Fishing Frenzy

Who hasn't dreamed of vacationing on a yacht? Spending lazy days cruising between islands, swimming in warm, turquoise water, and having your every need catered to. It doesn't have to be just a dream - there are ways to make it a quite affordable reality.

Below are 8 money-saving tips to help make your dream vacation happen:

1. Share the expenses. Traveling with a group is always less expensive. If you can get a group of 8-10 friends together, you can end up paying as little as $800/person for a week on a really nice yacht in the Mediterranean or Caribbean.

2. Discounts and rebates. Thanks to the current economic situation, many charter companies and boat owners have lowered their rates, and new discounts are being offered all the time. To stay on top of the latest deals, sign up for newsletters and email alerts from yachting magazines, charter companies and yachting websites.

3. Negotiate the price. Again, thanks to the less than stellar economic climate, prices are not set in stone, even if you charter through a company. Also ask about the hidden or extra costs - can they be included in the listing price?

4. If you're chartering through a company, ask if they have any special discount agreements with airlines flying to their charter base. Many do, and can save you a substantial amount on airfare.

5. Last minute deals. If you're able to travel on short notice, look for last minute charters. Booking a yacht only 30 days in advance can save you 25% or more. To make sure you hear about the latest deals available, sign up for newsletters from charter companies, and also set up a few Google alerts.

6. Travel during shoulder season (in between high and off season). This is the best time to travel: the weather will still be nice, but the crowds are gone, and prices on everything will have gone down. If you're going to the Mediterranean, consider traveling in September or early October. For the Caribbean, late April to mid-June is the best time.

7. Avoid spending the first night in a hotel - instead ask for an "evening boarding" or "early boarding", which allows to you spend the night before your charter start date on the yacht. There is sometimes a fee associated with this, but it's usually less than a hotel room, and you only have to unpack once.

8. Boat swapping. If you're a boat owner, consider swapping boats with someone else. It works just like a home exchange, but with boats, and is a great way to be able to sail exotic waters without spending a fortune. If you are an accomplished boater but don't own a boat, you can always ask if someone is interested in exchanging their boat for your home for a week.