While travelling may not allow so much room for options, going for a vacation during off-season will be a great way of cutting down not only on the costs but also on the added traffic of tourists. For example, visiting Hawaii or Barbados after September will be a great way of exploring these areas without being hand to mouth. Off season deals can be an attractive feature as well. During peak season, everything is automatically injected with inflationary rates, which can be avoided if the right time frame is chosen by the traveler.
Another ingenuous way of cutting down on the costs is by staying at smaller hotel rooms. Since traveling should be all about exploring and delving into the rich culture any region has to offer, one should aim to get minimal sleeping and rest. The rest should only be enough so as to not be exhausted while travelling all over the city. Instead of booking fancy hotel rooms with a fantastic view, it is advised to stay in the same room but without a big view as that is generally more expensive.
If this is something that suits your tastes then travelling in a group can prove to be quite a convenience. One can share a room, taxi and even a meal and save up as the cost gets divided among various people. Not only is this an excellent way of bonding and spending time with friends, but also a great idea of saving up on some cash whilst fully enjoying yourself. One can still experience the same locality but with great company and a smaller budget, something that can be amazing and exhilarating all at once.