Holidaymakers are wasting hundreds of pounds by not being savvy enough over the timing of their bookings, it was revealed today.

A family of four could knock up to £1,430, or 58 per cent, off the full price of a holiday to Spain if they maximised their savings, according to The Co-operative Travel company.

The largest savings are to be had on flights, with the best deals going to those who are flexible about when they fly, the company said.

Holidaymakers can also make savings by not leaving foreign exchange deals until the last minute and by ordering car hire well in advance of departure.

Researchers looked at the cheapest available one-way tickets to a selection of leading holiday destinations for every day of 2011.

They found that travellers could make an average saving of £148 by switching from the most expensive day of a month to the cheapest.

This saving was even higher in months where prices increased due to school holidays, rising to savings of around £217 around the Easter half-term.

The survey also showed that the price of a hire car in August was £150 less if booked in March than if it was left until May.

Last year, savvy shoppers taking advantage of fluctuating rates by playing the currency market could have saved themselves an average of almost £50 for every 500 euro purchased.

Those buying currency in advance rather than leaving it late and using airport exchanges can save as much as £47 for every 500 euro bought and £40 for every $500 exchanged.

The Co-operative Travel director Trevor Dean said: “Doing your research, being flexible and booking well in advance can save holidaymakers sizeable sums of money, sometimes enough to pay for a second holiday.

“Travel agents get better prices for their customers by showing people how much they could save by making small changes to their travel plans. However, with the growth of online booking, many holidaymakers are missing out on this advice.”