Holiday season is almost upon us, and the first of the summer sunseekers will be setting off on their jollies within the next few weeks. For most who are going on a summer holiday, the booking will have been planned months in advance. There are, however, some people out there still hoping to secure an amazing last-minute deal.

For a long time now, there has been debate around whether booking well in advance or leaving it late is truly the most cost-efficient solution. Of course, both methods come with their share of stress, but appeal to a very different sort of person.

Here, I look at the who, what, when and where of forward planning versus last-minute gambling.

Travelling by train

Train fares are under constant scrutiny from the public, especially considering their high cost against the operational inefficiencies of British railways. For daily commuters and long-distance travellers alike, finding a good deal on tickets is paramount.

There are no rewards for waiting until the day here. While standard anytime and off-peak tickets always remain the same price, those looking to find the cheapest deals will need to book advance tickets, which generally go on sale around 12 weeks in advance. That means booking a Christmas trip in September or a summer journey in springtime, as the cheapest tickets will sell out quickly.

Essentially, if you have a big train journey in mind, make sure to plan ahead. Anyone turning up to the station hoping for a cheap trip from Edinburgh to London is in for a nasty surprise.

The term-time crowd

Those who are restricted in some way or another on their holiday dates should not gamble on finding airfare deals late in the day. For those looking to plan a family holiday with children in school, trips are limited to the official summer holiday period. Notorious for extortionate pricing, the sooner you can secure a deal for this period, the better. Simply put; there are very few bargain deals to be had during the school holidays.

For any large group trip with strict traditional parameters (i.e. timeframe, location, activities), booking ahead of time is the only real option for both sticking to your budget and maintaining your personal sanity. Trying to book at crunch time will either leave you with a hefty bill or no holiday at all.

Holiday roulette

If you can be flexible on the key elements of your trip, then a last-minute solution could leave you quids in. In this case, being flexible means being open on everything from location to dates and playing a sort of ‘holiday roulette.’

Like pretty much any service, airfares fluctuate based on supply and demand. While the summer flight schedule will be a packed house every single day, there are savings to be found during the off-peak seasons.

Surprisingly, however, bookings at Easter and Christmas can often be cheaper a week or two before the flight than they were a few months prior. This is simply down to airlines looking to fill seats on low-booked flights, or a reaction to price changes by their competitors. As many airlines cover the same long-haul routes, one provider reducing its prices will spark a chain reaction amongst the competition, which benefits the last-minute flyer.

Of course, this is not without its considerable risks and anxieties. There are no guarantees of any price drops on any particular flights or locations. As a traveller, you can merely hope a deal pops up, which is why you must be open to numerous locations and dates. For some, this roulette idea can literally mean turning up to the airport on the day and selecting a cheap destination depending on what is available at the best price. This sort of behaviour only suits those with the most flexibility to enjoy.

In summary, there are deals to be had last-minute, but many of which aren’t suitable for those with work/family/time commitments. You need to be a very specific type of person to take advantage of the best bargains. If, like most people, you have limits to the type of trip you can take, then booking as soon as possible is usually the only way to go.