Booking now vs booking late: The great holiday dilemma

Should you book your holiday early or leave it to the last minute? Both have advantages when it comes to snagging a bargain, and with cost-of-living increases causing many to rethink their holiday budget, finding that cheap break is an even bigger priority when planning a 2023 getaway.

That means getting the timing right on your booking is important when searching for the best deal. But, it really comes down to one thing: you. Here’s what to consider before booking your next trip away.

Your situation

If you have a family with school-aged children, work in a job with restricted holiday periods or have a set idea on the type of holiday you want to go on, booking as soon as possible could be your best bet.

Getting in early means you get the pick of the crop and will be able to snare the holiday you want before everyone else piles in and snaps up those valuable seats on the plane. This is especially important for departures during the busy school holiday periods.

However, if you’re just after a week away in the sun as a pick-me-up or are happy to be inspired by available deals, booking late might suit you better.

Your ability to be flexible

If you have to travel at a certain time or have a specific room or hotel requirement, booking now will mean you won’t have to compromise on your day of departure, or any other element of your break. As one of the first bookers of the year, you’ll get the best choice of hotel or hotel room type, destination and holiday length.

If, on the other hand, you are truly flexible in terms of where and when you can travel, leaving it late and playing ‘holiday roulette’ can pay off with some excellent late deals. You won’t find many last-minute bargains in peak dates, though, so be aware that choice will be limited and last-minute prices can actually rise, not fall – even for package holidays.

Note too that any holiday involving a low-cost or scheduled flight is highly unlikely to get cheaper except on an off-peak date to a destination that is not currently popular. Prices for these trips only ever go upwards, in our experience.

When the best offers are available

The best offers are always available at the last minute, right? Wrong! Booking early means you can take advantage of early booking discounts such as meal deals, free or highly discounted child places, free night deals, room upgrade deals and single traveller discounts – all of which can slash the total cost of your holiday.

The big tour operators, such as TUI, First Choice, Jet2holidays, Virgin Holidays and BA Holidays, put their summer 2023 holidays on sale around halfway through 2022. Many are still offering discounts and, if you're really keen, some holiday providers have already opened up their 2024 dates for booking.

Online travel agents, such as Expedia and Travel Republic, have holidays on sale as far ahead as flying schedules allow – 11 months for scheduled flights such as British Airways – while the likes of easyJet and Ryanair usually release their summer flights for the next year after the summer season ends. Sign up for alerts and you can be one of the first in the know.

Again, if you’re flexible and purely motivated by price, a last-minute deal might be better for you. Sign up to travel company newsletters to stand the best chance of spotting those jaw-dropping deals before anyone else.

Paying now vs paying later

It can be tempting to put off booking a holiday until the last minute to avoid paying anything now. Remember, though, that early bookers can benefit from special schemes to encourage early booking – in some cases, you can secure your holiday with deposits as low as £0 per person, with the balance due as late as four weeks prior to departure.

However, for a package holiday you would usually expect to pay around £50-£100 per person, with the full balance due around 12 weeks prior to departure. So, shop around for deals – this gives you plenty of time to save up for the full cost of the trip as well as some spending money, especially if booking for late summer. Remember, too, that you will need to pay off the balance of your break even if your holiday doesn’t go ahead, or you won’t get your money back.

If you can’t find an early booking deal, putting this cost off may sound appealing to you, but think about the financial restrictions of booking late too. For example, late deals usually require a full payment at the time of booking and, if you decide to pay for your break by credit card, you may still be paying for your holiday long after you get back. Booking early, on the other hand, will allow you plenty of time to save up for your break (plus spending money) and pay off the final balance.

Do you have nerves of steel?

If you have nerves of steel and enjoy the challenge of finding a last-minute deal, booking late will suit you. During the winter months you can often find some fantastic last-minute deals, especially if you avoid the school holidays, so a cheeky break in the sun can be a bargain.

However, whether it’s your main break or a quick weekend away, it’s usually wiser to get booking now and avoid the heartache and hassle of not finding the right holiday for you when you want it. Getting sorted in advance means you’ll have time to compare all the deals online, in shops and on the phone to ensure you get the best deal for you. And what’s better than having something to look forward to?

Top tip

If you book in advance, opt for an ATOL-protected package holiday if possible and buy a decent travel insurance policy as soon as you book to give you peace of mind. As always, it’s important to read the T&Cs thoroughly or check directly with the travel insurance provider to make sure the policy is right for you.