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My preference is to book everything far ahead of time—flights, restaurants, hotels, cruises, you name it. I like having stuff to look forward to. For me, anticipating fun events is a big contributor to happiness.
But is this the smartest financial strategy? I’ve taken plenty of trips both internationally and within the U.S. over my lifetime, but I don’t consider myself an expert on money-saving travel. Still, here are some pointers I’ve picked up along the way and by digging around online.
Hotels. When should you book a hotel to get the best rate? When I stick that question in Google, many of the responses suggest booking around two weeks ahead of time. Sometimes, you can do even better by waiting until the last minute.
Last-minute booking seems to work best in places where hotels are plentiful. I haven’t seen many opportunities to get a good last-minute deal if there are only a few places in town. Keep in mind that you typically won’t get hotel rewards points if you book through a third-party travel site.
Worried about waiting too long and ending up with no hotel room? Consider making a backup reservation now. If you later find a better deal, you can often cancel your backup reservation at no cost provided you do it at least 24 hours in advance.
Airlines. To get the lowest airfare, when should you book? On this one, the only firm rule seems to be: Don’t wait until the last minute. Airlines tend to charge steep prices to last-minute travelers. But beyond that, the usual suggestion is to book a few months ahead of time, and probably more if you’re looking to fly during a busy travel period, such as around Thanksgiving or Christmas. Flying on a Tuesday or Wednesday is often cheaper than other days.
Cruises. I’ve occasionally seen enticing last-minute cruise offers and—given my fondness for bargains and my flexibility to travel at short notice—have always been intrigued. But that great deal might look less great if you have to book a flight to the departure city at the last minute and pay the steep ticket cost.
Rental cars. My strategy: Always book the cheapest car available, which will usually be a compact. Elaine and I don’t need anything bigger, plus I’ve found that we almost always get upgraded to a larger vehicle. Meanwhile—and I’m amazed by this—there’s typically no penalty for canceling right up until the last minute. In fact, on one occasion, I stood outside a Hertz office and cancelled a reservation when I realized there was a cheaper option.
Restaurants. When we travel, we eat out—an expensive habit, but one we enjoy. It sounds appealing to wander into a local place and try it out. But for us, that seems to be pretty hit or miss, so we like to research places ahead of time—and then reserve the ones that sound interesting. There’s no downside, except these days a few places will charge a penalty if you cancel the reservation within 24 hours.
But as I said at the outset, I don’t consider myself an expert on this stuff. Got other tips for booking restaurants and travel? I’d love to hear them.
I’m a Marriott Bonvoy loyalist and currently have top-level status and lifetime status. I’m in a couple of Bonvoy Facebook groups, and the members there recommend grabbing hotel rooms when you see a rate you can live with and then checking back before the trip to see if rates have dropped (and then modify your booking). Bonvoy, like several other major brands, has “dynamic” pricing, so a good rate one week may not be there a week or two later (and conversely, it could drop). Just pay attention to the cancellation policies, which can vary from one location to the next. When you book the room, put the cancellation date on your calendar so you don’t forget.
(Also, on the Bonvoy app, the default tab for room rates is for “prepaid,” which you don’t want because then you’re stuck and can’t cancel. Be sure to check the tabs at the top of the page and make sure you’re booking the rate you want before finalizing!)
Forgot to mention that unless you are staying in the same place for the whole trip, you should look at “open jaw” or “multi-city” tickets. Fly into London and out of Barcelona, for instance. This will save the cost and stress of getting back to your starting point, and may even be cheaper.
Also, if you use a credit card, get one that doesn’t charge a foreign conversion fee, and also gives you points or miles. Almost all my really long haul flights have been in business class on FF miles, and I can assure you that once you’ve flown across the Pacific in business class you will never want to do it any other way.
Kathy, I’m wondering how this open jawed ticket is different from buying two one way tickets. I assume you get the open jawed ticket on one booking instead of two.
When we go somewhere, we often don’t know when we’re leaving, so we almost always buy one way tickets, but still curious.
I don’t know that there’s any real difference, I’ve done it both ways. A two-leg multi-city should be the same as two one ways, but I’ve never priced the difference. Back when the One World alliance had a great deal on Round the World frequent flyer tickets I would “buy” a set for the whole trip, but I could change them without penalty.