MARK RIEPE: I'm Mark Riepe. I head up the Schwab Center for Financial Research, and this is Financial Decoder, an original podcast from Charles Schwab. It's a show about financial decision-making and the cognitive and emotional biases that can cloud our judgment.
Today, we're helping you make the most out of your next domestic trip without breaking the bank. Whether you’re road-tripping for fall colors or visiting relatives in another state, it’s possible to minimize the tradeoff between experience and affordability. And it’s easy to do. Here are five savvy ways to save money while traveling domestically.
Number one is "Travel Off-Peak." Savvy timing is everything, and the first way to save is to travel when fewer people are on the move. That could mean hitting summer destinations in the fall or heading to ski towns in the summer for hiking instead of at peak ski season.
Prices for flights, hotel rooms, even rental cars can drop significantly when you're not competing with school schedules or peak vacation weeks. And for me, the best part is that you’ll often enjoy quieter attractions, more flexible bookings, and a different, maybe even cozier vibe than in peak season.
Number two is "Buy Smart." Timing matters, especially when booking flights and hotels. Airfares tend to dip roughly two and a half months to three weeks before your departure date, with prices climbing sharply if you wait too long. That “sweet spot” can help you get a better deal without compromising too much on your preferences.
As for hotels, their rates often drop in the final week before your stay, which can be helpful if you're flexible on the exact property or room. But there’s a trade-off. If you’re eyeing a specific place, booking earlier gives you peace of mind about securing your spot.
At number three we have "Be Adventurous." By that I mean, embrace deals and unique experiences. Being open-minded can pay off. If you’re not tied to one destination, consider grabbing limited-time deals or packages from travel websites or apps. Sometimes, jumping on a great discount leads you to unexpectedly wonderful places that you might’ve overlooked.
And when you do get there, remember: the best parts of travel often come from good company, interesting activities, or beautiful surroundings, not pricey dinners or high-end hotels. A night camping under the stars or a casual scenic hike can become your most memorable moments.
Next, at number four, is "Use Built-In Perks." Your credit or debit cards may come with more value than you realize. Beyond basic use, they can offer travel-related benefits like discounted car rentals, hotel reservation assistance, or even free Wi-Fi on eligible flights.
Some cards even include insurance for trip delays or baggage. Before you leave, take a moment to review your card benefits or call your bank and make sure you’re catching any perks that you’ve already pay for.
And finally, number five, "Live Like a Local."If you're planning to spend more than a couple of days in one location or traveling with family or a large group, renting an apartment or vacation home can be more affordable—and practical—than staying at a hotel.
Because you'll have access to a kitchen, you can save quite a few dollars buying groceries and cooking for yourself instead of eating out every meal. Sometimes, "living like a local" can help save money and make your vacation more interesting.
To sum up, here’s your smart travel checklist: Choose quieter travel dates to score better rates and fewer crowds. Book flights 2–2.5 months beforehand and consider last-minute hotels if you're flexible. Stay open to surprise gems: after all, adventure starts with flexibility. Maximize your card perks: they might already include travel savings. And finally, live like a local.
Embrace these strategies and you’re not just cutting costs, you’re investing in peace of mind, flexibility, and a better travel experience. All-in-all, travel doesn’t have to be outrageously expensive to be unforgettable.
That's it for today's episode. I'll be back in a couple weeks, but if you'd like to hear more from me in the meantime, you can follow me on my LinkedIn page or at X @MarkRiepe. That's M-A-R-K-R-I-E-P-E. And if you like the show, please consider leaving us a rating or review on Apple Podcasts. Or comment on the show if you listen to it on Spotify.
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For important disclosures, see the show notes and schwab.com/FinancialDecoder.