Travel during the off-season or shoulder season, when everything from airfares to hotel rates is reduced. Low season is usually any time that's not predictably warm: winter, early spring, late fall.
Look beyond the iconic European destinations. Check out regional or provincial capitals, such as Alsace or Naples, or stay in the suburbs, near a train station with access to the city center. Also consider less-expensive countries (for example, Bulgaria, Portugal and Slovakia) or regions (Eastern and Southern Europe).

London's ritzy Athenaeum Hotel lets Americans book room rates in dollars.
(Athenaeum Hotel)
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Take a European, Baltic or Mediterranean cruise. Not only will you visit a number of European locations, you won't have to fret over hotel, transport and food costs. Plus, prices are paid in dollars in advance, so you can avoid unfavorable exchange rates. Princess Cruises, for example, has a 10-day cruise departing Southampton, England, on June 1, with stops in Zeebrugge, Belgium; Oslo; Copenhagen; Hamburg, Germany; and Le Havre, France, for $1,319 per person double. The cruise line can add round-trip air from Dulles to London for $500 round trip; taxes of $139 are extra. The company also offers pre-cruise land segments, including accommodations, rail travel and sightseeing. Info: 800-PRINCESS, www.princess.com.
Consider a package tour -- independent or guided. Companies that sell packages often negotiate reduced rates on air, lodging and car rentals, and they pass along the savings to their customers. In addition, you pay upfront and in dollars. Gate 1 Travel's Florence package (from $926 per person double), for example, includes round-trip air from New York City, four nights at a first-class property and breakfast; travel during select April and May dates. Info: 800-682-3333, www.gate1travel.com.
Look for hotels or chains that will quote the price in dollars and/or offer a fixed rate. The Radisson Edwardian Hotels chain (888-201-1718, www.radissonedwardian.com) has occasional specials featuring dollar rates for its London and Manchester properties, while London's five-star Athenaeum (800-335-3300, www.athenaeumhotel.com) offers Americans special room rates in dollars.
For longer stays, rent a private apartment, home or villa. Besides being more economical than a hotel on a day-to-day basis, you can also cut costs by dining at your residence. For shorter visits, opt for a bed-and-breakfast or a pensione, or stay in a property on the fringes of the city, such as Haarlem, a short train ride from Amsterdam.
If traveling by rail, explore a destination comprising multiple countries. For example, Eurail counts Belgium, the Netherlands and Luxembourg (or Benelux) as a solo entity, as well as Croatia/Slovenia and Serbia/Montenegro/Bulgaria. Also look for train deals: The Eurail Select Pass's early-bird special (purchase by March 31; from $410) includes multiple days of travel in up to five bordering countries; discounted fare on Eurostar (London and Paris or Brussels); free or reduced rates on a variety of boats and buses; and other discounts, such as museums and a Swiss funicular ride. Info: 877-257-2887, www.raileurope.com.
To cross borders, book a flight on a low-fare airline. Skip across Europe for cheap on such budget carriers as W!zz, easyJet and Basiq Air (for a partial list, see the European Low Fares Airline Association, www.elfaa.com); fares can be less than the price of a cheap Eiffel Tower souvenir.
To trim dining costs, make lunch your biggest meal. Prices during the afternoon feeding time are markedly less than at dinner. Avoid eating in touristy districts, and try residential or university areas, which often have student-budget eats. Choose pubs, cafes and taverns (vs. American-style restaurants) for less pricey entrees. And supermarkets are a feast-in-progress.
Drink the local beverage. Remember: In Ireland, Guinness is not an import. And wine can cost less than sparkling water in France, Italy and Spain. Grab your morning coffee at a stand-up counter, rather than a sit-down place, or at a fast-food joint.
Buy passes for sights, museums and public transportation. Such bulk options as the London Pass (50-odd attractions, plus discounts, for $23 a day) can save you a bundle. Scour the Web sites of city or country tourism offices for free attractions. Some big-name museums are free all the time (British Museum) or on special days (Sundays and certain holidays at Madrid's Prado) or have discounted admission fees for non-peak hours (after 6 p.m. at the Louvre).
Use ATMs for cash. Avoid currency exchange offices at hotels and airports, which have bad rates and high surcharges. Credit cards also tack on an additional surcharge, while ATMs have no transaction fee (just maybe a bank fee).