This is the date when airfare drops dramatically pretty much every year

Do you know the magic airfare day?

No kidding. There is one specific day when flight prices fall dramatically. That day is... drumroll please... Aug. 22. If you're planning a hop across the pond, the cheapest days to fly across the Atlantic begin on Aug. 21.

Why the big drop? The kiddos are back in school, so families are less likely to travel. This means airlines have to compete a little harder to fill those seats.

How big is the difference? I jumped on to to run a few tests. I priced out trips for July 25-31 and the same trips for Aug. 22-28. Each trip leaves on a Tuesday and returns on a Monday. Here are the rough averages.

Orlando to Los Angeles

July fare: $275

August fare: $182

Washington, D.C. to Denver

July fare: $354

August fare: $281

Tampa to Minneapolis

July fare: $538

August fare: $203

Chicago to Las Vegas

July fare: $361

August fare: $150

Wow. It's no joke. The smallest gap was from Washington, D.C. to Denver, and even that was a savings of $73 per ticket. If my wife and I wanted to hop a plane back to see our friends in Minneapolis, we could save a whopping $335 per ticket. That's like getting the hotel for free. No futon crashing for us!

If you don't have kids and are planning a getaway, consider pushing it back to late August or after. Fall prices tend to stay competitive until the holiday season rolls around in late November. Book early for a post-summer getaway to save big on your next vacation.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.

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