Reprinted with permission from Microsoft Small Business Center by Rieva Lesonsky

Q: I have to travel a lot for my business and it's costing me a fortune. I've tried to cut back and have been scheduling more conference calls. I've even invested in videoconferencing technology. But there are still many times I, or someone on my staff, need to get on plane.

Any suggestions on how I can save money on our travel expenses?

A: I feel your pain. Travel costs have consumed a large share of my company's budget this year. These days we're paying more for the ticket and getting less—you don't even get a free bag of peanuts on most major airlines. Many have started charging for checking luggage—even carry-ons— a pillow, or a glass of soda.

There's a crucial fact out to keep in mind when booking a flight, which many of you have e-mailed me about. The best time to book a flight is between midnight and 1 a.m. on Wednesday night. I learned this from one of the sites I mention below, www.PeterGreenberg.com.

Really, the best way to save on travel dollars is to shop around (and wisely, of course). If possible and convenient, fly the budget carriers. In the last several months I have flown JetBlue and Virgin America to destinations I've previously only flown to on major airlines, and I saved significantly on fares.

Also, there are several newsletters I turn to for tips. I'll usually speed read through a few, to see if I spot some new suggestions. A few of my favorites are: www.PeterGreenberg.com; www.Travel.UsaToday.com, www.BudgetTravel.com, and www.TripHounds.com.

I usually start my airline flight and hotel shopping online with a trip to Kayak.com. Kayak is a search engine that helps you find the flights with the fares and schedules that fit your needs. Southwest Airlines only lets customers book on its own site, so if you want to compare Southwest's prices, you'll have to go to their Web site, www.Southwest.com. You can also check car rentals, cruises and vacation deals on Kayak.com. (Kayak also owns www.Sidestep.com, another search engine for travelers.)

Other good sites for finding airline bargains include: www.AirfareWatchdog.com, www.BookingBuddy.com, and www.SmarterTravel.com. One of my partners, who always books his flights at the last minute, swears by www.CheapoAir.com. Also check out www.Yapta.com. Yapta, which stands for "your amazing personal travel assistant," tracks flights you're interested in and alerts you when the price becomes most affordable.

Hotels rooms can also be booked on many of the sites mentioned above. It's worth checking all the big-name sites like www.Expedia.com, www.Travelocity.com, www.Orbitz.com, www.TravelZoo.com, and www.Hotels.com. I have a friend (who happens to be an entrepreneur) who swears by the name-your-price sites like www.Hotwire.com and www.Priceline.com. Make sure you understand what these sites define as a two, three, or four-star hotel, because you're bidding blind and there are no refunds once you're given your flight or hotel. Personally, I've gotten a great deal a few times on these sites, but also have been disappointed once or twice.

A recent article in USA Today showed how (with help from www.FareCompare.com) you can save a lot of money by booking one-stop fares, rather than nonstops. Some of us have no choice when it comes to this, since not all of us live near airports that offer nonstop flights. But, if you have the choice, consider how much money you're saving and how much time you're losing before you book your flight. And remember, one-stop flights increase the risk of losing your luggage and getting delayed on your stopover, or even having your flight cancelled.

Of course there are some miscellaneous travel sites I found interesting. If you want to know the frequency of delay of a flight, check out www.AvoidDelays.com. For voyeurs, you can track any private or commercial flight in the United States on www.FlightAware.com. And there's a ton of information on www.FlightExplorer.com, including flight tracking, weather conditions, security wait times.