bulky must-bring thing. Know which of the company’s fare tiers will allow you to carry on an extra item, as well as the cost of checking it. And be sure you understand any restrictions for the ticket you book: Deep-discount airfares often allow for only a “personal item,” like a backpack.

Recommended: Apply for an Unlimited Cash Back Credit Card

What Do Airlines Consider Special Items?

The airlines, both domestic and international, have a list of categories that are considered “special items.” When in doubt, call your carrier to ask how your item must travel before heading to the airport.

By the way, traveling with pets is a whole other story.

Here are some of the biggies:

Musical Instruments

My family isn’t alone in wondering what to do with a cello. “When I have students traveling internationally, I encourage them to try to rent a cello at their destination,” advises Erich S., a professional cellist. While he has traveled with his instrument, he says, “I have always had to buy a seat for it.” But that’s not an option that will help us afford family travel.

A fiddle or flute should be small enough to qualify as a carry-on, traveling in an overhead bin. Any traveling instrument should be hard-cased to protect it from bumps, and you should expect an out-of-case inspection at security.

Garment Bags

Some airlines have in-cabin spots to hang garment bags, but not all. Got a big dress to transport? Experts recommend carrying it on — the gown and all accoutrements, including shoes and jewelry — especially if you’re a bride heading to your “I do” destination. (Even the best credit card travel insurance can’t help you if your outfit gets on the wrong flight.)

Most wedding dresses can be contained in carry-on luggage. Place the gown in a clean garment bag, tri-fold it vertically and carefully roll it. You’ll want to arrange for a steaming upon arrival.

Sports Equipment

A tennis racket can be bubble-wrapped and sandwiched between clothing in a suitcase, or just cased and tucked headfirst into your tote. But when it comes to hefty equipment, expect to incur costs. Of course you’d rather shred the mountain on your skis, but bringing them along can be pricey.

“When my kids were little,” says Suman D., a CEO and his crew’s head ski bum, “I threw everything in a box and shipped it ahead.” Now that his children are teens, it isn’t as easy — or economical. On a recent college-scouting trip to Vancouver, the family planned to hit the slopes. Their discount carrier, Porter Airlines, charged $50 for an oversize snowboard bag at airport baggage check-in — less than the cost of a resort gear rental. On other airlines, Suman says, it’s proven cheaper to rent when they arrive.

What other equipment might you bring?

•   A fishing pole: It’s allowed, the Transportation Security Administration (TSA) website says. (Hooks must be wrapped and secured in a checked bag.)

•   Hockey sticks may be checked in sports bags. First, enclose them in a hard tube or securely tape them together.

•   Surfboards can cost a pretty penny to fly — as much as $300 — but “surfer-friendly” airlines include KLM, Virgin, Qantas, and Singapore, all of which allow boards to go in the hold as normal checked baggage. (Note: if you are renting a car at your destination, that economy car likely won’t do!)

Recommended: What is a Charge Card?

Computers and Media Equipment

Everybody has a smartphone and laptop these days, and they’re no odd object to travel with. Devices containing lithium metal or lithium ion batteries — basically any kind of computer device and some games — should be carried on. Be sure the batteries are charged, as a TSA agent may ask you to power up to pass security. Some airports have such good tech that you can leave your tablet or notebook in your bag when you go through checkpoints.

Wine and Liquor

The easiest way to transport spirits via plane is to purchase it in-airport at a duty-free shop. Did your summer travels take you under the Tuscan Sun? You can tuck bottles of beverages with less than 24 percent alcohol by volume into your checked bag.

For a whole case, expect a fee (best to have a pro pack the bottles) at the airport baggage check-in. (According to the U.S. Customs and Border Protection website, “duty on wine and beer is generally low, $1-2 per liter.) In your carryon, the limit is 3.4 oz, and the container must be in a sealed plastic bag.

Fragile Items

If you’ve been to an auction or art fair, you’re surely bringing home goodies. Know how to fly with fragile items and carry them accordingly. Place well-padded (bubble wrap saves the day!) glass and other crackable objects in a hard-walled carry-on. Yup, you can bring that painting on the plane — so long as it fits in the seat you’ve booked for it.

Recommended: How to Exchange Foreign Currency

Strollers and Car Seats

Gear for kids gets on every flight free. Breast pumps and accompanying cooler bags are also allowed. To avoid hassles, bring a doctor’s note.

