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Do you know you can go on a 7-day cruise for half the price?

Or visit Europe for 15 days for only $2,000 per person including airfare, hotels, car rental and meals?

If you follow these steps, you can save more up to 50% in travel expenses.

1. Travel during low season.

Choosing to go on vacation during low season, will save you a great deal of money on airfare, hotels, cruises, car rental and more.

The best dates to travel are between:
February - May
September - the week before Thanksgiving
December 1 - 15

For example, a 7-day cruise in the Caribbean can cost around $1,000 during summer and winter but it can cost $495 in November.

A ticket to Europe can cost between $800-$1,200 during high season but you can buy it at $395 roundtrip during low season.

2. Hotels

The same applies to hotel rates.

When it comes to hotels, you should look for 3-star hotels that will offer most amenities you need at a lower price than 4 or more star hotels. You should keep in mind, that 3-star hotels are smaller, but you can find very good hotels for a great price.

Keep in mind that hotels that are very near local attractions will be more expensive than hotels located 2 or 3 blocks away.

3. Attractions and Places to Visit

Make a list of the places and attractions you want to visit and do some research. Find out about the schedules, locations, special events, etc. You'll find out that there are certain dates during the year that they will have discounts and even free admission.

4. Restaurants

Don't visit tourist-oriented restaurants.

Instead, ask locals to recommend family-owned or small restaurants. Not only will you pay less but the food, quality and service will be much better.

Two years ago, I visited Monaco, France and we went to a small restaurant on a side street and we only paid $100 (for 4 people) for appetizers, great pasta, drinks and dessert (including tip). Not a bad price considering that Monaco is very expensive.

5. Metro vs. Taxi

In most places, there is a metro or train system which will be a lot cheaper than traveling by taxi. All you need to do is get a map and trace the route you're going to visit and find out the train or metro numbers you need to get on to.

By planning your vacation in advance, choosing the best dates to travel (low season), doing research about places and attractions to visit, going to local restaurants versus tourist-oriented ones, and using the metro or train system instead of taxis, will save you a great deal of money and allow you to go on vacation at least twice a year.