If you’re willing to look beyond five-star restaurants and luxury hotels, there are all kinds of ways to save money when you travel. The key is to do your research. And, if there’s a contract to sign, make sure you read the fine print and know exactly what you are agreeing to.

Seven tips to save money on your trip

1. Plan your trip around a place where you can stay with friends or family instead of in a hotel. Or, get together with a group of friends or family and split the cost of a vacation rental. Check out organizations like Vacation Rentals By Owner. Hotel charges can be one of the biggest costs of your whole vacation.
2. Set up a house swap with a family in another city. Organizations like Intervac and HomeLink International charge a yearly membership fee of about $150, but then your accommodation is free. People often trade vehicles as well, which helps save money on a car rental.
3. Many people’s favourite summer memories take place at a cottage. Now, with the wide variety of rental options on the market, more people than ever can experience the cottage life -- even for a week or weekend. There are last-minute deals, too. Some rental properties offer discount rates to fill vacancies. These discounts can add up to 20 per cent or more off the regular rate. Tip: A timeshare is another way to reduce the cost of your vacation. . How can a timeshare help me save money?
4. Camping is another low-cost option. Campsite fees are low – often around $30 dollars or less. You will be more affected by weather, but for many people that’s part of the fun.
5. Prepare some of your own meals when you travel. Eating at restaurants can be costly. Instead, try to stay at places that offer a built-in kitchen. They you can buy your own groceries and cook. Some people like to make their own breakfast and lunch, then eat dinner out. You’ll not only save money – it could be healthier too!
6. Use discount coupons to save money on entertainment. For example, you can sometimes find coupons on the websites of a tourist attraction. Also look for special offers. Just make sure you know how to spot a scam. Some deals are too good to be true. How do I spot a vacation scam?
7. Look for free activities and entertainment. You can spend a day at a public beach, or hike through a park or conservation area. You can also find museums and other places that ask for donations instead of admission fees.

Remember: a budget vacation doesn’t have to be a boring one. There are ways to both cut costs and add to your fun. For instance, shopping at a local market in a different city can be a special experience. Taking all that fresh food home and cooking a special meal can be unforgettable. And it costs a lot less than you would pay eating out.

Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.