By analysing 7.5 billion airfares worldwide, the site found by booking travel early - so just under two months in advance of departure, consumers could save an average of 29 percent on flight cost.
Conversely, the most expensive tickets are to be found, if travellers chose to book their trip on average three days before departure.
And momondo found flight price can also vary hugely, depending on the day of the week, with the cheapest departure fares typically found on a Tuesday and the most expensive on a Saturday.
Avoid afternoon flights
According to the travel site, time of the day is also important to consider when booking. momondo's global travel statistics showed it is normally cheaper to fly in the evening, between the hours of 6pm and midnight.
Lasse Skole Hansen, momondo's spokesperson states: "We would always advise travellers to remember these golden rules, to bag the cheapest ticket. In general, it pays to book flights two months in advance. We found these trends consistent across the board, so bargain hunters should consider flying at night and on a Tuesday, if they want to save money on their travels.”
Brits’ favourite destination, New York, is cheapest on Tuesdays
Ticket prices are also influenced by other factors, such as day of departure, airline, season and airport - and factors play very differently in on each route. These are factors air travellers wishing to save money on their flights, should take into consideration.
"According to our travel statistics, London-New York is by far the most popular UK flight route. By using our tool Flight Insight, travellers can assess the best day of week, time of day and season, in which to travel. If travellers wish to get the greatest savings on travel to New York, our data indicates that Wednesday is the cheapest day, but that you actually have to book the ticket just 18 days in advance on this particular route, to score the cheapest ticket,” states Skole Hansen.
Travellers can even explore the six factors that affect fares with momondo's unique free money saving tool Flight Insight, which is available on 8,700 routes worldwide. Travellers can find the tool Flight Insight at the top of search results on momondo.co.uk when making a flight search.
Travel tips for booking worldwide flights
• Book your trip 53 days in advance to get the cheapest tickets - and you can achieve average savings of 29 percent
• Tickets are generally most expensive three days before departure
• Evening departures between the hours of 6pm and midnight typically offer the cheapest fares
• It is usually more expensive to fly in the afternoon
• A Tuesday is generally the cheapest day to fly
• Friday is routinely the most expensive day of the week to fly
N.B. These statistics were obtained from 7.5 billion fares on Momondo's top 100 routes.
MOMONDO’S TOP 5 MOST POPULAR UK FLIGHT ROUTES
1) London to New York
2) London to Bangkok
3) London to Lisbon
4) London to Istanbul
5) London to Dubai