Medical Devices and Wheelchairs

The U.S. Department of Transportation protects your right to travel with medical equipment you require to stay mobile and healthy. You can bring your device onboard if there’s a space to stow it — otherwise, the airline will check it for free.

Recognized assistive devices include crutches, canes, walkers, braces and prosthetics, and wheelchairs. You may also carry hearing aids, portable oxygen concentrators (POCs), and continuous positive airway pressure (CPAP) machines. Prescription meds are allowed, as well as any implements needed to administer those medications, such as syringes or auto-injectors.

Perishables

Like to rack up credit card rewards at fancy food shops? Many countries have no restrictions regarding edibles, but the U.S. does: Agricultural products including fruits, vegetables, plants, and meat coming from other countries are banned (read: confiscated) at customs, according to their website. Baked goods, cheeses, teas, and spices are generally good to go.

Recommended: Apply for a Rewards Credit Card

Tips for Keeping Luggage Safe

The best way to ensure your items are secure is to keep them with you. Check plane seat pockets and bins, and count your bags before deboarding. Tracking fobs, TSA-approved locks or zip ties, cellophane wraps and a sturdy ID tag may keep your checked items safer — but when a bag is out of your hands, it’s exactly that.

The Takeaway

Whatever you take with you, know your airline’s policy on transporting it. Pack properly, and if that item is vital, bring certification or a doctor’s letter of necessity. Beyond that, pack light — you’ll need a spare hand to manage your valuable things.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

Photo credit: iStock/AzmanL

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

If you’re like most Americans, you’re looking forward to a well-earned vacation, especially as travel continues to come back from the pandemic. The percentage of Americans planning to travel at least once in summer 2023 rose to nearly 85%, compared to 80% in summer 2022, according to the Vacationer Summer Travel Survey.

That’s despite the fact that our travel dollars don’t go as far as they used to: Inflation has added significantly to travel costs. What’s more, many Americans are relying on credit card debt to make ends meet, and that can mean adding vacation expenses to their balances. So how can we weigh our desire for travel versus the need to stay on track with our finances, including savings?

“Logically, people know when they can’t afford something,” says Brian Walsh, senior manager of financial planning at SoFi. “But they still don’t always make the best decisions. The key is, how do you limit your spending?”

One answer: careful planning. If you approach your vacation strategically, you may be able to enjoy a getaway without jeopardizing your finances. Here, we’ll look at creative ways to fund your travel, along with plenty of cost-saving tips that can help you combat the urge to overspend.

How Much Does the Average Vacation Cost?

Travel can mean anything from a budget road trip to a grand tour around the world, so vacation costs naturally vary widely. According to Destination Analysts’ State of American Travel survey of more than 4,000 American adults, heading into spring 2023, the average annual travel budget among respondents was expected to be $4,677.

The survey also found that respondents planned to prioritize travel in the coming months over home improvements, clothing, entertainment, and dining out.

Of course, averages don’t necessarily tell your story. How much you’ll spend on your next vacation depends on where you’re going, how you’re getting there, and for families, how many people are traveling.

Recommended: How Families Can Afford to Travel

How Much Should You Be Saving?

As you try to balance the urge to get away and your need to save, “you’ll want to assess your total financial picture to determine how much flexibility you have for travel,” Walsh says.

Ask yourself the following questions:

•   Do I have enough in my emergency fund? (Ideally, three to six months of living expenses in case of a job loss or other sudden event.)

•   Do I have high-interest debt that’s weighing me down?

•   Am I saving enough for retirement?

These are the three areas that should be a savings priority before you budget for travel. When you can check off these boxes, you’re likely ready to hit the road, says Walsh. That is, he adds, if you have enough in your savings to pay for a vacation without going into massive credit card debt.

Recommended: Where to Find Book Now, Pay Later Vacations

6 Ways to Pay for Travel Without Sabotaging Your Savings

Finding ways to pay for airfares, hotels, and other costs that won’t deplete your savings or rack up credit card debt can help you keep your finances intact. Here are some ideas to consider.

1. Rent or Swap Your Space

If you can rent your apartment or home to other vacationers, you can use that money to pay for your lodging elsewhere. Or consider swapping homes with someone in your desired destination who’s planning on visiting your hometown.

Check with friends or family in or near your destination for the easiest swaps. Exchange sites such as Homestay and Home Exchanges can facilitate swaps, but may also list homes to rent, usually at much lower rates than hotels. Either way, it can mean saving a huge amount on lodging.

