Step 1: Be flexible. The lowest fares are usually for midweek travel, generally Mondays through Thursdays. (Note-Mondays are heavy business travel days for a lot of people around the world. Traveling ON AN ACTUAL HOLIDAY DATE tends to get lower fares.)

Step 2: Know when to book. Cheap airfares usually require an advance purchase of at least seven, 14, or 21 days, but tracking prices even further in advance is smart.

Step 3: Don't count on last-minute deals. Eleventh-hour airfare deals are becoming increasingly scarce, so don't rely on finding a great fare at the last minute.

Step 4: Go off-peak. Visiting during the off-peak season will yield cheaper fares. Examples include Europe in the winter and the Caribbean in the fall.

Step 5: Fly on the holiday. If you're flying around the time of a major holiday, be aware that traveling on the holiday itself is less expensive than traveling a day or two before or after it.

Step 6: Be smart about sales. Keep an eye on airfare sales, but remember that the "sale" prices may not be the cheapest fares around.

Step 7: Shop around. Compare prices from several carriers to determine which will offer the best price and itinerary for your schedule.

(Resource: The Smarter Travel.com website)