dispense with ...too sophisticated?

say, you and your two friends won a trip for two people. you, noble as you are, want them to have the pleasure of flying. so you might say:

you two take the trip. I ................ . (?)

now, in colloquial german i would use "verzichten", wich would be "dispense with".

but i have the feeling it sounds a bit too sophisticated to say: i dispense with the trip.

so, am i right? what would you rather say in everyday terms?