Smart Tips to Save Money on Business Trips

Even in this digital age, where we have teleconferencing software at our fingertips, business trips are sometimes still necessary to seal the deal, but they can be pretty expensive to arrange, right? Well, they can, but they don’t have to be, not if you do all of the following to cut costs.

If you’ve ever booked a flight at the last minute, you will know just how quickly prices can skyrocket. That’s why it is so important that you get organized and make an effort to book your flights as soon as you possibly can. In an ideal world. You should book at least three weeks before you are set to travel, but if you can go even earlier than that, then do so. 

Oh, and be sure to use price comparison sites like Google Flights, Skyscanner, or Kayak to ensure you always get the best price.

You might think that staying in a fancy five-star hotel is one of the perks of business trips, and you might be right, but do you really need them? Wouldn’t it be even nicer to feel like you are saving money and bolstering your bottom line, so your business has a bit more security? A mid-priced business hotel will meet all of your needs just as well, so you know what you need to do!

If your business trip is taking you abroad, currency exchange rates can make or break your travel budget. Most people don’t realize this, but the best day for a currency transfer isn’t just a random guess—it can vary depending on market trends, political events, and even the day of the week.

Generally, Mondays and Fridays are known to have more volatile currency rates, so it’s best to avoid making transfers on those days if you can. Instead, aim for midweek when rates tend to be more stable. To get the most bang for your buck, use currency transfer apps like Wise (formerly TransferWise) or OFX, which tend to offer better exchange rates than traditional banks. It’s a small detail, but if you're regularly transferring money, it can make a huge difference.

You want to look your best and be prepared for every eventuality when you have a business conference to attend or a presentation to give, but that dopes not mean packing everything including the kitchen sink. Why not? Because the more you pack, the more you are likely going to have to pay in baggage fees, and if you have a few business trips to attend each year, then that amount could really add up.

So, if you can, stick to a carry-on, and if you can’t try to take the time to really pare down what you need to take until you are costing little as possible, while still having all of the important bases covered.

When you land in a new city, it’s tempting to jump in a taxi or rent a car, but public transportation can save you a boatload of cash—especially if you’re staying in a city with a great metro or bus system. Many cities offer day passes or multi-day transit cards, which are much cheaper than constantly paying for individual rides.

If public transportation isn’t your thing or the city you’re visiting doesn’t have a great system, use ridesharing services like Uber or Lyft instead of traditional taxis. Rideshare prices are usually lower, and if you’re traveling with colleagues, you can split the fare for even more savings.

When traveling for business, it’s easy to let meals eat into your budget (pun intended). Room service, fancy dinners, and multiple coffee breaks can add up faster than you think. To save money, consider eating breakfast at the hotel (especially if it’s free) and opting for quick, affordable lunches at local cafes or delis instead of sit-down restaurants.

Another tip? Seek out restaurants or grocery stores near your hotel where you can pick up fresh food or snacks without breaking the bank. If you’re staying in an Airbnb with a kitchen, make a quick trip to a local market and cook a simple meal. Not only is this a great way to save money, but it also gives you a taste of the local culture—literally!

Traveling for work means you’ll likely rack up expenses, so why not make those expenses work for you? Use a travel rewards credit card that offers points or miles for every dollar spent on flights, hotels, meals, and transportation. Over time, you can accumulate enough points for free flights or hotel stays, effectively cutting your business travel costs even further.

Just be sure to pay off your balance each month to avoid interest fees (no one wants to spend money to “save” money, right?). And check if your card offers travel perks like free checked bags, lounge access, or travel insurance—these perks can save you even more.

If you have control over your meeting schedule, try to plan all your business meetings in the same trip. Instead of taking multiple flights to visit different cities or clients throughout the year, plan one extended trip where you can knock out all your meetings in one go. This not only saves money on flights and hotels but also reduces the time you spend traveling back and forth.

You can even schedule virtual meetings for some of your clients and save the in-person meetings for those that truly require face-to-face interaction. By consolidating your trips, you’ll get more done and save money at the same time.

It’s 2024—paying for Wi-Fi at hotels or airports should be a thing of the past, but alas, some places still charge for it. Before you fork over your hard-earned cash, check if your credit card or loyalty program offers free Wi-Fi access. Some cards come with perks like complimentary Wi-Fi at airports or free access to hotel Wi-Fi for cardholders.

If not, consider investing in a mobile hotspot or a global SIM card if you frequently travel internationally. It’s cheaper than constantly paying for Wi-Fi, and it ensures you’ll always have a reliable internet connection (so you won’t have to rely on that sketchy café network).

Last, but by no means least, it is a really good idea to keep a close eye on your budget, so you do not end up thinking “Wait, how much did I spend?!” at the end of your trip. These days, apps like  Expensify and Concur can effortlessly track your receipts, so there is no reason not to keep track, keep accountable, and keep costs down.

Smart planning means big savings for your business trips!