The cost of travel continues to rise, with airfare, hotels, and vacation expenses at record highs. Now, with Southwest Airlines set to start charging for checked baggage - a major departure from its long-standing policy - travelers must be more strategic than ever to keep costs down.

If you're looking to plan an affordable getaway without breaking the bank, the exerts at InsureMyTrip have some tips to save money on flights and vacations in today's expensive travel market.

5 Money-Saving Travel Tips

1. Book Flights Early and Be Flexible
   

   Airline ticket prices fluctuate based on demand. Booking at least one to three months in advance for domestic flights and three to six months for international trips, can yield significant savings. Also, being flexible with your travel dates - such as flying midweek or during off-peak seasons - can help secure lower fares.

2. Take Advantage of Fare Alerts and Reward Programs

    

   Sign up for fare alerts from travel websites like Google Flights or Skyscanner. Also, make use of airline loyalty programs and travel credit cards to earn miles and points for future savings.

3. Avoid Extra Fees by Packing Smart

   With Southwest now charging for baggage and other airlines continuing to increase their fees, traveling light is key. Opt for a carry-on whenever possible and learn to pack efficiently to avoid checked bag fees. Consider using packing cubes and versatile clothing to maximize space.

4. Consider Alternative Airports and Airlines
   

   Flying into or out of smaller, nearby airports can sometimes be cheaper than major hubs. Also, don't overlook budget airlines - just be mindful of their baggage and add-on fees to ensure you're getting a real deal.

5. Bundle Your Travel Package

   Booking flights, hotels, and rental cars together through travel agencies or online travel platforms can lead to significant discounts. Booking sites often offer package deals that are cheaper than booking separately.

Bonus Tip: Purchase Travel Insurance to Protect Your Investment

With rising costs, unpredictable cancellations, and potential travel disruptions, purchasing travel insurance is more important than ever. A small investment in coverage can save you thousands if you need to cancel a trip, experience delays, or encounter medical emergencies while abroad.

Bottom Line

As travel expenses continue to climb, being a savvy traveler can make all the difference. By planning, staying flexible, and using these cost-saving strategies, you can still enjoy memorable vacations without the hefty price tag.