With the weather starting to warm in many areas of the country, it might have you thinking about summer and where you plan to travel. And the sooner you're able to book travel, the more money you can save on a trip.
The cost of your airfares and lodgings does vary based on what time of year you book — plus, your options for travel change, too. Here’s what you need to know about the best times to book holidays to ensure you’re saving money and getting the most bang for your buck with your trip.
Book a holiday using the Goldilocks window
Booking at the last minute for a trip will almost always lead you to pay much more than you would have liked to spend. Prices for hotels and flights careen up as the date approaches, and as they get booked, you have fewer and fewer options. Budget vacation choices will get swooped — as will the flights with the most convenient times and the lodgings with the most attractive amenities.
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However, you don’t want to book too far in advance, either. That, too, can lead to you spending an unnecessary amount of cash. There is a “Goldilocks window,” according to the Points Guy, which posits that the best time to book a domestic flight is three to six months before your plans, while you’ll want to purchase international airfare four to eight months beforehand.
Of course, other experts suggest you may have even more time than that to book your flights now. A report from Expedia, which used its own data as well as information from Airlines Reporting Corporation (ARC) and travel data provider OAG, suggested the ideal time to buy the cheapest trip is actually 28 days before a domestic flight and 60 days before an international flight.
Other interesting findings? Book a Sunday flight to get the lowest price (Fridays are the most expensive day to fly, typically!).
Book now if you want to travel internationally in the summer
The reality is that travel is still wonky thanks to the inclement weather affecting many areas of the country, which means that if you’re looking to fly internationally, especially next summer (the most popular time to vacation for Americans), it’s best to get on it ASAP, as prices will simply start to soar as the high season approaches.
“In the past, there was a tendency to book later and later and later, simply because there wasn’t an issue about supplying the products, because it seemed like there was an endless supply,” Dino Triantafillou, managing director of tour operator Italian Journeys, explained to CNN Travel. “And so that’s been pushed back now because of the supply issues and the huge demand. So inevitably, something has to give, and that means clients have to book at least six to 12 months in advance to get what they want at the right price.”
So, if you have your heart set on a Grecian beach or a Paris night out this summer, you’d do well to start planning now to ease your budgetary burdens.
Set savings goal in advance for your trip
Bankrate reports the average cost of a one-week vacation for two adults is $3,932. Earmarking money in advance is a smart way to ensure you have enough saved for your trip so you don't have to go into debt to pay for it.
There are a few options you can do to save. High-yield savings accounts allow you to earn a good rate of interest with access to your funds anytime you need them. Or, you can go with a short-term certificate of deposit. They offer terms of three or six months, allowing you ample time to earn a healthy rate of return and extra cash for your trip. Using this tool from Bankrate, you can find a CD that helps you reach your savings goal for travel:
The bottom line on when to book vacations
While it doesn’t make sense to book a trip too early (most airlines and hotels will only let you book a year out anyway), it’s wise to start planning as soon as possible if summer is your preferred time to travel. Otherwise, you should prep for domestic trips about three months in advance and international ones four to six months beforehand.
But keep in mind that flight forecasting is a tricky business, and prices do vary dramatically based on demand and destination. Sign up for a flight tracker so you’re aware of price dips, use the best travel websites to save money, and try to be flexible when planning — your wallet will thank you.
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