If you find someone to rent or swap and they don’t mind feeding your cat, picking up your mail, or watering your plants, you’ll save on the cost of a local pet or house sitter too.

2. Housesit or Pet Sit

By the same token, you may be able to find free or low-cost lodging by offering your services as a pet sitter or house sitter. Again, you’ll want to check with friends, family, and acquaintances. For a fee, you may also find opportunities in the U.S. and abroad on sites like Nomador and Mind My House.

Recommended: 25 Tips to Cut Costs When Traveling With Pets

3. Pick Up a Side Gig

Consider freelance professional work, rideshare driving, handyperson jobs, or other side gigs that can help fund your family vacation. This takes advance planning, but can be well worth the financial peace of mind. Consider offering your services through your neighborhood online classifieds, which are often free, or on for-fee platforms like Upwork.

You may want to put the extra cash in a designated savings account earmarked specifically for travel. That way you won’t inadvertently spend the money on other things.

4. Declutter and Earn Extra Money

How can spring cleaning benefit your summer vacation? Declutter your garage, basement, and attic by selling unwanted items and put that money toward your next vacation. You may be surprised at how much you can earn this way. Plus, you get a cleaner house!

5. Extend a Business Trip

If you can stay a few days extra after a conference or other business trip in an attractive destination, you’ll be reimbursed for at least one airfare and partial lodging costs, depending on the circumstances. In many cases, that can tip the scales so you can afford your getaway without financial stress.

6. Cut Back on Other Spending

Rejiggering your discretionary spending priorities may be all you need to take a debt-free vacation. Look closely at your spending on entertainment, meals out, hobbies, and other nonessential expenses. Are there places you can cut back to make room for travel expenses?

After your trip, you can reinstate your original budgets. Then again, you might discover you’ll enjoy a weekend getaway more than a new pair of boots.

4 Ways to Save on Travel Costs

Budget travel can be just as relaxing and reviving as a luxury trip. But it helps to learn a few tricks for reining in costs.

1. Be Flexible

Flexible plans can save you a bundle on travel expenses. Avoid peak travel times such as holidays, spring break, and high summer to save money on lodging, airfare, and more. Keep in mind, off season doesn’t have to mean the Bahamas in the heart of hurricane season. Traveling just a few days or weeks on either side of the rush can translate to significantly lower costs.

If you live near multiple airports, being flexible about where you fly from can also pay off. Walsh, who lives in Grand Rapids, MI, is about a two-hour drive from both Chicago and Detroit airports. For a recent vacation, he was able to save $1,000 on airfare by flying out of Chicago, a savings that more than made up for the gas and parking fees he paid to drive there.

You’ll also want to evaluate your departure times. Flying or driving early in the morning means you’ll likely have the better part of the day at your destination and save yourself a night’s hotel stay. With airlines, first and last flights of the day are often sold at a discount compared to late morning or afternoon flights.

Being willing to commute a bit on your trip is another good way to save, especially if you have a car or you’re in a spot with good mass transit. Hotels located on the outskirts of town or in the suburbs are often much less expensive than their downtown counterparts.

2. Compare Prices at Discount Travel Sites

Online travel agents and travel websites like Priceline, Expedia, Kayak, and Orbitz offer discounted airfares, hotels, and rental cars for thousands of locations. But rates vary widely among the sites, so you’ll want to look at several of them to find the lowest price. And restrictions may apply, such as no refunds or no date changes.

3. Track Prices

If you’re in the beginning stages of planning your trip and choosing between destinations, consider using apps such as Hopper, Skyscanner, or FareDrop to monitor airfares. Just plug in your departure airport(s) and the dates you want to travel, and the apps will send notifications when flight prices to those destinations drop.

Rebookey works the same way for hotels. It will periodically check to see if specific hotel rates fall. If you book a refundable hotel rate that allows you to cancel at any time, and the rate you book drops, you can rebook your reservation at the lower rate, then cancel the original.

4. Use Rewards and Cash Back

If you have an airline credit card or travel credit card, you already know that using points for airfares, hotels, and car rentals is one of the best ways to cut the cost of your trip. Plus, your card may provide valuable trip insurance to protect you from losing money if your plans go sideways.

Don’t forget any hotel loyalty programs you may belong to. Check for member discounts at properties in or near your destination.

