Quick Tips: Book now and regularly monitor hotel and airline prices for drops

I frequently experience sticker shock when booking flights and accommodations. Still, I choose the best available option and select a rate that allows free cancellation.

This way, I secure my reservation in case prices rise. I also routinely check my hotel and flight bookings for price drops, often discovering that I can rebook several at a lower rate each time I review my upcoming reservations.

I prefer spending less on travel, and I imagine you do too. In this article, I’ll explain how and why you should book travel with free cancellation now and periodically check for price reductions.

Book travel with refundable options

Whether you're traveling within the country or abroad, it's typically best to book travel that can be canceled without incurring fees. This approach offers you flexibility with minimal risk.

Fortunately, most hotel award nights can be canceled for free until just before your stay begins. Additionally, you can often find reasonably priced cash rates that allow cancellations up to a few days prior to arrival. Some airlines also permit you to cancel award flights — and in some cases, even paid flights — at no charge. There are instances where you can even get a refund on a nonrefundable airline ticket.

Look for better rates

Having the option to cancel flights and hotels for free not only provides flexibility if you choose not to travel, but also allows you to cancel and rebook if you discover a better deal.

Every two weeks, I get a Todoist reminder to look for price drops on my upcoming reservations for flights, hotels, and car rentals. When I check for drops, I focus on paid rates and programs that feature dynamic award pricing. I've had notable success finding price reductions on IHG stays, Marriott bookings, American Airlines award flights, and Southwest Airlines fares.

Rebook at a lower price

Some programs allow you to easily modify an existing booking when you notice a price drop. For instance, it's straightforward to reprice a Southwest flight when the fare drops. If you've booked a Delta Air Lines flight that permits free changes, you can quickly rebook the same flight at the lower price. Marriott Bonvoy also facilitates repricing stays by letting you adjust your reservation via their website or app.

Regrettably, some programs do not allow you to adjust your reservation to a lower price. To secure a better rate for your stay, rental, or flight with these programs, you must create a new reservation and cancel the original one.

Final thoughts

Monitoring price drops can lead to significant savings in points, miles, and cash. Therefore, I suggest dedicating some time every few weeks to check the rates on your freely cancelable bookings. If your experience mirrors mine, you'll probably notice more price drops than you anticipated. Plus, unless you have many upcoming travel plans, it shouldn't take too long each time you perform these price checks.