A handful of optimists out there are saying the Great Recession is winding down. But for many of the penny-pinching masses life still isn’t all caviar and yachting. Quite the contrary—budgets are still very much in fashion. But since travel never seems to be far off the lifestyle radar, how people travel has been angling more toward the new era. To help those who are augmenting their travel funds with ramen-noodle and tap-water dinners, I’ve put together a list of top places where the US dollar will make the most noise, the ones with the highest bang-for-buck quotient.

Generally speaking, your first-world money tends to deliver best results in developing nations, places like Central America, South East Asia and destinations such as Eastern Europe and India, where the local economy must support people who make less money. Of course some will argue that traveling to these places creates an ethical disparity since you may be contributing to the economy only to take advantage of it. I tend to disagree – most of these places are downright stunning. But even with the uneasy philosophical arguments echoing, in terms of traveling experiences, they really can’t be beat.

The website SavingForTravel.com has built an interesting tool to help budget travelers. It tells you how much you can expect to spend in countries around the world. This was I’m sure a daunting task since people’s traveling styles differ vastly from one another, making an accurate “daily expense” amount nearly impossible to measure. To better tune their figures they’ve narrowed the field and slated that budget traveling should consist of hosteling and eating as cheaply as possible on a daily basis, and warned against killing your bare-bones budget with those “minor” splurges. (Don’t let anyone tell you otherwise, that white-water rafting trip will be so worth it.) In other words, take the following numbers with a grain of salt.

Average daily expenditures for the 10 11 best countries to visit with American dollars:

• India: $22 – the dollar has been a steady decline against the rupee over the last 6 months but things are starting to pick up again. My prediction is that it will rise to peak over the summer. Plus India has been a bullet on many top places in 2010 of late.
• Laos: $23 – More and more developed due to word getting out, Lao can be insanely cheap for people looking in the right places. Sidestep the backpacker parade and enjoy the fact that 80% of Laotians are Buddhist.
• Cambodia: $24 – the Cambodian currency is widely sidelined for the dollar, and that dollar will go a long way. Rooms can still be as cheap as ten bucks a night (in the city) and meals can be $20, for an entire party of 5.
• Indonesia: $24- Outside of Bali (which is 99% of the country) things are easy on the pockets.
• Bolivia: $24 – the dollar has held steady here, so trust in affordable prices for some time. The country is an adventure lover’s playground.
• Honduras: $24 – The political situation is still relatively unsteady, but for tourists, the coast is clear.
• Peru: $26 – Outside of the major tourist areas (Machu Picchu for one) your money’s going to go far. Try exquisitely pretty places like Puno or Arequipa.
• Vietnam: $26 – 2010 should be a very affordable year for travel in Vietnam. The dong has just been devalued by more than 5 percent and the dollar is stronger than ever against it.
• Bulgaria: $26 – Probably the cheapest eastern European destination. Plus it’s just lovely.
• Croatia: $28 – A growing tourist trade has made the resort towns more expensive over the last few years, but meals, accommodations and transportation is a breeze. Flying in and out can be dicey, though. Check for nonstop flights from London or Barcelona, or take the ferry from Italy!
• Argentina: $29 In the last year, the value of the U.S. dollar increased more against Argentina’s peso than any other major currency, according to oanda.com.

Here are a few industrialized countries’ costs for comparison:

• France: $44
• USA: $46
• UK: $57

Even with these levels, the dollar has been making some headway against the euro and pound from its low point in November. Look for the trend to continue this year.

The Big Mac Index

A good indication of the value of the US dollar versus other countries’ currencies is what The Economist once termed the “Big Mac Index”. Since the McDonald’s Big Mac is ubiquitous these days, it was a perfect and, um, digestible way to measure the purchasing power of the dollar against other currencies.

This chart can be used to gauge, however metaphysically, the value of the dollar around the world. Note on the chart: if you’re hungry in Norway, do NOT go to McDonald’s.

Exchange rates have a lot to do with how far your dollar will take you. Generally speaking the more of a currency you can buy with your own (relative to its history) the better chances you have of making it last longer in that place. Take a hotel night in Paris for example, that cost doesn’t change, but when the dollar buys more Euros you can buy more nights.

Unfortunately for travelers, the dollar has been on a steady decline versus most major foreign currencies last year, meaning it won’t take you as far the more it declines. For budget travelers you really have two choices, and tough ones at that:

• Hedge the dollar’s decline by traveling sooner than later, so that you use its current standing before it declines farther.
• Or, wait until you see signs of a recovery.

Fortunately, it doesn’t have to follow that the enjoyment of your trip should hinge on such arcane economic politics, but it can affect your finances, especially at foreign ATMs. Get back at the bankers by taking advantage of these low-budget destinations.

And don’t forget, there’s a wealth of other factors that can contribute to prices and how far your money goes: hotel vacancy rates, political turmoil, price wars, special events. It goes to say that you can always find deals to make traveling absolutely budget friendly.

For further reading pick up Tim Leffel’s book, “The World’s Cheapest Destinations, 21 countries where your dollars are worth a fortune”. The 3rd edition came out last year. Also here’s some more great destination suggestions by Budget Travel Magazine.

Feel free to leave your comments for alternative locales where you money will get you further!