From experience I've found that buying a present for half the amount that one would have spent on a trip is sufficiently endearing to make up for the lack of one's attendance. A year from now they will have forgotten whether or not you were at the party, but every time they use the espresso machine or bring out the crystal decanter they'll remember you fondly.
If you must travel, the WSJ offers money-saving tips:
Book hotel rooms well in advance. Book flights on Tuesday afternoons, well in advance. Clear your computer cache, or use the incognito mode in your browser..."some flight sites track your activity and push the prices up to encourage you to book sooner rather than later."
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