Podcast Summary: How to Money – "The Cheap Travel Truth" with Scott Keyes (#974)

Release Date: April 23, 2025
Host: Joel and Matt
Guest: Scott Keyes, Founder of Going (formerly Scott's Cheap Flights)

Introduction

In episode #974 of How to Money, hosts Joel and Matt welcome back Scott Keyes, the founder of Going, a leading travel platform dedicated to helping travelers find the best flight deals. With over 2 million subscribers, Scott brings invaluable insights into affordable travel strategies, making this episode a must-listen for anyone looking to enhance their travel experiences without breaking the bank.

Credit Card Fees and Frequent Flyer Miles

Scott opens the discussion by candidly sharing his personal strategy for accumulating frequent flyer miles. He admits, "I look back and over the past year I think I've spent over $2,000 in credit card fees" ([04:11]). While this might seem excessive, Scott justifies the expense by explaining that these fees have earned him between one and two million frequent flyer miles ([04:37]). These miles enable him to travel affordably with his family, including upcoming trips to Japan and Montana.

Joel: "How much money in flights do you think $2,000 annually in credit card fees saves you?" ([05:04])
Scott: "That'd be saving at least three or four thousand dollars on flights, probably more... That’s how I'm able to travel with my family of four to Japan this summer, going to Montana in a few weeks." ([05:24])

Economic Factors Affecting Airfare

Joel and Matt delve into how broader economic conditions influence airfare prices. Scott explains that during economic downturns, travel is often one of the first discretionary expenses that people cut back on. However, the shift towards premium travel post-pandemic means that even in tighter economic times, there remains a steady demand for economy seats as travelers downgrade from premium classes rather than canceling trips entirely ([06:37]).

Scott: "I could foresee... a level amount, no real drop off in demand for economy seats going forward, even if there's an economic downturn." ([07:04])

International Perceptions and Travel Impact

The conversation shifts to the impact of international relations on travel. Scott highlights that negative sentiments, such as tariffs or political tensions, can lead to significant reductions in tourist inflows from affected countries. While the United States, being a large country, may withstand some fluctuations, industries reliant on tourism, like hotels and restaurants, feel the pinch directly ([09:33]).

Scott: "By some estimates, anywhere from 10% of the worldwide economy is based on travel or travel-related industries... It definitely hurts at the margin." ([09:33])

Airfare Volatility and Strategies

Scott emphasizes the inherent volatility of airfare prices, likening them to unpredictable fluctuations that are far more erratic than other commodities like gas. He shares personal anecdotes of drastic price swings, such as a flight from Atlanta to Amsterdam plummeting from $800 to $300 within a day ([12:48]).

Scott: "Airfare is something that I call the most volatile thing that people purchase. It’s always bopping up and down." ([11:56])

Mistake Fares

A significant portion of the episode is dedicated to mistake fares—accidental deeply discounted flights. Scott defines a mistake fare as when an airline inadvertently sells a ticket for 90-95% less than intended. He recounts examples like a Tokyo-Milan flight available for $287 ([18:04]).

Scott: "A mistake fare is when an airline accidentally sells a ticket for 90, 95% less than it intended to. It’s the holy grail of the cheap flight world." ([18:04])

Scott predicts that 2025 would see between three to seven mistake fares, aligning with trends from previous years. Booking quickly is crucial, as these fares often revert to normal prices within hours.

Flexibility in Travel Planning

Scott advocates for prioritizing flight deals over fixed destinations and dates to maximize travel affordability. He suggests reversing the traditional vacation planning steps by first identifying available cheap flights from the home airport, then choosing destinations, and finally selecting feasible travel dates ([21:40]).

