Money experts share top tips to save on summer holidays and 'key' to best deals

A summer holiday is an essential for millions of Brits every year to enjoy a well-earned rest - but with the cost of living squeezing household budgets in recent years, it's a luxury that not everyone can afford.

From flights and accommodation to the extra essentials like luggage and transfer fees, a trip can quickly clear out your savings before you even get to your destination - and that's not to mention all the money you spend on food and drink, experiences and souvenirs when you arrive. But if you're finding that your yearly holiday is getting too pricey, there are some easy ways to cut back on the cost.

For those planning to travel this year, experts at Moneyboat have provided some top tips to help stretch your holiday budget further. From ensuring you book your trip at the right time to making the most of local amenities when you arrive at your destination, here are seven things you can do to save cash on your next getaway.

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How to save when booking your holiday

Choose your flight days wisely: When it comes to booking flights, flexibility is key to snagging the best deals, the experts advised. Mid-week flights, especially on Wednesdays, tend to be more affordable than weekend departures.

Additionally, being open to different departure dates can lead to substantial savings. Booking flights on Sundays can yield savings of up to 13%, while Fridays are typically the most expensive days to book flights.

Plan ahead for summer holidays: For those eyeing summer holiday getaways, planning ahead is essential. Booking trips 10 months in advance for long-haul flights and 8-10 months in advance for European destinations can help secure the cheapest deals, especially during peak school holiday dates. Early planning ensures access to a wider range of options and prevents last-minute price hikes - remember to use comparison sites to help you find the best deals on flights and accommodation.

Your holiday itself isn't the only thing you should book early to get the best price - getting extras such as luggage and parking sorted in advance can unlock discounted rates. You should also secure travel insurance as soon as you purchase your holiday, which is vital to make sure your money is protected in the event that anything goes wrong.

Be savvy with your packing: Cut down on baggage fees and streamline your travel experience by opting for hand luggage only - most major airlines allow you to take a large bag or small suitcase on board for free or at a significantly reduced price compared to checked-in baggage, perfect for if you're travelling without kids or are going on a short getaway. Packing efficiently and packing light not only saves money, but also makes navigating airports and transportation easier.

How to save money on holiday

Don't pay in pounds: When making purchases abroad, opting to pay in the local currency rather than converting to pounds can save you a significant amount of money. Many vendors and establishments often offer less favourable exchange rates when converting your pounds on the spot, but by paying in the local currency, you avoid these additional charges and get the best value for your money, the experts explained.

Utilise public transport: It may be tempting to make your travel as convenient as possible while on holiday, but opting for public transport over taxis or rental cars can lead to substantial savings. Many cities around the world have efficient and affordable public transit systems that make getting around cheap and easy - from buses and trains to trams and subways, public transport allows you to explore your destination like a local while keeping transportation costs low.

Avoid tourist traps: Tourist hotspots are notorious for inflated prices and overrated experiences, the experts warned. Instead of falling into the trap of pricey attractions and restaurants geared towards tourists, seek out authentic local experiences. Venture off the beaten path to discover hidden gems, local eateries, and lesser-known attractions that offer a more genuine taste of your destination at a fraction of the cost.

Make use of free tours: Exploring a new destination doesn't have to come with a hefty price tag. Take advantage of free walking tours or guided tours offered by local organisations. These tours often provide valuable insights into the culture, history, and landmarks of the area without costing you anything, meaning not only do they save you money, but they also offer enriching experiences that enhance your holiday.