When to book your holiday: 5 top tips

Waiting till the last minute

Many are convinced that leaving it late and booking at the last minutewill net them a real bargain. Whilst this may well be the case, it is easy to come a cropper and end up with no holiday at all or one that does not meet your expectations.

Late bookers can benefit from being able to buy holidays at fraction of their original price, however prices can end up higher and you may need to compromise.

To benefit from booking late you need to be:

1. Flexible on your dates, destination, duration and departure point
2. Open to the type of accommodation from all inclusive to room only
3. Prepared to trade down to a lower grade of hotel

Why it pays to book early for key departure periods

School holidays are the biggest annual driver of prices and availability. Booking early for a holiday during this period can save you serious amounts of cash.

Towards the peak school holidays in July and August, prices rise as availability dries up and families scramble to getaway.  Forget discounts as demand usually outstrips supply. This principle also applies to flights, car hire and hotels.

The next most popular holiday dates are the Whit week half term, Easter (especially for breaks to Florida), Christmas, October half term and New Year. And for February half term it is essential to book early for ski trips as these sell out every year.

What about prices during major events?

In 2012 there are three major events to watch for.

Queens Golden Jubilee
Prices will peak for short breaks and family getaways. Prices to stay in London will peak.  All due to a combination of half term and two Bank Holidays.

UEFA Euro 2012
When England kicks off their opening match on the 11thJune, there will be last minute deals to be scored. Once we go out, or win, prices will rocket as pent up demand explodes.

Olympics
Prices to stay in London are sky high, however many in the South East will look to getaway during the Olympics making prices and availability higher than normal.

And why it pays to book extras early as well

Research consistently shows that you should also consider booking your holiday extras early.

Airport Parking – early booking deals can save you up to 60 per cent on gate prices

Travel insurance – take this out the day you book your trip to benefit from cancellation cover at no additional cost

Car Hire – early booking for peak dates in particular guarantee you a good price and that you can get the car you need

Get your money organised - by having the right combination of cash, pre-paid cards and best buy credit cards, you can shave up to 10 per cent off your holiday spending costs.