Anselmo Lastra and his wife Mary are used to taking vacations in Europe, often with their daughter. But this year is different.

''We probably won't be going to Europe,'' says the University of North Carolina professor, who lives in Chapel Hill, N.C. ``It's just too expensive in dollars.''

Instead, he says, ``we'll be going to Asia [already booked] and perhaps Africa.''

Lastra isn't alone. As the dollar weakens, the economy slows and talk of a recession grows louder, more and more Americans are trimming, shrinking and shifting vacation plans.

Two recent nationwide surveys agree: Americans are taking a hard look at vacation costs.

More than two-thirds of respondents to the most recent survey by Ypartnership, co-authored with the Travel Industry Association, said they had downsized their trips in some way during the past six months because of personal financial concerns.

And a survey just completed by AIG Travel Guard found that 47 percent of travelers polled plan to downscale their vacations to save money.

But while Americans may be cautious about how much they spend on vacations this year, they're not about to give them up.

''Trading down, not out, That's what we're saying,'' said Peter Yesawich, CEO of Ypartnership, commenting on his company's latest travelhorizons survey. ``In the next few months we will see a transformation of vacations, not cancellations.''

That means that increasingly value-conscious consumers are likely to seek cheaper transportation, lodging, entertainment and recreation. Some will take shorter trips.

According to the Ypartnership survey, 29 percent who are downsizing said they had taken fewer trips. Sixteen percent selected less expensive lodging, 12 percent stayed away fewer nights, 11 percent drove a shorter distance to their vacation destination, 7 percent changed destinations and 2 percent brought fewer people along.

AIG Travel Guard's new Travel Beat survey sings the same tune. About 72 percent of the 300 polled said they wouldn't reduce the number of leisure trips they take in 2008, and 53 percent said they wouldn't cut back on the quality.

But 22 percent did say they would eat in less expensive restaurants, 17.2 percent said they would stick closer to home, 16 percent said they would choose less expensive hotels than in the past, 10 percent said they would stay with friends and family instead of in hotels, and 10 percent said they would shave days off their trips. More than 7 percent said they'd drive rather than fly.

But traveling cheaper isn't just about shrinking vacations -- it'a also about planning ahead to snag better prices.

''Travelers are planning earlier, taking more all-inclusives to control costs, especially with families,'' said Margie Jordan of the ASAP Travel agency in Jacksonville. That's a trend also noticed by Travelocity, an online booking agency. Taking a tour rather than traveling independently has long been a way to travel less expensively, and more travelers seem to be gravitating to that alternative.

''Our tour business is going through the roof,'' said Brad Anderson, co-president of America's Vacation Center in San Diego, which specializes in escorted tours and cruises. Bookings of Contiki tours, for travelers aged 18-35, is ''exploding,'' he said.

For those electing to drive to their destinations, rising gasoline prices are having some impact -- but for now, at least, they aren't causing travelers to quit the road.

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