Staycations are all the rage these days, and while you certainly can find lots to do without traveling to the other side of the earth, sometimes you just need to get away and have a relaxing vacation far away from car pools, grocery shopping and home maintenance.

Fortunately, this is a great time to travel. Thanks to the current economic situation, you can find great deals on everything from air travel to hotels to cruises to home rentals, both here in the US and worldwide.

Here are 7 ways to get even more out of your travel budget:

1. Go where the dollar is strong. This year, that means Europe (the UK, Iceland and Turkey in particular), New Zealand, India, South Africa, Mexico and Chile. Exchange rates fluctuate though, so keep an eye on them.

2. Frequent flier programs. Always sign up for frequent flier (or frequent guest) programs, even if you don’t think that you will travel on that particular airline or stay in that hotel chain again. You never know what happens in the future – companies merge or get bought up, and you can also transfer miles/points between airlines/hotels. Make sure using your frequent flier miles is worth it though, especially this year with all the great deals around. Save them for times when you truly cannot afford a ticket, or for that dream trip around the world.

3. Stay in a private home. If you’re traveling with a group, renting a villa or condo instead of staying in a hotel can save you all quite a bit of money. Staying in somebody’s home also means that you will have more space (especially in cities with hotel rooms the size of broom closets) and usually access to amenities like a washer/dryer and sometimes outdoor space as well. Eat breakfast at home every day, and you’ll save even more. Keep an eye out for last minute deals and specials too – I’ve seen many offers like “pay for 5 nights, stay for 7″ or “chef included”, as well as large discounts.

4. Don’t miss out on a great deal. Make sure you hear about any last minute deals and discounts as soon as they are announced. Sign up for RSS feeds, newsletter and email alerts from relevant sites on the Internet such as airlines, travel magazines, online auction sites, chambers of commerce, home rental companies, and travel sections of newspapers. Did you hear about JetBlue’s $14 San Francisco – New York tickets earlier this year? You don’t want to miss out on something like that!

5. Give travel auctions a shot. At sites like Luxury Link, winning an auction can mean huge savings on stays at luxury resorts, villas or castles, with many extras included as well (staff, private chef, all meals, etc.). Also keep an eye out for occasional auctions, such as Abercrombie & Kent’s “once in a lifetime trip” auction earlier this year, where winners saved up to 60% on dream trips to exotic locations.

6. Travel slightly off-season. You can save a lot by going just a little bit before or after the majority of people do. Try traveling mid-May to the end of June and the beginning of September to mid-December in the Caribbean, anywhere in Europe in the spring or fall, or to the larger cities, such as Paris, London or Madrid in August when the locals have fled the scene for some time at the beach. If you ski or at least don’t mind the cold, winter is a great time to find cheap flights to Europe. Stockholm is spectacular with a snow cover, and with the sun setting around 3 pm in December, candles are everywhere, giving the city a cozy, fairytale atmosphere.

7. Call home for free. If you bring your laptop (or iPhone), make sure to download Skype and ask your friends and family to do the same. It is a free service (as long as you call Skype to Skype; a Skype to landline or cell phone call does come with a charge), and all you have to do is download the software, set it up, get a headset or USB phone, connect to the Internet, and you’re good to go. You can talk to friends all over the globe this way – and it’s totally free.

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