Scott: "If cheap flights are a priority, make it the first priority. Step one, what cheap flights are available... Step two, which one interests you the most... Step three, what dates work for my schedule." ([21:40])

Booking Timings and the "Goldilocks Window"

Understanding the optimal times to book flights is another key strategy Scott shares. He introduces the concept of the Goldilocks Window—the ideal booking period that isn't too early or too late. The timing varies based on whether the travel is domestic or international and whether it falls during peak or off-peak seasons ([22:37]).

Scott: "Think about a Goldilocks window—not too early, not too late, just right in the middle. During these windows, cheap flights have the best odds of popping up." ([22:37])

Use of Travel Agents and Budget Airlines

Scott discusses the evolving role of travel agents in the digital age, noting a resurgence in their popularity among luxury travelers seeking complex itineraries. However, for most domestic or straightforward trips, using online platforms like Going remains more efficient and cost-effective ([35:31]).

Scott: "For most of those situations, a travel agent would definitely be overkill for what you can just self-service by buying flights online." ([35:31])

When addressing budget airlines, Scott explains how additional fees contribute to their low base fares. He mentions airlines like Frontier, which may offer lower upfront prices but charge extra for services like booking online ([37:46]).

Scott: "One of the reasons budget airlines add so many fees is they are tax-advantaged... If you book in person, you might save on certain fees." ([37:46])

Recommendations on Underrated Destinations

Scott highlights the benefits of cheap flights in exploring less-traveled destinations. He mentions countries like Trinidad and Tobago, Lithuania, and Taiwan as affordable and culturally rich options that often fly under the typical tourist radar ([46:02]).

Scott: "Cheap flights give you permission to test places further down your bucket list, allowing you to explore destinations like Trinidad and Tobago or Lithuania without exhausting your travel budget." ([46:02])

Airport Tips

Navigating airports can be daunting, but Scott offers practical tips to enhance the experience. He suggests researching airport amenities in advance, such as indoor playgrounds, art galleries, or even mini-theaters, to make layovers more enjoyable ([53:02]).

Scott: "Next time you're at an airport, Google the amenities. You might find indoor playgrounds, art galleries, or even mini movie theaters that can help pass the time." ([53:36])

Recipe for the Perfect Vacation

Concluding the episode, Scott shares his method for crafting memorable vacations. He emphasizes the importance of anticipation and memory formation, advocating for booking trips well in advance to maximize pre-trip excitement and ensuring vacations end on a high note to create lasting positive memories ([55:43]).

Scott: "Researchers found that people get more joy from vacations in the anticipation and when looking back at memories than during the trip itself. Always end on a high note to create lasting positive impressions." ([55:43])

Key Takeaways

1. Maximize Frequent Flyer Miles: Strategic spending on credit cards can significantly reduce travel costs through accumulated miles.
2. Economic Resilience: Even during downturns, shifting from premium to economy travel can maintain overall travel demand without drastically lowering airfare prices.
3. Capitalize on Mistake Fares: Stay vigilant for accidental deeply discounted fares and book swiftly to secure these deals.
4. Prioritize Flexibility: Allowing flexibility in destinations and travel dates can lead to substantial savings and more travel opportunities.
5. Optimal Booking Times: Understanding and leveraging the Goldilocks Window can increase the likelihood of finding affordable flights.
6. Explore Underrated Destinations: Affordable flights enable exploration of unique and less-touristy locations, enriching travel experiences.
7. Enhance Airport Experience: Researching and utilizing airport amenities can make travel more pleasant and less stressful.
8. Plan for Lasting Memories: Structuring vacations to include anticipation and memorable endings can enhance overall satisfaction.

Conclusion

Episode #974 offers a comprehensive exploration of affordable travel strategies, blending personal anecdotes with expert insights. Scott Keyes' practical advice equips listeners with the tools needed to navigate the complex world of airfare pricing, ensuring more enriching and budget-friendly travel experiences. Whether you're a seasoned traveler or planning your first big trip, this episode provides valuable takeaways to make your journeys both enjoyable and economical.

For more details and access to Scott's strategies, be sure to visit Going's website.