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The best ways to save money while traveling

Wednesday - 5/28/2014, 12:31pm  ET

Greyhound bus (Tim Boyle/Newsmakers/Getty Images)
Bus transportation may be the most cost and time efficient as airline and train prices increase. (Tim Boyle/Newsmakers/Getty Images)

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WASHINGTON -- Forget flying, bus transportation may be the best way to travel.

As airline fares continue to increase, many travelers are left to find less expensive airports to fly in and out of or alternate means of transportation, says CBS News Travel Editor Peter Greenberg.

"The fastest growing form of transportation in this country on trips of under 400 miles, is bus travel right now, and it makes a lot of sense," Greenberg says, adding that it rings true particularly in the D.C. area.

Flying from D.C. to New York could cost up to $700 for the round-trip fare, "for a plane ride that only takes about 31 minutes in the air."

Trains aren't much better on the same route. Greenberg says. Amtrak's high-speed rail, Acella costs about $300 and the regional trains run about $154, Greenberg says.

Buses, on the other hand, can make the trip for $20.

"If you do the math in terms of your time: how long it takes get to the airport, go through security, hope the plane's not delayed, baggage schlepping, you name it. By the time you add it all up, the bus is looking pretty good," he says.

If you have to fly, don't always count on your frequent flyer miles to help you out.

Greenberg says there are often hidden costs and upgrades that have to be made to use frequent flyer miles.

Many people can let their miles go unused which had led to about 17.5 trillion miles that have not been redeemed, he says.

"There are now more unredeemed frequent flyer miles out there than there is currency in circulation in the world," Greenberg says.

To get the best bang for your buck with frequent flyer miles, think counter- intuitively, Greenberg says. That means, go to a place that's less desirable because no one else will be there and you may face fewer hassles using your miles.

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