If you have a cash-back credit card, you may have enough in the “bank” to cover some of your travel costs. At the very least, if you use your cash-back card to pay for all or part of your trip, you can start earning money toward your next vacation.

Recommended: Guide to Choosing Between Cash Back and Travel Rewards

The Takeaway

Indulging the urge to travel while honoring the need to save can be a challenge. It’s important to assess your total financial picture in order to determine how much discretionary income you have to spend on travel. Finding ways to pay for travel that won’t jeopardize your savings — like home swapping — can also help balance these two priorities. Finally, being flexible so you can find the best deals on airfare, lodging, and other travel costs can help make your trip more affordable.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

FAQ

How can I balance travel with saving?

If you have three important financial building blocks in place — emergency savings, no or low credit card debt, and regular retirement savings contributions — you likely will find you have the discretionary funds to travel, especially if you plan your trip strategically to find the best deals.

Should I pay for my vacation with my credit card?

Paying for at least some of your travel costs with a credit card is just about inevitable. And paying with a cash-back or travel-rewards card can help you earn money or rewards for your next trip. What you want to avoid, however, is racking up massive credit card debt that will jeopardize your financial stability.

What are some good ways to save on travel costs?

Avoiding travel during peak times such as holidays, major events, and school vacations can be a great way to find deals. Renting or swapping your home, lodging off the beaten path, and using credit card and loyalty program rewards also help. Careful shopping, including using discount travel sites and fare tracking apps can take some time, but often pays off in big savings.

Photo credit: iStock/AndreyPopov

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.

Losing your wallet while traveling can quickly suck all the fun out of a trip. You may lose the cash and credit cards you need to pay for lodging, transportation, and food. And being without ID can make it difficult to keep traveling — or get back home.

But hey, it happens. Especially when you’re dealing with jet lag, shuttling all your things from place to place, and getting distracted by new sights and experiences.

So instead of stressing, take a few deep breaths, and follow these steps outlining just what to do when you lose your wallet. And for bonus points, you’ll also learn advance planning to minimize the impact of this kind of loss. Here’s the scoop on:

•   What to do when you lose your wallet

•   How to get money when you lose your wallet

•   How to be prepared in case you lose your wallet so your trip isn’t ruined

Stay Calm and Courteous

Wondering what to do if you lose your wallet? The first thing to remember is to remain calm and polite to those around you. Yes, it’s stressful and you may worry that your summer travel or holiday vacation is ruined. However, you’re much more likely to get help and find your wallet if you can think and act with a clear head.

Even if you have reason to believe that someone took it or perhaps found it and kept it, try not to lodge any accusations (at least, not without solid proof). That can make a distressing situation more combative.

You have likely put a good amount of time and energy into your trip, so you’ll want to focus on remedying this tough situation as quickly and smoothly as possible.

Steps to Take After You Lose Your Wallet

Now that you’re calm, here’s what to do if you lose your wallet while on vacation.

1. Rewind What Happened

Try to recall the last place you had your wallet to use as a starting point for recovering it. If you think you lost it while in transit (say, on a plane or bus), contact the crew, driver, or company and inquire about next steps.

The wallet may turn up, or there could be a lost and found where you locate it. As unlikely as it may sound, we know someone who recovered a wallet she left on a NYC bus — twice!

2. Notify Your Bank and Credit Card Companies

Unless you find your wallet right away, you will want to quickly contact your bank (or banks) and credit card companies about the cards in your wallet. This lets them know to freeze your cards so that anyone who tries to use them will be declined.

If your bank has a mobile app, you may have access to some type of card control feature. Log on to see if you can manually freeze them before calling your bank.

3. Contact the American Embassy

What do you do if you lose your wallet while traveling abroad? You definitely want to reach out to the nearest American embassy or consulate. Visit USEmbassy.gov to find an official list of all the American embassies and consulates overseas.

4. File a Police Report

It may feel like a hassle, but contacting the police is necessary for two reasons. First, they may be able to help you recover your wallet. But even if they can’t, your insurance company may require a police report when you file a claim.

5. Contact the Credit Bureaus

Once you’ve reached out to the local police, contact one of the three major credit bureaus: Equifax, Experian, or TransUnion. You can initiate a credit or security freeze, which can help prevent identity theft. In other words, if someone uses any information in your wallet to try and impersonate you in order to apply for credit, they won’t get past the credit check.

6. Call the Airline Regarding Your ID

If you think you lost your wallet at the airport, it’s smart to file a lost and found report with your airline. You can still file a report even if you’re not sure where your wallet was lost.

