January and February are peak times for booking holidays, and at this time of year you'll often see lists of travel tips that claim you can save money by following certain 'hacks'.

But do they really work? The travel insurance team at Tiger.co.uk has shed light on five travel hacks that are shared pretty much every year, but may end up being a waste of your time. Luckily, the team has also revealed some practical tips to save money that can actually help holidaymakers slash their travelcosts.

Some money saving sites will tell you to use incognito mode when you make a booking, claiming this can lead to cheaper fares. This is based on the assumption that if you make repeated searches, the airline or travel provider will take your history into account and raise the fares.

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However, Tiger explained that flight pricing algorithms are much more sophisticated than that, and while fare prices do change over time, this is based on demand, availability, and pricing, rather than what's in your search history. An article in Quartzbacks up this theory, citing studies that have shown there's very little effect on the overall cost.

Many airlines offer different fare classes even within economy, and once one type of fare sells out, it'll automatically move to the next, higher-priced one. This is more likely to explain why a fare has jumped up in price the second time you search.

In the early days of internet travel booking, airlinesused to update their fares manually overnight. Savvy travellers could set an alarm for first thing in the morning to save money on their flights.

Nowadays, airline websites are much more sophisticated and update prices 24/7, meaning its unlikely to make a difference whether you book during the day or night. However, this outdated travel hack still gets repeated now and again.

Travelling at the last minute used to be a great way to bag bargain holidays. If you're not fussy about your destination and flexible on dates, there are still cheap package holidays to be found, though they seem to be getting harder to find.

However, Tiger says that if you're looking for cheap flights, planning ahead is a better option. Fares often increase as the departure date approaches and seats become scarcer. Try using Skyscanner or a similar flight comparison site with a price tracker to alert you when fares to your destination drop.

Budget airlines often appear the cheapest because they offer impressive headline fares, but once priced up, a budget carrier might not be the best option for saving cash.

Once you've added the basics, such as baggage and paid to select your seat, you may find the cost is comparable to standard airlines where these extras are included. Always look at the total cost for a true comparison.

In the past, travellers were always advised to book return tickets as it worked out cheaper. But nowadays, with flight comparison tools available, it's easier than ever to compare return fares on the same airline versus buying two singles with different carriers. Mixing and matching could save you money and often makes it more convenient to book a flight time that suits you.

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