When the Economist Intelligence Unit released its most recent Worldwide Cost of Living Survey, the spotlight, as ever, fell on the world's most expensive cities.
Tokyo came in on top of the pile of places that drain the color from your wallet, while Osaka and Sydney were second and third.
But what about the other end of the spectrum -- how about a holiday where you can live it up without hemorrhaging cash?
The world's cheapest city is Tehran, Iran, followed by Jeddah, Saudi Arabia. Both have rich heritages, but Iran and Saudi Arabia are better known for generating controversial headlines than attracting tourists.
In third place, however, Panama City popped up. The Central American country is best known for hats and a canal -- now we've got a reason to make sure our passport is up to date!
Over the past decade, Panama has enjoyed the fastest growing economy in Latin America.
As a result, new hotels and restaurants have sprouted across the capital. Healthy competition is keeping standards high, and Panama City has a plethora of top-quality, luxury experiences for cut prices.
Before stepping foot outside the airport, you've started saving. All tourists arriving at Tocumen International Airport are given travel insurance for 30 days. It is granted by the Panamanian Tourism Authority; the government has provided the service since it signed an $8 million deal with Assicurazioni Generali.
Next up: cash. The Panamanian balboa is linked with the dollar and the two currencies are interchangeable, so there's no paying a commission for changing currency.
As for airport transfers, a standard taxi to the city center costs $25. You could arrive in style with a Panama Luxury Limousine for $88.50. The same service would cost $145 in Rio de Janeiro, or $427 in Tokyo.
More cents can be saved (and you can do your bit for the environment) by avoiding bottled water. Tap water in Panama City is safe to drink, not a given in the region.
Waldorf Astoria Panama
Latin America's first Waldorf Astoria hotel opened in March 2013.
Book early and rooms start from $159.
Located on Calle Uruguay, aka "restaurant row," the 248 rooms have metallic, glass and crystal decor designed by Miami-based Ba-Haus/KNF.
A stay here certainly doesn't feel like skimping. The outdoor swimming pool is covered in gold tiles, there's a swanky spa and each guest is given a personal concierge.
Overseen by head chef Kalych Padro Alvarado, four restaurants include a sushi bar and a French brasserie.
Waldorf Astoria Panama, 47th and Uruguay Streets; rooms from $159; +507 294 8000
Casa del Horno
Founded in 1501, Panama was a Spanish colony for three centuries. Known as Casco Viejo, the historic part of the city is a UNESCO World Heritage Site.
Casa del Horno (Oven House) sits on a colorful cobbled street in Casco Viejo. Surrounded by churches and plazas, it's one of many colonial buildings to be renovated in recent years, making Casco Viejo feel like Cartagena in neighboring Colombia.
Built in the 1850s, the eight-room hotel was originally a bakery. Stone walls remain, alongside art deco wooden furniture and all the modern fixtures, including LCD TVs and iPod docks.
The hotel's cafe and restaurant are reached via the pavement, avoiding the clinical feel that can befall hotel restaurants.