You may still be allowed to fly without your ID. Just arrive at security earlier than you usually would in order to undergo identification verification.

7. Figure Out Work-Arounds

A lost wallet and its contents can be very disruptive, especially when traveling. If you can’t quickly locate your wallet, you will need to figure out how to pay for such vacation expenses as renting a car and paying for your lodging.

You may have access to cards via your mobile wallet. If not, a bank representative or your credit card issuer may help you navigate the situation, such as replacing a card via overnight delivery.

Advance Planning

No matter how careful you may be, misplacing your wallet or having it fall out of your pocket or bag is always a risk. Here are some smart steps to take that can help minimize the risk if you do misplace your wallet.

Set Up Credit Cards on Your Phone

If you’re wondering how to get money when you lose your wallet, a good strategy can be to connect your credit cards to your smartphone’s mobile wallet ahead of time. That way, you can still pay for things wherever smartphones are accepted at a register. You can also likely use ridesharing apps this way as well.

Use a Tracker

Slip a small tracking device into your wallet to keep track of it whether it’s lost or stolen. The wallet tracker is paired with your phone so you can locate it as long as you have your mobile device with you. Some examples are Tile and Chipolo Card Spot, among others.

Take Photos

It’s smart to have photos on hand of the items in your wallet in case it gets lost. If you snap pictures in advance, you’ll have copies of all your IDs, health insurance cards, and even credit card numbers (including your airline credit card) available to quickly reference.

Gather Phone Numbers

You should also keep certain phone numbers in a safe location, including your bank and credit card customer service numbers, the digits for your health insurance company, and other emergency resources you may need.

Stash Some Cash Elsewhere

Keep back-up cash and a credit card outside of your wallet. (Bonus: You can still earn credit card rewards while finishing your trip.) There are tons of stealthy products available that are designed to hide your cash, like money belts, socks, and even underwear! Get creative so that you have access to some emergency money even if you lose your wallet.

Consider Travelers Insurance

Getting travel insurance through your credit card or other service can help you during a financial emergency. While lost wallet coverage may not be explicitly included, you may get lost baggage or luggage coverage.

What Not to Keep in Your Wallet

Protect yourself as much as possible by not storing certain vital items in your wallet. The impact of losing the following can have a major impact:

•   Your Social Security card

•   Your house key

•   Insurance cards

Recommended: Where to Find Book Now, Pay Later Travel

What to Do When You Get Home

If you’ve lost your wallet and followed the steps above, you’ll likely have asked your bank to ship replacement debit and credit cards to your home. Ask if there are any other actions you should take to keep your future finances secure. You can also file an insurance claim if you have any policies that cover personal property.

These moves can also help you rebound:

Check Your Credit Reports

Check your credit report to make sure there is no fraudulent activity. It may be worth enrolling in a credit score monitoring service for the next few months.

Contact the DMV

Go online to your state’s DMV to request a new copy of your driver’s license. You may need to submit the police report in order to get a new driver’s license number.

Notify Your Health Insurance Company

You’ll also need to reach out to your health insurance company if you lost your insurance card. They can send you replacements in the mail.

What Are the Odds You’ll Get It Back?

Interestingly, a benchmark global study showed that the more money in a lost wallet, the more likely it was to be returned. There are many variables involved, of course, including other contents (like your contact information) and the country you’re in.

Recommended: How to Save Money on Hotels

The Takeaway

A lost wallet adds a lot of stress to a vacation. But understanding how to respond can help you resolve the issue more quickly and even prevent it from happening again. By contacting your card issuer(s), authorities, and other resources, you may not get your wallet back, but you will minimize the impact on your travels.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

FAQ

Can you get on a plane if you lost your wallet?

It depends on the situation and where you are when you attempt to board your flight. That said, if you have your passport with you, you will likely be able to travel internationally or domestically.

Should you go to the police if you lose your wallet?

Yes, file a police report to help protect against fraud and initiate any insurance claims you’re eligible for. And if your wallet doesn’t contain contact information, someone may return it to the police.

Where do people usually return lost wallets?

People may try to find you via any contact information found in your wallet. They might also turn it into a police station or mail it to your home address.

Photo credit: iStock/dobok

¹See Rewards Details at SoFi.com/card/rewards.

**Terms, and conditions apply: This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider's terms: Travel Services Terms & Conditions.
The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.