When it comes to booking vacations, have we been doing it wrong all this time? For many of us, planning a vacation typically means choosing a destination, doing some research, comparing prices, and then reaching for a credit card. Once we’ve got our ducks lined up in a row, we go ahead and book our flights and hotel. A significant percentage of travelers always buys a package that bundles the flight and hotel together because conventional wisdom says that packages save you money.

Except that's not true, says Sam Shank, CEO of HotelTonight, a platform for last-minute hotel booking platform. That’s because the optimal time to book the various different elements of your trip happen at different times – and this is the crux of how to save. “If you don't book your flights early, you're going to spend a fortune. With airline tickets, prices shoot up a lot if you wait too long,” says Shank. “But it’s the exact opposite with hotel prices, which decline the longer you wait.”

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