Vacations are very important - not only for the rest and relaxation, but also for strengthening friendships and family relationships. Of course, given the current economy, many people feel the need to scale back on vacations this year.

"Whether the economy is good or bad, it's always important to get the most for your vacation dollar," says Jason Gill, a financial center manager at Fifth Third Bank. To help you stretch your vacation budget, he offers the following tips:

1. Plan your trip well in advance. When you book vacations months ahead of time, you often have access to "early-bird" specials for airfares, hotels, cruises and car rentals. Booking early is especially helpful during peak travel times, like over the winter holidays, spring break and summer.

2. Travel off-season whenever possible. By avoiding certain destinations during their most popular times, you can reap big savings, plus avoid crowds. For example, try visiting Florida in late spring, right after the rates drop. Also, many flights are cheaper Sundays through Wednesdays.

3. Look for travel packages. If your trip will include airfare, a hotel stay and car rental, consider visiting popular online travel sites, such as Expedia®, Travelocity® and Orbitz®, which offer significant discounts when you book these items together. Also, these sites introduce new prices about twice a week, so be sure to check back often.

4. Consider "all-inclusive" packages. Many resorts and cruises provide lodging, entertainment and meals for a pre-determined price, letting you know upfront how much your vacation will cost.

5. Compare airfares at neighboring airports. Even though your departure and destination cities may have their own airports, you can often find cheaper airfares by using major airports in larger cities. Also, if you need to partk at an airport, remote lots tend to be cheaper and offer free shuttles to terminals.

6. Renew or obtain passports and visas in advance. If you're visiting a foreign country, make sure you know the latest entry requirements for the country you plan to visit - and re-entry requirements for the United States by logging on to U.S. Department of State.gov. If a passport is necessary, apply at least three months in advance. Expedited services cost an additional $60 per passport. (It takes at least six weeks to get a passport after you send in your application.)

7. Avoid extra baggage costs when flying. Today, most airlines charge at least $15 per checked bag, per trip segment - and more if your luggage is extra heavy. To eliminate these costs, consider using the largest carry-on allowed. For baggage guidelines, visit your airline's Web site.

8. Look for mid-week or weekend bargains. Many flights, hotels and bed and breakfasts offer cheaper rates during the week than on weekends. Conversely, hotels that cater to business travelers often have bargain rates on weekends.

9. Consider camping or staying with family or friends. Today, many campsites have electricity, showers, restrooms, pools and playgrounds - and cost only a fraction of motels. Better yet, you can stay for free when visiting friends or relatives. Just be sure to return the favor.

10. Consider preparing some of your own meals. By renting a condo, you have access to a fully furnished kitchen, allowing you to prepare many of your own meals. Also, look for hotels that have a mini-fridge, microwave and coffeemaker. If you're traveling by car, it helps to carry a cooler.

11. Consider public transportation. When traveling in major cities, subways, trains and busses are much more affordable than cabs, especially when traveling from the airport to your hotel. It is helpful to look for this information online before your trip. Also, ask your hotel concierge for other tips.

12. Choose bank credit and debit cards wisely. Many of these cards offer low interest rates, plus reward points that can be redeemed for cash or discounts on airfares, merchandise or hotel stays. If you can pay your bill in full each month, you actually come out ahead. Also, check with your bank for ways to avoid ATM fees.

To learn more about cutting vacation costs, contact Fifth Third at (866) 475-4201 or visit 53.com.