There are more than 5 ways to economize on your next trip, but here are a few of my tried and true favorites

1) Return tickets are often cheaper than one way.

Sometimes you can find a return sale flight on the internet for a tenth of the price of a single journey. Airlines make money from last-minute one way flights and multiple-stop tickets so can offer competitive fares on return journeys. I have found return tickets for 50 Euros while the same outbound flight (one way) has been listed at 400 Euros or more.

The same goes for train trips within Europe. The tickets are not named so if you buy a return (slightly more expensive than a one-way) you can sell the return portion when you get to your destination station. The easiest way to do this is to go to the ticket queue and look for someone with a backpack. Tell them you don't need the return and sell it to them for half the price you bought it for. You will both win.

2) Book flights on weekdays.

Tuesday, Wednesday and Thursday are often the cheapest days to travel. The most popular days are used by business travelers and weekend holidaymakers so if you can adjust your schedule you will save around half the far price, on average.

3) Couchsurf

If you haven't heard of this before, couchsurfing is a social network of travelers and locals who list a profile on sites like www.couchsurfing.com

You can send an email to someone who lives in the city or country you are visiting and stay in their home for a night or a week, depending on both of you. Not only is this free accommodation but you will get to meet locals who usually love their city, enjoy making new friends and want to host you. I have traveled around the world this way -with my daughter - and have never had a bad experience. We have made more friends than we can stay in touch with and have had a great time with travelers who have stayed with us.

4) Cook your own food

Rather than spend a fortune on restaurants (and hotels), try renting an apartment with a kitchen if you are going somewhere for a week or more. Cooking at least one meal a day can save around $100 per day for a family of four. It will also keep you nourished when you are out of your usual routine. The best thing about cooking when you are on holiday is getting to the local markets and sampling the local produce.

5) Negotiate everything

Not all countries are open to bargaining, but it is always worth trying, even in the most unexpected places. I managed to negotiate half-price tickets on an international train trip by haggling with the lady at the counter window. Taxi rides, clothes, food, everything is open to discussion in some countries. The best way to find out if this is the case is to ask the price, raise an eyebrow and begin to walk away. When you are called back, you know that the haggling can begin.

Lastly, be open to change. Unless you have a very limited amount of time you will find flexibility is your greatest ally in budget travel. Getting a ride with a fellow traveler might take longer but it will be less expensive and you will probably make great new friends. Enjoy the journey.